Accenture – Technology Vision for Insurance 2020

Executive summary :

We, the Post-Digital People

People’s love for technology has let businesses weave it — and themselves — into our lives, transforming the way we work, live and interact with the world. But that unconditional love is starting to fray, and the approaches companies took to reach this point won’t take them any further. Even as people’s expectations for their future with technology grow, many enterprises’ attempts to deliver on those expectations are being rejected. Leading companies will need to take a new path forward, developing models that bring a human focus.

Tech must focus on human touch

Relationships are changing everywhere

Digital is everywhere and people’s interactions across society are changing. They are reevaluating their relationships with businesses and governments. Many are rethinking their actions in a globally interconnected economy and seeking more sustainable products and services. And a growing number are reexamining whether the offerings that enterprises deliver are fully aligned with their core values.

In a post-digital world—one where digital is not new to people and no longer a differentiating advantage for organisations—technology is deeply embedded in how we work and live. Insurance enterprises have furthered this reliance by weaving technologies into their product and service offerings and how they are delivered to consumers and commercial customers. Many of the world’s leading insurance organisations have embarked on bold, wide-ranging digital transformation programs to reshape how they interact with people and other businesses.

Transformation is under way

Generali, one of Europe’s largest insurers, in 2018 committed €1 billion in investment to a range of strategic innovation and technology initiatives. Its aim? To become a trusted life partner to customers, able to deliver 360° advisory services, and comprehensive, 24/7 assistance. Following digitisation and simplification of many core processes, Generali now aims to be a partner to customers in the moments that matter across the mobility, home, business and health ecosystems.

Its transformation efforts have been deep and wide-ranging—from launching a pan-European mobility platform and developing B2B2C ecosystems to digitising agent-customer relationships and embedding artificial Intelligence (AI) in its core operations.

Chinese insurance company, Ping An, has, to date, invested an eye-popping $7 billion into technology and R&D and plans to spend another $15 billion over the next decade. With 32,000 researchers and a combined 101,000 tech staff, Ping An is a bigger technology company than most big technology companies—its fintech and cloud computing products are used by 3,600-plus Chinese financial institutions.

Eye on the ecosystem prize

And Ping An’s goals go far beyond being one of the world’s largest online financial services supermarkets. It aims to be at the heart of five ecosystems in Asia: finance, property, automotive, healthcare, and services for the “smart city”. These ecosystems are already bringing in about one-third of the group’s new financial-services clients, and more than 576 million users and 100 Chinese cities are connected to at least one of them.

Similar trends are unfolding even in segments of insurance where the product has been difficult to understand and cumbersome to purchase online. For example, direct digital platforms for small commercial insurance in the US are maturing as companies come to market with simpler offerings that don’t need to be explained by a broker.

Tailored offerings for all

Insurtech unicorn, Next Insurance, offers tailored insurance offerings for some 1,000 types of small and micro business on its digital platforms, while Berkshire Hathaway has created Three as an online one stop shop providing a transparent, three page policy covering workers’ compensation, multiple liability coverages, and property and auto.

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