In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements. 1. Distribution Insurers, particularly…
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As we wrap up 2021, it seems appropriate to revisit predictions we made for the insurance industry this year. I put forward my hypotheses last December in my post, 5 predictions for the insurance industry in 2021. Let’s see how those predictions held up. 1. New…
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The race for insurers to differentiate in the industry is on. As insurtechs disrupt the market and customers demand seamless, individualized experiences, insurers need to change the way they serve their clients. Insurers are responding in different ways to the challenge, but…
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Continued changes in risk are forcing insurers to re-invent product offerings and adjust pricing levers as they seek to remain competitive and profitable. These shifting dynamics are also impacting how customers feel about insurance products and services. In this month’s Insurance News…
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Insurers have been slower to adopt digital twins than their counterparts in other industries. Accenture research, Technology Vision for Insurance, suggests that only 25% of insurance executives are experimenting with the mirrored world and digital twin technologies, even though 87% agree that…
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As the impacts of climate change rise and interest in renewable energies peaks, sustainability is becoming a central priority for businesses across all sectors – but insurers have the edge in terms of providing long term solutions. Sustainability is a multi-pronged responsibility.…
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The first part of this blog series introduced Accenture’s strategic resilience framework. In this blog, I will expand this introduction to take you through our framework step by step using the lens of sustainability and ESG (environment, social and governance). Sustainability and…
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They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.…
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At InsureTech Connect 2021, I took the stage with my friend and colleague John Peters, Chief Insurance Officer at Lemonade. We talked about the pace of change across the industry. In this follow-up chat, we discuss related challenges and opportunities. Get the latest insurance industry insights, news, and research delivered…
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Underwriters know better than anyone the importance of taking the long view. But most research into underwriting captures just a single moment. Longitudinal underwriting studies are shockingly rare. That’s part of what makes this one so exciting. Accenture and The Institutes have…
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2021 will surely deliver plenty of surprises but 10 trends—including ‘growth of the giants’, a race to green, the switch to usage-based cover, and Bitcoin as a new asset class—look set to have a big i...
For many, 2021 can’t arrive soon enough. Whether or not COVID-19 struck close to home, it disrupted all our home and work lives. For insurers, it brought disruptions no one anticipated.
The start of a new year presents a good opportunity to reflect on changes over the past 12 months and predict what lies ahead in the next. As we can see a distant end to this difficult period, it’s ti...
Recently, there has been a seismic shift in the C-suite with most the likes of the CFO and CIO, among others, taking on much more strategic roles in the business. One roll though, that has largely rem...
Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver. ...
The past year has altered our lens on many aspects of work and life, including sustainability. For insurers, sustainability evolved beyond altruism into a new business imperative. There are both exter...
Highlights More than 850 institutions have participated in the Innovation in Insurance Awards since 2016. The awards are free to enter. Find a step-by-step walkthrough of the submissions process with ...
Last week we announced the winners of the Efma-Accenture Innovation in Insurance Awards 2021. Every year I’m excited to see the submissions come in. This year we received 460 entries from 289 organiza...
While 2020 proved to be a year that changed the way we live and work, our predictions for 2020 nevertheless proved to be remarkably accurate. As we forecasted, life insurers that modernized their core...
More consumers are seeking life insurance today than in any time in decades. According to a LIMRA study, there are 60 million un- and under-insured households in the United States, representing a $12 ...
