The insurance industry, like many others, has been undergoing a digital transformation over the past several years. The plethora of published thought leadership has alluded to change that is coming; however insurers are caught between not wanting to make costly mistakes as early adopters and ensuring they’re not left behind.
Accenture understands these conflicting concerns, and has been developing a way to mitigate these risks, while advancing insurer’s digital strategies. We have developed an innovation accelerator; a hub where insurers can test, revise and validate new value propositions in property and casualty insurance.
We established our first such location–which we call the Digital Insurance Solution Center or DISC–in London last year. DISC provides insurers with a comprehensive digital platform that rapidly incorporates and assimilates insights and behavior from their customers. This means that, through DISC, insurers can develop products quickly and prepare them for distribution through the channels that the customer prefers, whether mobile, tablet, direct-to-consumer or through a broker network.
Last week, we announced the opening of a new DISC operation in Chicago. Like London, we will be working with a vast network of solution partners, developing re-usable capabilities and assets. Through DISC, we will work with insurers in an integrated environment to look at the potential value of innovative technologies such as analytics, wearables, cloud and the Internet of Things products and concepts. Chicago is also an assembly point for Accenture knowledge and expertise, not only in insurance but in other industries ranging from banking to retail.
One of the great things about the DISC concept is that it helps us link innovations in data, collaboration, distribution and other areas with core insurance functions such as policy administration and claims. As a result, insurers can test and change products, pricing and value propositions quickly and efficiently.
Next week, I will discuss some of the other ways DISC helps insurers innovate.