In my last blog post, I framed the findings from Accenture’s Technology Vision for Insurance 2015 study, which examines the business and technology landscapes to identify trends that are likely to have the most profound impact on our clients in the years ahead.
Today, I’ll reveal the five key trends that were identified in the survey. They are:
- The Internet of Me. This relates to the way people around the world are interacting through technology, putting the end user at the center of every digital experience.
- The Outcome Economy. Digital devices at the edge, where the digital and physical worlds meet, are powering an Outcome Economy and enabling a new business model that shifts the focus from selling things to selling results.
- The Platform (R)evolution. This reflects how digital platforms are becoming the tools of choice for building next-generation products and services—and entire ecosystems in the digital and physical worlds.
- The Intelligent Enterprise. This is about businesses that are making machines smarter and embedding software intelligence into every aspect of their operations.
- The Workforce Reimagined. This trend addresses advances in the technology that employees use, to the point where it becomes a member of the team in its own right. Advances in more natural human interfaces, wearable devices, and smart machines extending intelligent technology to interact as a “team member” are all driving this change.
The Internet of Me is creating a connected, personalized world. We all know that more of the devices we use at work and at home are going online. In tandem with this trend, forward-thinking insurers are developing applications, products and services that shift the customer experience online. Because of the power and versatility of the Internet, they can create personalized experiences that deliver more value than ever, and that satisfy customers at a higher level than ever. Those carriers that succeed in gaining control over these points of access will become the next generation of industry leaders.
All of this interconnectedness is creating a shift in consumer expectations, a move away from selling products and services in the ways we always have. This new mindset focuses not on selling things, but on selling results.
In the Outcome Economy, intelligent hardware is bridging the gap between the digital enterprise and the physical world that we inhabit. RFID sensors, connected household appliances, on-board vehicle telematics monitors—all component parts of the Internet of Things—are linking the everyday world of people and businesses with digital service providers that can convert the data they collect into outcomes that we value. Customers aren’t looking for more products and services similar to those that they can buy today. They’re looking for better, different results. What is the restaurant owner going to be most interested in—another policy to insure his premises against fire, or a broader service that improves the sustainability of his business by managing as well as insuring against his various risks?
Next time we’ll take a look at the three remaining trends: how the digital industry platform is changing insurance; the intelligent enterprise; and the insurance workforce reimagined.
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