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Technology Vision for Insurance 2020

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To survive the tech-clash, insurance businesses need to re-think old business models.

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Technology Vision for Insurance 2020

  1. 1. #TECHVISION2020 TECHNOLOGY VISION FOR INSURANCE 2020 WE, THE POST-DIGITAL PEOPLECan your enterprise survive the “tech-clash”? Provocative thinking, transformative insights, tangible outcomes
  2. 2. We, the Post-Digital People #TECHVISION2020 Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 2 As insurance companies enter the future, digital technology is evolving from an advantage to a basic expectation, and yesterday’s best practices are turning into today’s shortcomings. Copyright © 2020 Accenture. All rights reserved.
  3. 3. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision People’s perceptions of and relationships with technology are changing. #TECHVISION2020We, the Post-Digital People Copyright © 2020 Accenture. All rights reserved.
  4. 4. We, the Post-Digital People #TECHVISION2020 Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 4 On the one hand, people are seemingly rejecting technology. “Tech-lash,” or backlash against technology, is appearing in several forms. Movements like digital detoxing, tracking screen time and reducing social media usage are ways people are seeking to balance the role technology plays in their lives. People Regulations like GDPR from the European Union and more from the United States, Brazil and other countries are redefining the relationship between people and tech. Government Copyright © 2020 Accenture. All rights reserved. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision
  5. 5. We, the Post-Digital People #TECHVISION2020 Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 6.4 5 On the other hand, by almost all metrics, people are increasing their use of and intimacy with technology. More than half the world’s population—a whopping 4.5 billion people—have access to the internet. Internet World Stats: Usage and Population Statistics. (n.d.). People are ever-connected on every type of device, globally spending an average of 6.4 hours online daily. Salim, S. (2019, February 4). More Than Six Hours of Our Day Is Spent Online. Digital Information World. >50 % hours Copyright © 2020 Accenture. All rights reserved. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision
  6. 6. We, the Post-Digital People #TECHVISION2020 Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision These seemingly opposite positions are indicative of a tech-clash—a clash between old models that are incongruous with people’s expectations. 6Copyright © 2020 Accenture. All rights reserved.
  7. 7. We, the Post-Digital People #TECHVISION2020 Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 7 People are changing, why aren’t you? To move forward, insurers must first acknowledge the essential role technology plays in people’s lives today, and how that relationship is changing people’s needs and expectations. We, the Post-Digital People Copyright © 2020 Accenture. All rights reserved.
  8. 8. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 8 We, the Post-Digital people We, the post-digital people Can your enterprise survive the “tech-clash”? The I in Experience AI and Me The Dilemma of SmartThings Robots in the Wild Innovation DNA Helping people choose their own adventure. Reimagine the business through human andAI collaboration. Overcome the “beta burden.” Growing the enterprise’s reach— and responsibility. Create an engine for continuous innovation. #TECHVISION2020 Copyright © 2020 Accenture. All rights reserved. 8
  9. 9. Trend 1:The I in Experience Helping people choose their own adventure
  10. 10. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Redesign digital experiences with new models that amplify personal agency.Turn passive audiences into active participants by transforming one-way experiences into true collaborations. The I in Experience Helping people choose their own adventure TREND 1 10Copyright © 2020 Accenture. All rights reserved.
  11. 11. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision TREND 1 of consumers agree: I am just as concerned about the commercial use of my personal data and online identity for personalization purposes as I am about security threats and hackers. 11 The I in Experience Helping people choose their own adventure Auto insurance from Noblr has a variable monthly rate that is based on how much and how well you drive. It calculates a driver’s pricing in real-time using their smartphone. If a driver has a great month behind the wheel, they’ll likely pay less the following month.* *https://gotruemotion.com/blog/why-noblr-is-one-of-the-most- exciting-new-auto-insurers/ Copyright © 2020 Accenture. All rights reserved. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision
  12. 12. Trend 2: AI and Me Reimagine the business through human and AI collaboration
  13. 13. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Take a new approach that uses AI to bring out the full power of people. Move beyond deployingAI for automation alone and push into the new frontier of co-creation between people and machines. AI and Me Reimagine the business through human and AI collaboration TREND 2 13Copyright © 2020 Accenture. All rights reserved.
