Accenture surveyed 141 C-suite insurance executives on their firms’ digital plans. The research reveals that the overwhelming majority of insurers believe that digital technologies are changing the fundamentals of the industry.
- 75 percent expect major transformation of the insurance value chain within the next 5 years.
- 84 percent feel that digitalization is changing customer expectations, and 80 percent that new technologies will radically change traditional practices.
- 83 percent agree that digital technologies will transform the way they interact with their customers.
- 59 percent believe they will be challenged by online service providers, such as Google or Amazon, and 57 percent perceive competition from aggregators.
- 39 percent think existing insurers will lose some margin as a result of digital technologies.
It’s clear that digital transformation occupies an important place on most insurers’ agendas—and with good reason. From customer behavior, to new channels and technologies, to the entire insurance value chain, digital capabilities offer an opportunity to reimagine and innovate every part of the business.
For more information:
- Learn more about the Accenture Digital Innovation Survey 2014, including our interactive data visualization tool.
- Read Seizing the digital opportunity in insurance, part 1: Are you seeking improvement or new sources of revenue?