Accenture Technology Vision for Insurance Digital Insurance Era: Stretch Your Boundaries

Transcription

1 Accenture Technology Vision for Insurance 2015 Digital Insurance Era: Stretch Your Boundaries

2 Accenture Technology Vision Trends Internet of Me Outcome Economy Platform (R)evolution Intelligent Enterprise Workforce Reimagined Copyright 2015 Accenture All rights reserved. 2

3 1 The Internet of Me: Our world, personalized. 73% of insurers say providing personalized customer experiences is a top-three priority

4 One in two insurers are seeing a positive ROI from their investment in personalization technologies Q: What results are you seeing from your investments in personalization technologies? All Industries Overall 60% 16% 7% 15% 1% Insurance Insurance 50% 16% 14% 17% 2% Positive return on investment Negative return on investment Not measuring results Neutral results Too early to measure results Not applicable not investing in personalization technologies Copyright 2015 Accenture All rights reserved. Confidential Q15 Base = Total sample n=2,000; Insurance sample n=221 4

5 The Internet of Me: The trend in action Esurance s Sorta You Isn't You campaign Positions the insurer as tailoring services for each customer Customizable auto insurance using telematics, big data & complex algorithms TV ad starred Lindsay Lohan as Sorta Mom #techvision2015

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7 2 Outcome Economy: Hardware producing hard results. 83% Insurers who agree or strongly agree that organizations will increasingly shift from selling products or services to selling outcomes

8 Outcome Economy: The trend in action Tokio Marine & Nichido Fire Insurance s How My Body Feels aims to prevent claims rather than simply pay out at the time of loss Outcome customers want: less cancer Uses mobile technology to monitor customers health Data analysis generates suggestions for healthier living Benefits for the customer, the insurer & society as a whole #techvision2015

9 3 Defining ecosystems, redefining industries. Platform (R)evolution: 77% Insurers who agree that companies will move toward real-time platforms & systems as enterprises adopt mobility & IoT solutions Copyright 2015 Accenture All rights reserved.

10 Most insurers plan to engage with digital partners within the industry Q: What partners do you plan to engage with for digital initiatives in the next two years? New digital partners within my industry 61% 64% Major digital technology and cloud platform leaders 48% 51% New digital partners outside my industry Traditional business partners 40% 40% 45% 49% Overall Insurance Multiple mentions Developer communities (eg. open APIs with ios or Android developer communities) 33% 39% Startups and digital-business newcomers 17% 19% Copyright 2015 Accenture All rights reserved. Confidential Q23 Base = Total sample n=2,000; Insurance sample n=221 10

11 Platform (R)evolution: The trend in action General Motors OnStar has grown from a safety and concierge service to a connected-car platform Real-time diagnostics, safety/emergency, infotainment, navigation, insurance modules, third-party apps, mobile connectivity Will offer to tell customers how well they drive, capture other driving data Option to share data with Progressive Insurance in exchange for discounted premiums #techvision2015

12 4 Intelligent Enterprise: Huge data, smarter systems better business. 56% Insurers who say managing data is extremely or very challenging, considering changes in its volume, variety and velocity. Copyright 2015 Accenture All rights reserved. 12

13 Software intelligence is expected to revolutionize the way insurers use data Q: To what extent do you agree with these statements? With data and digital complexity on the rise, software intelligence will be critical to simplifying IT. All Industries Insurance 55% 54% 36% 32% 7% 1% 10% 4% Software is entering a new era of intelligence that will revolutionize the way we use data. All Industries Insurance 46% 42% 39% 41% 11% 2% 11% 6% Emerging software solutions are enabling organizations to solve problems that were previously impossible to solve. All Industries Insurance 41% 37% 41% 43% 15% 13% 3% 6% Software will soon be able to learn and adapt to our changing world and make decisions based on learned experiences. All Industries Insurance 39% 31% 39% 43% 15% 16% 6% 8% This is the era of software intelligence, in which applications and tools take on more human-like intelligence. All Industries Insurance 42% 39% 38% 33% 14% 21% 4% 5% Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree Copyright 2015 Accenture All rights reserved. Confidential Q13 Base = Total sample n=2,000; Insurance sample n=221 13

14 Intelligent Enterprise: The trend in action Climate Corp. offers farmers crop insurance & advisory services for optimal decisions Uses precision-agriculture sensors & systems, data analytics software Machine learning digs through >50 terabytes of data on weather, soil & other sources to predict crop performance Recommends most profitable crops to plant, seed to buy, when to plant, how to tend crops, when to harvest, yields to expect, etc. Field-specific weather-related crop insurance guarantees financial outcomes #techvision2015

15 5 Workforce Reimagined: Collaboration at the intersection of humans and machines. 76% Insurers who believe successful businesses will soon manage employees alongside intelligent machines, ensuring collaboration between the two Copyright 2015 Accenture All rights reserved. 15

16 Most insurers are considering technologies to augment the workforce Q: Which emerging technologies are you considering adopting to augment your workforce? Technologies that enable business users to complete tasks that previously required IT experts 57% 56% Software automation (and/or cognitive computing) to augment the human workforce 51% 53% Crowdsourcing talent and skills from outside your organization Sensors to increase intelligence gathering about the surroundings Robotics to automate business and industrial processes 32% 30% 42% 47% 40% 44% Overall Insurance Multiple mentions Drones to replace surveillance or delivery services 13% 14% None of the above 3% 3% Copyright 2015 Accenture All rights reserved. Confidential Q26 Base = Total sample n=2,000; Insurance sample n=221 16

17 Workforce Reimagined: The trend in action USAA the first insurer to seek the FAA permission to test drones Aims to examine damage & evaluate claims before sending in assessors Drone visuals could be combined with reports from employees on the ground Faster and more accurate claims assessment after a catastrophe #techvision2015

18 Digital Insurance Era: Closing Thoughts Today s digital technologies are about creating a fabric that connects customers, partners, employees & industries This enables new insurance value propositions that expand value creation & growth It shapes the next generation of products, services & business models It s also about embracing a wider social & economic purpose - e.g. enabling self-driving vehicles & helping health insurance customers live longer, healthier lives #TechVision2015 Copyright 2015 Accenture All rights reserved. 18