Insurance Blog | Accenture

Insurers who attended the World Economic Forum in Davos this year found much of relevance to their businesses on the fourth and final day.

In a session on “Powering the Digital Economy,” the panel discussed the energy consumption of digital industries, in particular their data centers, and the increasing carbon footprint of technology. Topics included ways to power the digital economy in a sustainable way and leveraging energy-efficient technologies to reduce demand.

The discussion “From Linear to Exponential Value Chains” examined the impact of technologies on business models. Inga Beale, CEO of Lloyds of London, outlined how artificial intelligence (AI) and blockchain, among others, will be instrumental in modernizing the insurance business in terms of pricing risk and increasing transparency.

Cyberwar (“Future Shocks: Cyberwar without Rules”) was another key topic on Day 4. The panel discussed responsibility, cyber defenses, and appropriate and effective responses to attacks.

In a session entitled “The State of Start-Ups,” participants emphasized the importance of encouraging young people to become entrepreneurs. Education, the panel agreed, is central in this respect. They also discussed how start-up success is measured.

The Global Economic Outlook explored the importance of growth and jobs and the nature of the trading system. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), reiterated the positive short-term outlook. She warned, however, that financial vulnerabilities still exist. Lagarde also emphasized the excessive—and growing—inequalities in many parts of the world, and the lack of international cooperation.

By the conclusion of the event, more than 400 sessions had been crammed into four intensive, deeply stimulating days.

For more information on the impact of AI on the workforce of the future, read the Reworking the Revolution report.

You can also replay all Accenture broadcasts at WEF 2018.

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