  14. 14. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision of insurance executives acknowledge collaboration between humans and machines will be critical to innovation in the future. TREND 2 14 AI and Me At Lemonade, AI is embedded in the organization and present in nearly every workflow. The company’s claims payment process was designed to play to the strength of AI and humans working together.* * https://www.lemonade.com/ Reimagine the business through human and AI collaboration Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvisionCopyright © 2020 Accenture. All rights reserved.
  15. 15. Trend 3: The Dilemma of SmartThings Overcome the ‘beta burden’
  16. 16. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Address the new reality of product ownership in the era of “forever beta.” Transform pain points into an opportunity to create an unprecedented level of business- customer partnership. The Dilemma of SmartThings Overcome the “beta burden” TREND 3 16Copyright © 2020 Accenture. All rights reserved.
  17. 17. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision TREND 3 of insurance executives say their organization’s connected products and services will have more, or significantly more, updates over the next three years. 17 The Dilemma of SmartThings Overcome the “beta burden” Groupama launched a Farmtech app with three free services and three paid services. The plan is to evolve the platform through field-testing and validating new features with farmers.* *https://www.paysan-breton.fr/2019/03/gari-un-agregateur-de-services- innovants/ Copyright © 2020 Accenture. All rights reserved. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision
  18. 18. Trend 4: Robots in the Wild Growing the enterprise’s reach—and responsibility
  19. 19. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Prepare for robotics to move beyond the walls of the enterprise. Companies in every industry will unlock new opportunities by introducing robots to the next frontier: the open world. Robots in the Wild Growing the enterprise’s reach —and responsibility TREND 4 19Copyright © 2020 Accenture. All rights reserved.
  20. 20. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision TREND 4 Amazon’s small, six-wheeled delivery vehicle, called “Scout,” can autonomously navigate real-world obstacles like trash cans, pets and snow blowers.* 20 of insurance executives believe robotics will enable the next generation of services in the physical world. Robots in the Wild Growing the enterprise’s reach—and responsibility *https://blog.aboutamazon.com/transportation/whats-next-for- amazon-scout Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvisionCopyright © 2020 Accenture. All rights reserved.
  21. 21. Trend 5: Innovation DNA Create an engine for continuous innovation
  22. 22. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Tap into the unprecedented scale of disruptive technology available today. Build the capabilities and ecosystem partnerships necessary to assemble the organization’s unique innovation DNA. Innovation DNA Create an engine for continuous innovation TREND 5 22Copyright © 2020 Accenture. All rights reserved.
  23. 23. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision TREND 5 of insurance executives believe the next wave of innovation will be driven by scientific research targeting sustainable development, climate change, and energy. 23 Innovation DNA Create an engine for continuous innovation Swiss Re, alongside other members of the Insurance Development Forum, has partnered with the United Nations Development Program (UNDP), jointly committing $5 billion of capacity to support climate resilience in developing countries.* *https://www.reinsurancene.ws/climate-change-adaptation-must- happen-at-scale-swiss-res-scotti-at-davos/ Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvisionCopyright © 2020 Accenture. All rights reserved.
  24. 24. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 24 Can your enterprise survive the “tech- clash”? The promise of a world made better and easier by technology is being trapped behind models, architectures and governing structures that have not realized their full potential nor created adequate value.To survive the “tech-clash”, insurance businesses need to re-think these models. #TECHVISION2020We, the Post-Digital People Copyright © 2020 Accenture. All rights reserved.
  25. 25. #TECHVISION2020We, the Post-Digital People Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision 25 The time to start this transformation is now. ┃ Identify where tech-clash is impacting your organization, and where your technology strategy might be at odds with customer expectations. Leave no stone unturned and challenge existing models wherever needed. ┃ As you master distributed ledgers, artificial intelligence, extended reality and quantum computing (DARQ), ensure that you are putting a radically human focus on the new products and services you build. ┃ Build sustainable and ongoing relationships with customers by using every step of the customer journey as an opportunity to build trust. Grow your impact beyond individual customers by maintaining accountability at a societal level. Defuse Tech-clash Build Human- Centered Models Foster Deeply Trusting Relationships Copyright © 2020 Accenture. All rights reserved.
  26. 26. Technology Vision for Insurance 2020 | accenture.com/insurancetechnologyvision Thank you #TECHVISION2020 www.accenture.com/insurancetechnologyvision Copyright © 2020 Accenture. All rights reserved.

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