Accenture’s 2014 Digital Innovation Survey reveals that the overwhelming majority of insurers believe digital technologies are changing the fundamentals of the industry. In fact, three-quarters of the respondents expect that a major transformation of the insurance value chain is coming. However, more than a third of respondents believe digital could cause carriers to lose some of their margin and 59 percent think that online giants, such as Google and Amazon, and aggregators could pose a significant challenge in the distribution space.
Whether digital has a positive or negative influence on the industry, the research implies that digital transformation occupies an important place on most carriers’ agendas. From customer behavior to new channels and technologies, all the way through to the value chain itself, few if any elements of the business are expected to be unaffected.