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Get Comfortable Outside Your Comfort Zone - Infographic

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The Accenture – Oxford Economics report titled “Insurance: Digital Transformation Remaking an Industry” presents the findings of a global survey (Technology in Financial Services – From Hype to Growth) conducted among 90 technology executives in the financial services industry, including a statistically significant sample from the insurance sector. Our survey results show that insurers are harnessing technology not only to improve efficiency but also to enhance customer relationships and boost growth. As well, nearly all insurance executives surveyed envision a digitally transformed financial services (FS) industry five years from now.

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Get Comfortable Outside Your Comfort Zone - Infographic

  1. 1. Insurers expect widespread disruption of their industry 60% say AI-based technologies to improve operational process (today) say cloud-based technologies to improve operational efficiency have greatest impact on their company In 3 years’ time it will be customer-facing blockchain internal blockchain applications 50% say AI-based technologies to improve client-facing processes (3 years’ time) According to a survey by Accenture and Oxford Economics.* Insurers expect widespread disruption … Cloud is very impactful on insurers’ business today – blockchain is expected to be impactful in near future … Insurers invest in/plan to invest in Artificial Intelligence (AI)-based technologies … 53% 50%63% *Source: “Technology in Financial Services, From Hype to Growth,” Accenture – Oxford Economics study, 2018 Copyright © 2018 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture. GETCOMFORTABLE OUTSIDEYOURCOMFORTZONE INSURANCE | Digital Transformation Remaking an Industry expect significant headcount reduction in their sector due to digital innovation90% expect customers will buy most of their insurance through online and mobile apps90% expect customer interactions will be substantially handled by virtual assistants80% Insurers have a very proactive approach to technology …. 90% 87% 87% have a systematic approach to evaluating emerging technologies have a dedicated in-house team for digital innovation have a coherent long-term plan for technology innovation Today 50% say poor comprehension of digital innovations 50% say concerns over headcount reduction due to new technologies Confusion and fear – biggest obstacles to the digital transformation of the financial services industry according to insurers … Over the next 5 years … In 5 years …

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