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.