Digital is more than just a new distribution channel—it’s transforming every process in insurance. But as insurers, is technology helping you make better, more informed decisions, or merely being used to reduce costs and streamline workflows?
If you’re a commercial underwriter in the United States, we want to hear from you. Take the Accenture and P&C 360 Commercial Underwriting Survey and let us know how today’s technologies are affecting your business. Survey respondents will each receive a copy of the published results.
Organizations are placing increasing importance on analytics. Decisions that leverage data should be a high priority for every organization. The good news? For a growing number of businesses, it is.
Accenture surveyed 600 analytics practitioners in the United States and the United Kingdom across var . . .
Using analytics to gain an understanding of the disruption caused by consumer change has little value unless the insurer has an adaptive mindset. This state of mind allows its people to make sense of the data, identifying opportunities and challenges.
In Accenture’s experience, there are three elements to this tactic:
Adopting a cross-functional data-driven approach to decision making.
The first step in being able to respond to changes in consumer behavior is deciding that this ability is a strategic priority. This may require a shift from decision making based on “gut feel” toward data-driven decisions. A culture change such as this needs to permeate all levels of leadership, to the point w . . .
When it comes to an integrated plan, the path to high performance doesn’t happen overnight. Once you’ve considered the critical success factors discussed last week, integrated planning is often a multi-year journey that requires changes to governance, organization, process, data, systems and culture . . .
The big trend that has transformed life insurance distribution is obviously the advent of digital channels: insurers’ websites, social media, mobile devices and the like. But it’s easy to make the mistake of assuming that consumers are simply shifting from traditional to digital channels, and that young consumers are big users of these channels while older ones are slow adopters.
The reality is more complex.
Accenture research shows clearly that most customers have not abandoned agents in favor of online channels—they have diversified their channel behavior, preferring different ways of engaging with their providers for different purposes. And secondly, a fact that is confirmed by another Ac . . .