Customer-centricity

Priorities are notably centered around the insurance agent for growth as well as investments in AI and data analytics.

Many are using graph database technology to provide the necessary relationship mapping, combined with master data management, data federation and artificial intelligence.

Insurance companies need to adopt the new marketplace mindset of transparent comparison and seamless user experience to keep customers engaged with the products we sell.

New business models based on blockchain and cognitive intelligence are coming, which will lead to the introduction of smart contracts for greater efficiency.

Digital channels are proliferating rapidly, and carriers have to be strategic in how they reach customers.

With mobile channels matured, the insurer looks to capitalize on other emerging technologies, including virtual reality and the Internet of Things.

Voice assistants provide carriers with another digital channel for engaging their policyholder customers, but the platforms remain somewhat limited for now.

Carriers need to address the basics behind digital transformation in order to fully leverage new opportunities, says Accenture.

SMA sees significant spending and shifts in personal lines projects that are aimed at aligning insurers’ strategies to transformation and growth.

Business-wide transformation begins with a thorough diagnostic of competitive strengths and challenges that enables leaders to prioritize where they want to start.