Consulting firm Accenture offers these five ways the “people-first” digital technology is likely to impact the insurance industry:
- Artificial intelligence (AI) will become a crucial component of insurers’ interfaces with customers, brokers, workers and business partners. It will help them deliver a host of simple but powerful services and experiences. Our Technology Vision for Insurance survey found that 79 percent of executives believe AI will revolutionize how their firms source information and interact with customers.
- Digital ecosystems will be potent business platforms for quick-moving insurers. Around three-quarters of the insurers we canvassed recognize that partners and ecosystems will help determine their competitiveness.
- By becoming “on-demand” enterprises, with highly-liquid workforces, insurers will be able to achieve the rapid innovation and sudden organizational shifts vital to successful digital businesses. Among the insurance executives surveyed, 62 percent expect their organizations to increase their use of freelance workers by more than 25 percent next year.
- Progressive insurers will use intelligent digital technology to upgrade their personalized relationships with customers to long-term intimate and lucrative partnerships. Most of the insurance executives we surveyed believe that companies that draw on insights into human behavior to design intuitive and predictive customer experiences will outstrip their competitors.
- Farsighted carriers that work with government agencies, regulators and competitors to devise technology standards and codes of conduct to meet the changing demands of the digital economy will take the lead in building ecosystem businesses. More than 60 percent of insurance executives believe their regulatory environment is outdated.