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Digital Insurance Era: Stretch Your Boundaries – Accenture Report

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Article Synopsis :

The line separating the digital and physical worlds is blurring. Rapid advancements in big data, robotics, nanotechnology, genetic engineering, artificial intelligence, and many other technologies promise to change our world dramatically in the next decade. In the report “Digital Insurance Era: Stretch Your Boundaries“, Accenture explores how all this innovation is likely to impact insurance, and suggests strategies for forward-thinking insurers to monetise the likely disruption.

The report centers around the identification and discussion of five key trends, being on the right side of which creates competitive advantage for digital insurance leaders:

 The Digital Insurer reviews Accenture’s Report on Digital Insurance Era: Stretch Your Boundaries

Driven by rapid advancements in technology, new trends are being seen which will impact insurers’ business models greatly 

New trends are being seen

  • TREND 1 – The Internet of Me: Our world, personalized.
    • Providing personalized customer experiences is a top-three priority for 73% of insurers.
  • TREND 2 – Outcome Economy: Hardware producing hard results.
  • TREND 3 – The Platform (R)evolution: Defining ecosystems, redefining industries.
    • 77% of insurers agree: Companies will move toward real-time platforms and systems as they adopt mobility and Internet of Things solutions.
  • TREND 4 – Intelligent Enterprise: Huge data, smarter systems – better business.
    • 56% of insurers say managing data is “extremely” or “very” challenging, considering changes in its volume, variety and velocity.
  • TREND 5 – Workforce Reimagined: Collaboration at the intersection of humans and machines.
    • 76% of insurers believe that successful businesses will soon manage employees alongside intelligent machines – ensuring collaboration between the two.

The report is bolstered with interesting statistics from Accenture’s Technology Vision 2015  survey of 221 insurers worldwide.  Such as:

  • 75% of insurers believe industry boundaries will dramatically blur
  • 64% plan to engage with new digital partners in the insurance industry
  • 45% aim to find partners outside of insurance

The report isn’t just about insurers using technology to transform themselves, but leading carriers combining the power of digital technology with their industry expertise, balance sheets and ability to manage risk, to reshape markets and ultimately enable the social and economic progress promised by new technologies.

 

Digital Insurer's Comments

If the trends themselves seem borderline obvious to digitally minded insurance executives, capitalizing on them is where the confusion and contention sets in.  Most insurers are still tied to business models based on pooling risk, calculating average pricing and generating gross premium income. According to Accenture, and we agree, it’s this very model that changes in the future as the Internet of Things, big data, digital channels, and artificial intelligence enable carriers to assess and price risk directly and individually.

The five trends identified in the report converge at creating a quality customer experience and  success lies in the seamless integration of in-store, online and on-the-move channels. So any investment making things faster and easier for customers is likely a step in the right direction, even if the long-term strategy is less than clear.

Embracing the major trends by adopting a data-driven approach will enable insurers to design and deliver next generation products, services and experiences in timely, channel-agnostic and cost-effective ways, achieving true digital differentiation.

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