In the first two posts in this blog series, I discussed some experiential research from Accenture and Fjord that offers unique insights into the small commercial insurance market. This time, I’ll delve into the methodology we followed to find out from small business owners why they don’t buy commercial cover online.
In my previous post in this series, I looked at the reasons that small business owners are generally unhappy with the customer experience in small commercial insurance. This time, I will focus on what these owners want from direct carriers and how insurers can improve their relevance to this market.
For years, almost every industry study has indicated that small commercial insurance is ripe for rapid expansion of online sales, but growth to date has been slow. Accenture and Fjord set out to find out why and went directly to the source for the answer.
In my first post of this series, I explained the tremendous potential of intelligent solutions to drive significant financial benefits across the entire insurance value chain. The key to unleashing the full potential of these solutions is to move beyond the investigating phase into industrializing at scale.
Before embarking on a journey to the cloud, insurers should consider their strategy for effective cloud management to ensure costs are managed properly. Since carriers operate in a highly regulated environment, being able to identify risks to data privacy, security and regulatory compliance is also critical for an effective cloud transition.
In this blog series, I’ve looked at how workers’ compensation insurers and their clients can use industrial wearables and the data they generate to deliver a triple win: safer workers, lower insurance costs and greater productivity.
In my first post in this series, I outlined how workplace injuries cost companies and their workers’ compensation insurers billions of dollars each year and proposed that analytics tools and a new generation of wearables could help bring down the costs and risks of workplace injuries.
Workplace injuries cost companies and their workers’ compensation insurers billions of dollars each year—the US Occupational Safety and Health Administration estimates the annual direct and indirect costs of lift-related injuries alone top $56 billion. In this series of blog posts, I’ll explore how a new generation of industrial wearables and analytics tools promises to change this picture for the better.
In this series on how to boost your AIQ, I’m exploring innovative ways to apply artificial intelligence to the insurance value chain. In my first post, I spoke about the artificial intelligence quotient (AIQ), which consists of three key ingredients: technology, data and people and the ability of an enterprise to invest significantly in their inhouse AI capabilities and collaborate externally. To achieve success, insurers need to develop these capabilities: both in-house and collaboratively.
As I’ve previously noted, the most conservative independent analysts of the Industrial Internet of Things (IIoT) predict that global IIoT expenditure will reach $500 billion by 2020. The value created by the IIoT—which includes certain uses of drones—could reach as high as $15 trillion by 2030. Accenture Strategy predicts that the insurance industry could capture 26 percent of the value from the IoT. However, as more devices, data and actors connect to deliver these solutions, the cyber threat grows.