A quarter of a century on from Susan Jeffers’ confidence boosting book “Feel the fear and do it anyway®,” the question of confidence—or lack of it—is still big business. So closely tied to the vagaries of the financial markets, confidence is critical for insurers and can have a knock-on effect on the customer experience—not to mention the cost of premiums. In a recent survey among 71 senior insurance executives earlier this year we asked respondents about their confidence levels today and where they expect to be in three years’ time.Commenting specifically on their policy administration systems, 42 percent said they have medium to low levels of confidence in the ability of those systems to serve the needs of the market today and this was still a good one-third, 36 percent, in three years’ time—although those who expressed confidence did become more confident in three years. Maybe that confidence is affected by their traditional reliance on legacy systems. Although more than half (54 percent) of our respondents said their legacy systems are serving them well today, this figure falls to 42 percent in three years’ time. As a result, many insurance companies face something of a dilemma about how to maintain the status quo and meet the demands to invest, innovate and grow.
I think confidence stems largely from timely information and being able to take a proactive approach to customer service. Having the support of a software supplier with a strong track record of experience, such as Accenture, insurers are better placed to scale fast. The Accenture Duck Creek Suite includes flexible systems and software, meaning legacy issues need not stand in the way of growth. Our solutions have a range of benefits—whether automating routine tasks, enhancing usability, easing product management or improving performance. Product definition tools and pre-built content helps both business and technical configurators to get new and changed products to market quickly. Incremental implementation options help insurers to choose the right approach to match their own objectives—minimizing risk. And an architecture thatcan define insurance products once via multiple channels without redefinition does save time and effort. We have examples of this at work so get in touch to find out more.