Technology Vision for Insurance 2021
July 12, 2021
RESEARCH REPORT
In brief
In brief
- Digital leadership is critical to unlock and deliver new value in insurance. All leaders are being called to become digital leaders.
- Accenture surveyed 553 insurance business and IT executives in 26 countries to get their thoughts on the technology trends facing the industry.
- Insurers exist at the intersection of managing risk and financial/physical wellbeing, which holds new possibilities to create value.
- Digital disruption is an opportunity to transform, and insurers have all the intelligent tools at their disposal to do so.
Creating and delivering value in insurance has drastically changed, and the global pandemic only accelerated that change. Insurers have been called to reimagine their businesses, both internally and externally, to meet the changing needs of today’s customers. As an industry, insurers face an opportunity that may not be repeated — to actively shape the industry for the better. This takes place in the context of a world hungry for a new kind of leadership.
By accelerating their transformations to meet the needs of a world in crisis, leading insurers have ignited a new and different future—one predicated on technology.
Consumer needs have evolved and insurers need to expand their offerings intuitively, and in partnership with others to meet these expectations. To succeed at reaching customers in new ways requires future-ready technology and operations. It also means moving from a reactive state of risk indemnification to a proactive mode of ongoing risk mitigation. It will entail the exploration of expanded, disrupted products and services that change how insurers engage with customers.
66%
Insurance executives report that the pace of digital transformation for their organization is accelerating
80%
Insurance executives say that their organization’s business and technology strategies are becoming inseparable— even indistinguishable
5 Tech Trends Emerge
Customers are increasingly questioning the value of insurance products and services. They are also facing new risks to their livelihood, health and wellbeing. The reimagining of the insurance industry, therefore, could not be more relevant. As this report shows, leading insurers are radically rethinking their role in the customer value chain and making the changes required to support this new reality.
Stack strategically — architecting a better future
A new era of industry competition is dawning—one where insurers can build their stack to drive efficiency and better serve their customers.
Mirrored world — the power of digital twins
Growing investments in data, AI and digital twin technologies are giving rise to an emerging era of business and intelligence: The mirrored world.
I, technologist — the democratization of technology
Natural language processing, low-code platforms, RPA and more are democratizing technology, putting powerful capabilities into the hands of people.
Anywhere, everywhere — bring your own environment
Remote work is here to stay, it’s time for insurers to transform this into an advantage.
From me to we — a multiparty system’s path
The future of insurance lies in collaboration. Leading insurers will reimagine their partnerships through ecosystems and multiparty systems.
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Insurance carriers exist at a unique intersection of managing risk and promoting financial and physical wellbeing. With accelerated digital transformations and ecosystem partnerships, insurers can help address some of the deepest-set challenges the world faces.
A new era of industry competition is dawning—one where companies compete on their architecture. Growing investments in data, AI and digital twin technologies are giving rise to a new generation of business and intelligence: the mirrored world. Natural language processing, low-code platforms, robotic process automation and more are democratizing technology, putting powerful capabilities into the hands of people all across the business.
It’s time for enterprises to transform remote work from an accommodation to an advantage. The global disruption of COVID-19 ignited a scramble to reimagine partnerships—and multiparty systems gained newfound attention.
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