Accenture surveyed more than 400 insurance distribution executives to learn their plans and intentions for digital insurance distribution. Roughly one-quarter of respondents were based in North America. So far, I’ve discussed five of the six areas of focus identified in the report; today, we’ll look at the last.
The Internet of Things: The next big game changer
Leading insurers are viewing the IoT as an unprecedented opportunity to drive growth. Rather than focusing exclusively on providing indemnity, it can help insurers move up the value chain to adopt a more proactive, positive role in loss prevention.
For example, connected home technology might detect a water-main break and shut off the flow before the customer even knows something has happened. Not only would that save the insurer the cost of a claim, but it could also engender customer trust and loyalty. Commercial insurers in particular could benefit tremendously from helping businesses mitigate risk and cut losses.
The Accenture Distribution and Agency Management Survey revealed a significant increase in the proportion of insurers launching or piloting IoT projects—in some cases, nearly three times greater than in 2014. That momentum suggests that many insurers are seeing the value in the IoT and exploring its potential.
Our research report discusses the study’s key findings in greater detail, and also shares six recommendations to help insurers address these findings and proactively position themselves to achieve success as a digital insurer of the future.
- Read other parts of the series: Channel Digitization, The Customer Experience, Agents, Aggregators & Ecosystems.
- Register to download Reimagining insurance distribution: Distribution and Agency Management Survey.
- Email me to discuss how Accenture can help you drive digital innovation by participating in an ecosystem.