Other parts of this series:
Every year our Technology Vision team collaborates with Accenture Research to identify the emerging IT developments that will have the greatest impact on organizations over the next three to five years. This year’s Accenture Technology Vision for Insurance—which includes a survey of approximately 450 insurance executives in 15 countries—highlights five emerging technology trends shaping a digital landscape where people come first:
Trend 1: Intelligent automation
Powered by artificial intelligence, the next wave of digital solutions will gather unprecedented amounts of data from disparate systems and—by weaving systems, data and people together—will fundamentally change the organization, what it does and how it does it. For P&C insurance, with its reliance on data analysis for decision-making, this trend is particularly significant.
Trend 2: Liquid workforce
P&C insurers are investing in the tools and technologies they need to keep pace with constant change in the digital era. But there is typically a critical factor that is falling behind: the workforce. Insurers need more than the right technology; they need to harness that technology to enable the right people to do the right things in an adaptable, change-ready and responsive liquid workforce.
Trend 3: Platform economy
The next wave of disruptive innovation will arise from the technology-enabled, platform-driven ecosystems now taking shape across industries. Having strategically harnessed technology to produce digital businesses, leaders are now creating the adaptable, scalable and interconnected platform economy that underpins success in an ecosystem-based digital economy.
Trend 4: Predictable disruption
Few insurers have grasped quite how dramatic and ongoing the changes arising from new platform-based ecosystems will be for their business. It’s not just business models that will be turned on their heads. As these ecosystems produce powerful, predictable disruption, insurance and the adjacent industries and economic segments it serves will be redefined and reinvented.
Trend 5: Digital trust
Without trust, P&C insurers cannot share and use the data that underpins their operations. That’s why they need advanced security systems that go well beyond establishing perimeter security, and why they must make a powerful commitment to the highest ethical standards for data usage.
Disruptive digital strategies are still emerging, but the proactive insurers who take these trends on board and execute strategies to secure their digital advantage will be those that define their own destiny.
In my next post, I’ll look at the first two of these trends in more depth.
In the meantime, to learn more, register to download the Technology Vision for Insurance 2016 full report.