Highlights Accenture analyzed 18 industries and found that although insurance is currently experiencing a moderate level of disruption, it is among those most susceptible to future disruption. It has been estimated that by 2022, carriers that are slow to respond to changes by agile, hyper-relevant competitors—we call them ‘living businesses’—could suffer market share erosion worth…

“Insurance remains extremely susceptible to future disruption. Innovation—and the ability to do so in a sustained manner and at scale—holds the key to future survival”.   My colleague Piercarlo Gera hit the nail on the head when he spoke at the recent Efma-Accenture Innovation in Insurance Awards ceremony in Amsterdam. Unless insurers commit themselves to innovation, throughout their organizations, they’re putting…

As I’ve explained in the earlier posts in this series, investment in new technology should be the final step in an insurance carrier’s path to innovation. First, we recommend that they set in motion the process of eliminating technical debt, then they should collaborate with their ecosystem partners to embrace new technologies quickly and productively. Most of all, insurers should operate in the knowledge…

As the face of their competitive landscape shifts, insurers are confronted with the question: how do we innovate our business and operating models to provide a competitive experience, attract a new breed of customer and retain our employees? Is it a question of following digital innovation trends or something much deeper?    It is tempting to assume that the answer lies in the vast capabilities of new technologies.…