Technology has emerged from its cocoon—no longer is it just a means to deliver incremental efficiency gains, but can also be a powerful tool for insurers to innovate and transform their business and operating models. We call the former digitization, while innovation and customer-centric transformation are enabled by the latter, called digitalization.
To understand how insurers are using, and plan to use, digital technologies, we conducted the Accenture Digital Innovation Survey. This global survey included C-level insurance executives from 141 insurers across the globe, and represents both P&C and life insurers.
One of the study’s key findings is that digital transformation is a high priority for the next five years. Notably, three-quarters of respondents believe that digital will transform the insurance industry within the next five years. The majority—more than 80 percent—also expect that digitalization will change customer interactions, traditional business practices and channel interactions.
Our research finds that most insurers (62 percent) believe that they have the most to gain from digital innovations. Still, online service providers, aggregators and banks are putting pressure on insurers—and it will be critical for insurers to maintain their current advantage in the marketplace.
Over the course of this four-part series, I’ll explore some of the study’s key findings, where insurers see opportunities and challenges—and how insurers can take advantage of the digital revolution to drive growth.
For more information:
- Learn more about the Accenture Digital Innovation Survey 2014, including our interactive data visualization tool.