Other parts of this series:
Accenture releases their Technology Vision each year at a holistic level across all industries and sectors. At the same time, we launch an insurance-specific Vision that takes the themes from the overall Technology Vision and looks more deeply at how they apply to insurers. My last blog series where I addressed the legacy millstone challenge. In this series I shift forward to look at our vision for the future of Life, Pensions & Investments (LP&I) both with this blog and in an upcoming Blockchain series. But before we get into this year’s Vision, I want to set some context on our headline perspectives over the last few years…
What is the Vision?
We believe that technology trends will no longer shape business. So, what will shape our future? The answer is not what, but who – people. Technology advancement has been progressing at pace, and indeed accelerating, for decades; however for the first time it’s no longer people who are adapting to technology—rather, the technology is adapting to us. We’re putting technology to work to disrupt ourselves, our daily lives, our organizations and entire industries. Our research indicates that 87 percent of insurance respondents agreed that we have entered an era of technology advancement that is no longer marked by linear progression, but by an exponential rate of change.
Within LP&I this marks a huge shift for providers and further increases the already huge challenge of keeping up with consumer’s expectations of how they select and interact with their provider of choice.
This year in our 2017 Vision, we see that as the digital revolution takes hold, it’s bringing with it an era of human empowerment. Intelligent and highly interactive technologies will usher in new levels of creativity, ingenuity and productivity for humanity—for people in both the emerging and established economies, for the baby boomers and millennials and for all the generations to come. And with this tremendous change, insurers can establish their place in the next evolution of society but to do so, business leaders must adopt people-first strategies.
A great example is Haven Life, which is challenging the adage that life insurance is too complex to be sold online. Currently, it offers basic products with fast and simple underwriting. However, AI, immersion and other emerging technologies will support more and more complex interactions, and thus better enable sales and services via the digital channel in the future. In the past, many LP&I products have been regarded as largely out of reach for digital channels due to their complexity requiring human advice. Simplifying products has been an option for newer entrants but with AI and greater access to consumer data comes the ability to take robotic process automation and analytics to the next level to provide ‘robo advice’ direct to customers and advisers. Could Alexa soon help us choose a pension?
So, what are the specific trends we expect to see?
All LP&I players are Digital to varying degrees but where will they be going next? We’ve identified five trends that underscore the importance of focusing on ‘Technology for People’ to achieve true digital success in the evolving landscape.
- AI is the new UI
- Ecosystem Power Plays
- Workforce Marketplace
- Design for Humans
- The Uncharted
In my next blog I will explore each trend as well as taking a look at what it means for UKI LP&I providers thinking also about how the game is changing with the rise of InsurTech startups. For now, thanks for reading…
To read Accenture’s Technology Vision for Insurance, visit here and register.