Many of my colleagues have been discussing Accenture Technology Vision for Insurance 2015 and its emphasis on the We Economy—a new economy in which insurers are working with other digital businesses to serve digital customers using digital devices. This year’s report identifies five technology trends affecting insurers over the next three to five years.
In the latest issue of Best’s Review, I discuss how insurers can capture opportunities in the We Economy to drive growth and deliver value throughout the enterprise. One trend in particular, the platform revolution, is happening as industry boundaries blur and blend into ecosystems, enabled by advances in cloud and mobile technology. As a result, insurers are no longer standalone businesses offering a service or product. Instead, they are becoming members of a broader digital platform and partnering with companies that offer complimentary services to customers. It’s an opportunity for insurers to create value beyond a transaction, and to become part of customers’ day-to-day lives.
Subscribers to Best’s Review can read “Insurers Can Lead in the Race to Build Digital Industry Platforms” on page 83 of the June 2015 issue.