Accenture Technology Vision for Insurance 2017 highlights the technology trends that should command insurers’ attention, such as AI, ecosystems, new workforce platforms and more.

Each year, Accenture Technology Vision identifies the key trends that will have material effects on how organizations do business. For insurers, it can help cut through the noise about emerging technology to identify areas for focus and investment. Over the course of this series, I’ll take a look at each of the five trends in this year’s report—and in particular, their implications for the claims function.

87% of insurers agree we have entered an era of technology advancement that is marked by an exponential rate of change

Technology is taking the claims function in directions that, even five years ago, would have seemed like something out of a science fiction movie. For example, Tractable uses machine learning to estimate repair costs. That leads to faster processing times and a streamlined claims process, and in turn enables adjusters to focus on value-added tasks—overall, contributing to a more positive customer experience. Or, look to Lemonade’s peer-to-peer (P2P) mobile-first insurance platform, which captured headlines when it processed one customer’s claim within 3 seconds.

Five technology trends claims leaders should know about

The insurance report of Accenture Technology Vision highlights the five trends of 2017 and their implications for the insurance industry:

  1. Artificial intelligence (AI) and how it will fundamentally change both back- and front-office functions.
  2. The development of ecosystems that reach outside traditional industry boundaries to engage customers in new, more relevant ways.
  3. Changes in the workforce as new labor platforms and collaboration tools provide new ways to bring creative, innovative new talent into an organization.
  4. Designing for humans to deliver a customer experience that addresses customer needs today and helps them get to where they want to be.
  5. The uncharted territory where innovation outpaces regulatory and government frameworks.

Next week, I’ll dive into the first trend: artificial intelligence and how it’s transforming the claims process.

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