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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Library: Accenture – What are digital twins and why should insurers care?

Executive summary :

The insurance industry has been built on data since its inception. Meanwhile, several other industry sectors have proven that there’s a need for a fundamental shift in how data is used—a shift that’s going to have widespread implications for the future of North American insurers and their customers.

 The Digital Insurer reviews Accenture’s Report on What are digital twins and why should insurers care?

Digital twins will revolutionise insurance in North America 

Understand your customer better than ever

In the past insurers used insights based on historical data to inform their business decisions. However, they now have opportunities to understand their customers and their business in a whole new way due to:

  • The arrival of cloud computing.
  • A proliferation of additional datasets thanks to instrumentation of assets.
  • Real-time or streaming data and analytics.

Our latest Technology Vision for Insurance highlights the importance of data for insurers and suggests that a key trend is the implementation of intelligent digital twins and a move toward a ‘mirrored world’.

What are digital twins?

Digital twins are a virtual replication or mirror of a physical system. As a way to visualise and contextualise data from physical and virtual assets, they bridge physical operations and digital capabilities, and enable the sharing of information with ecosystem partners. In the early days, digital twin models were confined in size and complexity, but the scale of them is growing rapidly now with the addition of AI and automation. They’re also increasingly requiring the use of sophisticated analytics.

How are digital twins used in other industries?

Outside of the insurance realm, digital twins are being linked together to create living models of whole factories, product lifecycles, supply chains, ports and cities. Companies are using them to understand supply chain predictability, worker safety, maintenance and repair costs, and as a risk-free playground for innovation. For example, Unilever is working with Microsoft to develop intelligent twins of its factories so it can test potential operational changes and improve production efficiency and flexibility.

With the assistance of AI, companies can act on that data. They can:

  • Respond dynamically to real-time information
  • Ask “what-if” questions about possible future scenarios
  • Design and test new products in the virtual world long before ever constructing them physically

Digital twins are driving change

When we questioned executives, 65% said that they expect their organisation’s investment in intelligent digital twins to increase over the next three years. I’m not surprised. I agree with my colleagues that intelligent digital twins are driving a step-change in how businesses operate, how they collaborate and how they innovate. And I believe insurers that choose not to take advantage of the many benefits of digital twins will struggle to participate in the markets and ecosystems of the future.

See the full report for more…

Link to Source:: click here

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