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Transforming into a living business

The insurance industry has been resilient in light of increasing disruption in financial services; however, few insurance executives believe the sector will escape change altogether. Agile, innovative and truly customer-centric organizations—which we call "living businesses"—will effectively position themselves to take advantage of new opportunities and strengthen the potential for future prosperity.


Insurers have been able to withstand oncoming disruption to the industry, but a confluence of challenging forces is now straining the sustainability of traditional business and operating models.

To remain viable, insurers will need to become hyper-relevant. They will need unwavering customer-centricity, fluid models, and flexible platforms and talent. A deep understanding of their customers, and the ability to adapt and innovate constantly—at speed and scale—will be essential. Their vitality and responsiveness to their environment will enable them to evolve perpetually, just as living organisms do. Accenture calls them "living businesses."

New technologies and business models, and shifts in the consumer and commercial markets, are creating numerous opportunities for insurers to increase their revenue and seize market share. In "Explosive Growth: A $375bn Opportunity for Hyper-Relevant, Customer-Centric Insurers," Accenture calculates these opportunities will expand insurers' worldwide revenue potential by as much as $375 billion within the next five years. We identified a total of 23 future growth levers which insurers, as living businesses, can capitalize on to release trapped market value.

To become a living business, there are five areas in which insurers will need to excel.

Five Key Areas for Transformation to a Living Business

Core insurance services will always be part of the industry, though how these services are carried out will transform. Insurance as a living business provides a basis for insurers to address the evolution of risk, bolster value-added services, and give new markets access to their services in trustworthy, highly relevant ways. The time to mobilize is now.