Digital is now firmly embedded in every insurance business. But even with technology as an integral part of the organization and its strategy, it is people who will underpin success in a world that continues to reinvent itself at an unprecedented rate.
This year’s Accenture Technology Vision for Insurance highlights the emerging technology trends shaping this new landscape. Although each trend starts with technology, a ‘People First’ theme flows through each of them.
Trend 1: Intelligent Automation
Intelligent automation is the launching pad for new growth and innovation. Powered by artificial intelligence, the next wave of solutions will gather unprecedented amounts of data from disparate systems and—by weaving systems, data, and people together—create solutions that fundamentally change the insurance organization, as well as what it does and how it does it.
Trend 2: Liquid Workforce
Insurance carriers are investing in the tools and technologies they need to keep pace with constant change in the digital era. But there is typically a critical factor that is falling behind: the workforce. Insurers need more than the right technology; they need to harness that technology to enable the right people to do the right things in an adaptable, change-ready, and responsive liquid workforce.
Trend 3: Platform Economy
The next wave of disruptive innovation in insurance will arise from the technology-enabled, platform-driven ecosystems now taking shape across industries. The leaders are now looking at how they can create the adaptable, scalable, and interconnected platforms that underpin success in an ecosystem-based digital economy.
Trend 4: Predictable Disruption
Every insurer now understands the transformational power of digital. What few have grasped is quite how dramatic and ongoing the changes arising from new platform-based ecosystems will be. It’s not just business models that will be turned on their heads. As these ecosystems produce powerful, predictable disruption, insurance and adjacent industries will be redefined and reinvented.
Trend 5: Digital Trust
Pervasive new technologies raise potent new digital risk issues. Without trust, insurers cannot share and use the data that underpins their operations. That’s why the most advanced security systems today go well beyond establishing perimeter security and incorporate a powerful commitment to the highest ethical standards for data.
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