In my previous posts in this series, I briefly set the scene for Accenture Technology Vision 2014 for Insurance and looked at a few of the technology trends shaping the insurance market. Now, I’ll conclude with a brief look at where the industry is vulnerable to disruption and why insurers need to start embracing digital transformation if they are to remain ahead of a changing market.
Insurers hav . . .
Smart growth entails incorporating new sources of data into existing and new insurance products. As a new generation of connected devices emerge (think The Internet of Things), insurers will need to incorporate data on such elements as location, behavior, time, context and functionality into their products. These products will not only meet the direct risk needs of the insured, but also allow the . . .
Digitalization can increase sales by as much as 10 to 15 percent.
Our research identified a number of areas in which digital technologies can increase sales. Some of these are depicted in the table below. We then developed a key performance indicator (KPI) for each—the table lists KPIs for the French market.
Our overall conclusion is that by combining all the drivers, digital transformation can i . . .
In The Economist Intelligence Unit’s survey for CEO Briefing 2014, commissioned by Accenture, insurance executives share the confidence of their peers in other industries regarding the prospects for the global economy, their home country and their own industry.
The industry’s view that emerging markets hold opportunities for growth is a big contributor to the general optimism. Insurers are more up . . .
Data holds the key to an effective cyber-crime strategy. But the very abundance of the data poses challenges for those insurers seeking to exploit it.
Data provides the most significant opportunity for insurers to transform their financial crime capabilities. New data sources are becoming available – both within the enterprise and outside its boundaries – that offer unprecedented potential to unde . . .