Jacob Tovborg-Jensen

Managing Director - Insurance, Accenture Nordics



I’ve been helping insurance companies transform their businesses for more than 12 years. Technology has always played a fundamental role. Today, I see the emphasis changing from optimizing how insurers work on the inside to focusing more on the outside. That means helping our clients to differentiate themselves in the market and respond to changes in customer behavior and the demand for new technologies.

We’re implementing digital technologies that enable business users to change prices several times a day. That process used to be IT-driven and took place only once or twice a year. We’re using advanced analytics to create valuable, predictive insights from data where we used to help our clients create reports describing the past.

I have a Master in Business Administration but have always had a passion for technology and how to apply it in a business context. And in insurance we’re really beginning to see the two worlds come together. The rise of digital in insurance so far has largely been a surface treatment but to succeed you need to bring digital to the core. And there are signs of change. Telematics/GPS technology has started to transform motor-insurance. New safety equipment and soon to come – self driving cars – will have a huge impact as well. Companies have introduced policies that cover identity theft and we’re see the mutual insurance concept being re-born in Facebook groups. I find these challenges to traditional thinking extremely exciting.

Insurance in the Nordics dates back several hundred years and that’s largely the reason why the industry has been relatively slow to adapt to digital services. But change is coming. Customer behavior and developments in other industries such as telecoms - where digital adoption is much higher - will have a huge impact. Customers simply don’t understand why insurance should be different. They want a personalized experience and they are willing to share information to get it. In the future, the real competitors will be those who know how to deal with those digital customers. And that’s not only going to be another insurance company. It could just as well be a digital company like Google.

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