Accenture’s Technology Vision for Insurance 2015 outlines five technology trends that are compelling insurers to stretch the boundaries of their businesses—partnering with digital businesses, connecting with customers, and tapping into devices in a collaborative environment called the We Economy. Today, I’ll focus on trend number two: the outcome economy.
We are in the midst of a fundamental shift in customer expectations. The Accenture Consumer-Driven Innovation Survey found that 92 percent of respondents would be interested in risk management advice from their insurer. That is, customers no longer expect insurers to just handle their claims; they want help preventing them in the first place.
The proliferation of connected devices means that in the event of a claim, insurers will have more and better data with which to begin the claims process. Connected devices also provide insurers with opportunities to better understand their customers, their risk profiles and the outcomes that are meaningful to them. For example, State Farm announced partnerships with ADT and Lowe’s to install smart home-monitoring systems for policyholders. It’s a move that will help customers enjoy the benefits of lower premiums and safer homes.
In short, claims leaders have an opportunity to consider how data from connected devices can be utilized in the claims process; how to store and protect the data; and how to share the data across the enterprise to deliver outcomes—not products.
- Read The digital claims function in the We Economy, Part 1: Personalization and the Internet of Me.
- For 100-day and one-year plans to help navigate the outcome economy, register to download Accenture Technology Vision 2015 for Insurance (PDF).