In an era of uncertainty, a resilient operating model is the key to survival
2020 was especially challenging for insurers when historically reliable risk models were upended by business and economic disruptions from COVID-19 and catastrophic events linked to climate change.
While these events left insurers exposed in many ways, they also revealed opportunities for insurers to elevate business performance—from driving cost savings from remote working models and benefiting from cloud operations to increasing digital customer acquisitions.
Of the many lessons of the pandemic year, one resonates strongly in this industry: the importance of operational resilience.
As part of a global, cross-industry research initiative, we surveyed 100 insurance companies to understand how they view their journey to operations maturity. Operations maturity can translate into tech-savvy ways to acquire customers faster or discover new revenue growth.
This means combining data, technology, processes and people into an intelligent, data-driven—and more resilient—operating model. It’s how insurers can reimagine the work people do and how it gets done—from sales and service to claims and finance. And how they can offer next-level experiences for employees and customers.
Operations is on the move
Accenture’s global research indicates that operating model maturity is advancing among global organizations and specifically insurers. Our research and experience reveal four levels of operations maturity: stable, efficient, predictive and future-ready. Each level is grounded in and enabled by progressively more sophisticated technology, talent, processes and data insights.
On average, organization we found to be future-ready show:
Of the 13 industries we surveyed, insurers report a higher than average level of operations maturity and that they have made progress in the past three years and aspire to make even more in the future.