Round 82 % of the 623 insurance coverage executives who responded to Accenture’s Expertise Imaginative and prescient for Insurance coverage 2018 survey agreed that their organizations should innovate at an more and more fast tempo simply to keep up a aggressive edge. As insurers conduct the 2019 budgeting course of, CIOs and CTOs proceed to spend money on know-how that may drive income development, simplify enterprise operations, enhance operational effectivity, and higher serve clients and distribution companions.
Insurance coverage CIOs inform us they’re on the lookout for technological improvements that ship environment friendly self-service and front- and back-office automation. These improvements depend on knowledge. Insurers with an enterprise knowledge technique, and the potential to extract / expose knowledge and convert it into actionable insights, can ship the upper service ranges that intermediaries and clients anticipate.
Accenture Life and Annuity Software program believes fashionable working platform is vital to a digital technique that permits insurers to leverage these 5 must-have insurance coverage applied sciences:
Knowledge & analytics. Whereas insurers’ coverage administration methods are the largest contributors of information, they’re being supplemented by web sites, social media, wearables, digital voice assistants and different units. Collectively, the insights gained may probably result in new and progressive insurance coverage services and products. A contemporary core platform is required to combine all this knowledge seamlessly throughout enterprise enterprise methods and all through the insurance coverage ecosystem.
Safe methods. Cyber-risks are particularly threatening for insurers which can be combating the vulnerabilities of legacy methods. These methods are sometimes troublesome to replace with the most recent safety enhancements, making modernization essential to decreasing danger throughout the enterprise.
A compelling person expertise. As on-line retailers proceed to boost the bar, insurers’ digitally savvy clients and distribution companions anticipate comparable experiences with all of their on-line transactions, together with the distribution and buy of merchandise. Once more, knowledge will underpin key options resembling personalization on a mass scale. And the rising adoption of latest units resembling digital voice assistants / good audio system will proceed to drive the necessity for device-agnostic person experiences.
Synthetic intelligence. AI and machine studying will complement human workforces. The mix can optimize underwriting sources, for example, by decreasing guide intervention and robotically fine-tuning underwriting algorithms to additional scale back danger and enhance product efficiency. To be efficient, AI and machine studying depend on knowledge veracity. But 26 % of insurers say they validate knowledge sources to some extent however admit there’s extra they need to do to make sure knowledge high quality. Knowledge veracity ought to be constructed into the core know-how platform.
Ecosystem connectivity. The flexibility to work together successfully with enterprise companions is a key enabler, regardless of whether or not an insurer owns the know-how platform, orchestrates the ecosystem or just participates in it. Accenture analysis signifies that 94 % of carriers acknowledge that it’s essential to their success to undertake a platform-based enterprise mannequin and have interaction in ecosystems with digital companions. Accelerated integration improvement will develop into desk stakes as digital ecosystems develop past the insurance coverage sector, making standardized file codecs and testing instruments indispensable to insurers’ potential to attach seamlessly.
Technological innovation mixed with a contemporary core working platform are very important to reaching fast new product launches, improved buyer and agent engagement, and ease of doing enterprise by way of cell units, direct-to-consumer fashions and automation. As knowledge proliferates, the necessity to handle it at scale grows. With a contemporary platform, scalability comes as a built-in profit – a stepping stone to future digital initiatives and a obligatory contributor to enterprise development.
Find out how applied sciences within the industry-recognized Accenture Life Insurance coverage & Annuity Platform (ALIP) might help your insurance coverage enterprise compete extra successfully.
Evolution Versus Revolution: Why native cloud just isn’t the reply for all times insurers … but. “Accenture Insurance coverage Expertise Imaginative and prescient 2017,” research of 563 insurance coverage respondents from internationally.