Other parts of this series:
By enabling people via technology, our industry can create new opportunities that are both grand and granular.
The Accenture Technology Vision for Insurance sets out our perspective each year on the emerging IT developments that will have the greatest impact on insurance organizations in the next three to five years. The full version of the report will be out soon but in the meantime, we have created an infographic and an executive summary that capture the highlights of our research.
Survey of 563 insurance executives from around the world
In our survey, we found that 87 percent of insurance respondents agree that we have entered an era of technology advancement that is no longer marked by linear progression, but by an exponential rate of change. What’s more, 86 percent say that their organization must innovate at an increasingly rapid pace just to keep a competitive edge.
What makes this year’s Technology Vision particularly interesting and exciting is the insight that the biggest innovations in insurance over the next three years will not be in the technology tools themselves, but in how we design them with customers, agents, employees and other human partners in mind.
Technology that adapts to us
In the new wave of disruption, people are firmly in control of how technology reshapes our experiences, our industry and the wider world. It’s no longer we who are adapting to technology—rather, the technology is adapting to us. We’re putting technology to work to disrupt ourselves, our organizations and entire industries.
By enabling people via technology, our industry can create new opportunities that are both grand and granular. We can leverage the power of artificial intelligence, the Internet of Things, big data and other technologies to deliver hyper-personalization to our customers—creating new products and services that not only compensate customers for loss but also help reduce the chance of incurring a loss in the first place.
Insurers could reinvent their businesses
At an industry level, these new technologies could help insurers to reinvent their businesses for an era of persistently low interest rates and an age where new technologies such as autonomous and connected vehicles or precision agriculture significantly will reduce the number of claims, in turn lowering risks and premiums.
This is about creating new revenue streams, transforming the cost curve and finding a new role for insurance in a changing world. It is also about insurance organizations seizing an opportunity to help drive the next wave of evolution in society.