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From Digital Wallflower to Digital Disrupter – Accenture

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Article Synopsis :

Confronted with increasingly fickle customer demands, a host of highly volatile disruptive technologies and  increasing competitive pressures, insurers have no choice but to transform and adapt to the new digital ecosystem.

 The Digital Insurer reviews Accenture’s Report on From Digital Wallflower to Digital Disrupter - Accenture Technology Vision 2014 for Insurance

The IT trends of the future that will shape the future of insurance 

The 2014 edition of the Accenture Technology Vision “From Digital Wallflower to Digital Disrupter” highlights six IT trends that will have a transformative effect on businesses over the next three to five years. Collectively, these themes represent the newest expression of Accenture’s stance that “every business is a digital business”.  As per the report, the six trends that will shape the future of insurance in the coming years are:

  1. Digital–physical blur: Extending intelligence to the edge
  2. From workforce to crowdsource: Rise of the borderless enterprise
  3. Data supply chain: Putting information into circulation
  4. Harnessing hyperscale: Hardware is back (and never really went away)
  5. The business of applications: Software as a core competency in the digital world
  6. Architecting resilience: Built to survive failure

In the report, the Accenture team also present a step-by-step 100 day plan and  roadmap outlining  what insurers should do next year to tap into digital opportunities and respond  to the challenges posed by the six emerging trends.

Digital Insurer's Comments

One of the most pressing needs before insurers today is to define processes to better understand customers and to deliver the right products through preferred channels at a desired time and at the right price. The six trends discussed in the report can help insurers successfully address emerging challenges related to customer analytics, product design, pricing and delivery.  The growing prominence of  technology enabled customers in the Asia Pacific region necessitates that insurers move out of the dilemma of getting the basics right before worrying about digital transformation.  Now is the time they should start focusing on delivering a unified, meaningful and personalised experience to customers across all touch points. We believe that the future success of insurers lies in effectively converging physical and digital channels that generate a unified customer experience.

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