Emerging technologies are experiencing different levels of acceptance in the insurance industry, with insurers more optimistic about the use and impact of big data and artificial intelligence but less so about blockchain, according to a survey from A.M. Best Co. Inc. released Tuesday.

Nearly nine out of 10 survey respondents said innovation was moderately to extremely critical to their organization’s success, according to the Best special report Insurers Agree Innovation Is Critical for Future Success, which incorporated responses from more than 450 insurers.

The survey, taken in August, found that 61% have invested or are planning to invest in cloud computing, which was a major factor in the increased growth and importance of big data and continues to gain momentum ever since Amazon.com Inc. introduced its Amazon Web Services in 2006. According to the survey, 48% of insurers have invested or are planning to invest in big data, 36% in artificial intelligence, 28% in the “internet of things” and 13% in blockchain, according to the report.

“Insurance companies recognize that their expertise lies not in technology, but in insurance,” Edin Imsirovic, Best senior financial analyst in Oldwick, New Jersey, said in a statement. “However, they also realize the power of technology to transform the insurance industry on a large scale and have thus partnered with or invested in insurtech companies that are more attuned to the development and monetization of new ideas.”

But most insurers prefer not to be risk takers when it comes to innovation, according to the report.

“Insurers have little appetite for operational risk stemming from innovation,” the report said, as only 25% of insurers said they were willing to significantly disrupt their current processes to implement innovation initiatives while 59% were willing to tolerate minimal disruption. Another 16% were satisfied to be followers and would implement innovation initiatives if doing so proved successful for other organizations, according to the survey.

Big data will have a significant impact over the next three years, according to 40% of respondents, while 30% said the same about artificial intelligence/machine learning. But blockchain ranked last among the technologies insurers thought would have a significant impact at 7%, reflecting a lack of maturity compared with the other newer technologies and concerns over security and performance, according to the report.

Survey respondents expressed cautious optimism toward the internet of things, with 26% thinking it would have a significant impact over the next three years, according to the report.

“The IoT has the potential to create an ecosystem that will allow insurers to take advantage of opportunities to insure new products as smart homes, smart cars, and other smart devices become more mainstream,” the report stated. “IoT will also create risks, however. Insurers will not have the kind of historical data they need for actuarial pricing and would need to build up the infrastructure and expertise to analyze the massive amounts of data these devices generate. Yes, insurers need to be poised to take advantage of these opportunities, but risk management is important as technological, legal and regulatory systems continue to evolve.”