The lines between people’s business and personal lives are blurring, and insurers are joining the wave of technological advancement that is supporting this new blended work-life paradigm. Accenture’s Technology Vision for Insurance 2018 report highlights technological trends that are improving both the customer experience and insurers’ growth opportunities.
In Accenture’s global survey, 84 percent of insurance executives said that through technology, companies are weaving themselves seamlessly into the fabric of how people are living. Insurers are pursuing innovative products and services, part of a larger strategy to drive company growth by embedding technology into customers’ everyday lives.
One of the key ways leading insurers are doing this is by forming strong and plentiful partnerships with customers, employees, startups and other companies, and even governments. Joining these ecosystems helps insurers find new growth opportunities while helping society by mitigating the risks associated with many emerging technologies such as artificial intelligence.
People are generally receptive to this change, but they expect companies to align with their expectations, goals and values. They’re “reading the labels” of the organizations they interact with. This presents an opportunity for insurers to improve the customer experience in collaboration with their partners and help to drive a new corporate social contract for the insurance industry. American insurer Lemonade’s achievement of B-Corp status and AXA’s 2020 Better Lives Partnership are just a couple of examples of this progress.
As technology becomes more invisible and indivisible in daily life, insurers will need to ensure the responsible use of technologies like artificial intelligence and virtual reality. They’ll also need to ensure the quality and security of data being fed to these technologies in order to personalize services and make them more convenient without creating unfair biases and negative influences. Insurers must approach new technologies with careful understanding and a customer-centric mindset. In this way, they will position themselves as trusted growth partners.Read more about this year’s technology trends in insurance.