Article Synopsis :
“Technology Vision for Insurance 2017” is Accenture’s annual survey of technology developments across the insurance industry landscape. This year’s report, with ‘Technology for People’ as its theme, identifies five key trends:
Trend #1: AI is the new UI
- 79% of insurance executives feel AI will revolutionize the way they interact with customers; 80% of insurers are prioritising ease-of-use and simplicity in their UIs to make them more user-friendly. Taken together, AI is the new UI strategy.
Trend #2: New kinds of digital ecosystems leveraging partner capabilities are unlocking the next level of strategic growth
- 76% of insurers believe competitive advantage depends on capabilities, and partner capabilities
- 75% of insurance executives believe ecosystems, not systems, have transformational power
Trend #3: On-demand labour platforms and online work management solutions beget new open-talent marketplaces
- 82% of insurance executives agree digital revolution will drive new corporate/economic structures
- 62% anticipate boosting the use of freelance workers by 25% over the next year
Trend #4: Customizing designs to human behaviour will shift traditional personalized relationships into more valuable partnerships
- 82% of insurers agree that organizations need to understand not only where people are today, but also where they want to be
- 80% of insurers believe mapping customer experience to human motivation and behaviour is the path to industry and market leadership
Trend #5: Innovation will not only create new products and services, but also new digital industries
- 33% of insurers are planning to use blockchain in the next two years, and another 36% have it on their agenda
- 61% of insurers agree the existing regulatory environment is outdated
The below diagram, from the report, is an excellent visual depiction of how tech trends have evolved over the last three years:
Digital Insurer's CommentsWe wholeheartedly agree with the premise of this report, that the biggest innovations in insurance over the next three years will not be in the technology tools themselves, but in how insurers design, configure, and implement them with customers, agents, employees and other human partners in mind.
Though implied in the report, we think it must be stated explicitly that machine partners are as important as human partners in technical design decisions moving forward, as machines will increasingly consume data and make decisions, augmenting, in some cases supplanting, the human element. Data quality and availability should be a top priority.
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