Posted on January 29, 2015 by Erik J. Sandquist
The insurance industry has always had to adapt to new technologies, but today’s digital revolution requires insurers to go beyond tweaking their digital strategies—rather, they must innovate and transform their entire business.
There are two similar-sounding, but quite different words used to describe digital improvements. Notably, there is a difference between digitization and digitalization:
Di . . .
Posted on January 29, 2015 by Michelle Krause
Insurers have their eyes on growth. They face significant challenges, as I’ve detailed previously, but many of them have the right strategies in mind, including integration of risk and finance functions.
The scenario is positive, but insurance providers can do more if they look outward at new opportunities presented by technology. Investing in cloud and big data both can bring solid gains for insu . . .
Posted on January 28, 2015 by Thomas Meyer
Last week we examined Accenture’s quarterly Digital Innovation Tracker, focusing on specific examples of what P&C insurers worldwide are doing in the areas of mobile and telematics. This week we will take a look at how digital innovators are rethinking their products and distribution by applying the lessons they’ve learned in the digitalization process.
Along with the increased use of mobility . . .
Posted on January 28, 2015 by Cindy De Armond
From a policy administration perspective, it’s interesting to see how insurers participating in our Digital Innovation study viewed the barriers posed by legacy systems. When it comes to digital innovation, we found a big gap between what insurers know should be done and what they are doing.
This could be due to the difficulty in making a sufficiently compelling business case for innovation. Or, . . .
Posted on January 28, 2015 by Erik J. Sandquist
As part of the Accenture 2014 Independent Agent Survey, IAs ranked digital capabilities fifth out of 12 priority areas, with the most interest in web-based service, claims and quoting. Web-based services are viewed as key differentiators, supporting customer acquisition and retention. This finding reveals the need for tight and effective integration between an agency’s and their carriers’ systems. . . .