Last week, I introduced the benefits to insurers of developing digital capabilities. This week, I’ll talk about the three characteristics of a digital insurer and how to achieve success in the digital world.
The digital insurer
Accenture believes that for high performance in insurance, insurers need to innovate in three ways. The digital insurer is:
Each of these characteristics represents a distinct application of digital technologies, and insurers must understand how to differentiate themselves and implement these capabilities effectively.
Success in the digital world
Success in the digital world requires new forms of leadership, such as visionary executives who are fluent in both business and technology. Further, a digital insurer:
- Recognizes that the game is fundamentally different.
- Acknowledges the need to be customer-centric.
- Understands the potential of key technology enablers.
- Focuses on creating true business value, rather than gimmicks.
- Understands that tweaks to old business models are insufficient.
- Adopts a nimble, flexible approach to change.
- Embraces innovation.
The future of insurance is digital, and Accenture believes that the winners will be those that can apply digital technologies to be connected, analytic and agile.
To learn more, download:
- Download the report for life insurers: Life Insurance | The Digital Insurer: Change Now to Get Ahead (pdf; opens in a new window).
- Download the report for property and casualty insurers: P&C Insurance | The Digital Insurer: Change Now to Get Ahead (pdf; opens in a new window).