Historically, carriers have relied on large-scale data structures for property underwriting. But these overly manual solutions that rely on multiple models have been causing leakages and underpricing that carriers can no longer ignore.
North American insurers: it’s time to enter your visionary new capabilities for the Efma-Accenture Innovation in Insurance Awards. Last year, we saw the awards expand into a truly global initiative. While the main ceremony will be held this year in Amsterdam, on June 24, we will once again be hosting a regional ceremony, this year in Chicago, to highlight leading-edge innovation here in North America. The venue will be announced soon.
For years, insurtechs have been producing some of the most exciting and innovative ideas in the insurance industry, from cutting-edge uses of AI to radical new business models. Accenture’s analysis of data from CB Insights suggests that 2018 was the biggest year yet for investment in the space.
The lines between people’s business and personal li ves are blurring, and insurers are joining the wave of technological advancement that is supporting this new blended work-life paradigm. Accenture’s Technology Vision for Insurance 2018 repor t highlights technological trends that are improving both the customer experience and insurers’ growth opportunities.
Accenture’s Insurance as a Living Business report says that of the $375 billion in new insurance revenue up for grabs by innovation leaders over the next five years:
If brokers want to remain relevant in the changing insurance ecosystem, they’ll need to change with it. In the last article in this series, we covered how brokers are being disintermediated by insurers offering direct-to-customer services. Here, we’ll delve into what brokers can do to increase their relevance and improve the customer experience.
Insurance brokers that stubbornly hold onto traditional business models could face being left behind. Profitable growth in the brokerage business is stagnating after 10 consecutive quarters of underlying P&C commercial insurance price declines. Emerging disruptive technologies are changing the way customers interact with insurance, including cutting out the middlemen. Some insurers are already reaping the benefits of this digital transformation. What does the future have in store for brokers?
According to a new Accenture survey, a growing number of insurance chief marketing officers (CMOs) feel they are falling short of meeting their carriers’ growth objectives. Only 53 percent of insurance marketing executives—less than in any other surveyed industry—felt assured they could meet the performance objectives of their organizations.
Small commercial insurance is a highly desirable market, and one that is going through a digital transformation. In order to win big in small commercial, carriers need to create winning digital experiences, significantly improve the efficiency of core operations and create category killers by launching new direct channels.
Over the course of this blog series, I’ve examined how experiential research and design thinking can enable insurance carriers to build better customer experiences. I also discussed how our own experiential research, conducted with Fjord, shows that direct carriers are not currently giving small commercial customers what they need and want.