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Fast-Track to Future-Ready Insurance Operations

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Fast-Track to Future-Ready Insurance Operations

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100 insurance companies were surveyed to understand how they view their journey to operations maturity.

Our experience indicates that 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.

100 insurance companies were surveyed to understand how they view their journey to operations maturity.

Our experience indicates that 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.

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Fast-Track to Future-Ready Insurance Operations

  1. 1. From insights to action, the path to extraordinary value starts here. Elevate every decision with intelligent insurance operations
  2. 2. Intelligent Operations | Insurance Industry View 2020 challenged insurers, as risk models were upended by: While these events left insurers exposed, they also revealed opportunities to fast-track the maturity of business operations. • COVID-19 • Catastrophic events linked to climate change Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 2
  3. 3. Intelligent Operations | Insurance Industry View 100 insurance companies were surveyed to understand how they view their journey to operations maturity. Our experience indicates that 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. The importance of operational resilience Intelligent Operations | Insurance Industry View
  4. 4. Intelligent Operations | Insurance Industry View Our research and experience reveals there are four levels of maturity: of insurers report a high level of maturity as their current state; we call them “future-ready.” 10% Operations on the move Copyright © 2021 Accenture. All rights reserved. 4 of insurers say they have evolved to predictive operations. 57% Each level is grounded in and enabled by progressively more sophisticated technology, talent, processes and data insights. Predictive Stable Future-ready Efficient
  5. 5. Intelligent Operations | Insurance Industry View 1.7x higher efficiency levels for future- ready organizations.1 More efficient Advantages of being future-ready 1 Future-ready organizations exhibited 6.4 pp higher profitability and 13.1 percent greater efficiency, on average Source: Accenture Research and Oxford Economics Intelligent Operations Survey, 2020 Other future-ready benefits: Improved talent mix, reskilling, customer experiences and ecosystem relationships 2.8x boost in corporate profitability for future-ready organizations.1 More profitable Intelligent Operations | Insurance Industry View
  6. 6. Intelligent Operations | Insurance Industry View Technology and AI are the final barriers to scaling future-ready operations. Insurers lead in 6 of the 8 characteristics that determine operating model maturity 83% 79% 73% 72% 77% 71% 69% 55% 60% 65% 67% 71% 74% 74% 75% 68% Data Analytics Leading practices Business-technology collaboration Agile workforce Automation Stakeholder experience AI Currently in wide use or use at scale (Insurance) Currently in wide use or use at scale (All industries)
  7. 7. Intelligent Operations | Insurance Industry View 42% of insurers want to be future-ready in 3 years. Most insurers are not where they want to be. Intelligent Operations | Insurance Industry View But they shouldn’t be complacent: Copyright © 2021 Accenture. All rights reserved. 7
  8. 8. Intelligent Operations | Insurance Industry View Three ways to become future-ready: 03 02 01 Know how to leapfrog maturity levels Know the key steps Know the ultimate goal
  9. 9. Copyright © 2021 Accenture. All rights reserved. 9 Intelligent Operations | Insurance Industry View Know the ultimate goal 01
  10. 10. Intelligent Operations | Insurance Industry View Progress happens when business and technology come together by developing joint governance models, aligning and integrating ecosystem partners, and co-creating the strategic roadmap that improves stakeholder experiences. 01 Know the ultimate goal The customer experience cultivates loyalty. The employee experience drives retention and acquisition. And the partner and supplier experience fuels a strong ecosystem. Make the stakeholder experience your North Star Bring business and technology together of insurers expect business and technology functions to collaborate fully by 2023; just 15% are doing this today. 53%
  11. 11. Intelligent Operations | Insurance Industry View Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 11 01 Know the ultimate goal A network of European insurers built a cloud-enabled hub to manage 400,000 auto, home, personal and workers’ compensation claims. Access to the hub’s data helps insurers offer personalized, hassle- free customer service. They can create value faster and make better decisions on how to grow their businesses.
  12. 12. Copyright © 2021 Accenture. All rights reserved. 12 Intelligent Operations | Insurance Industry View Know the key steps 02
  13. 13. Automating at scale is about more than cost reduction. It is about unleashing human potential. Better data—and a digitized way to ingest it—can: • reduce the time it takes underwriters to complete applications and increase the accuracy of risk assessments. • reduce claims examiners’ processing time. • ensure that claims are paid accurately. Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 13 02 Know the key steps But they shouldn’t be complacent. This creates a better customer experience with better turnaround times. Insurers expect that number to jump to 71% 95% of manually-intensive and repetitive tasks are automated today. in the next 3 years.
  14. 14. of insurers have fully adopted AI and data science capabilities; a six-fold increase from 43% Copyright © 2021 Accenture. All rights reserved. 14 just three years ago. 7% Intelligent Operations | Insurance Industry View AI-powered data and analytics platforms can improve core processing accuracy and efficiency. 02 Know the key steps Use AI to power the enterprise
  15. 15. Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 15 02 Know the key steps Boost momentum with cloud Up from 75% 64% of insurers have adopted cloud infrastructure at scale. three years ago. Cloud costs have decreased, and security and regulatory compliance offer strong controls. The result? Insurers can use the cloud to scale automation and AI while reducing legacy technology debt.
  16. 16. Intelligent Operations | Insurance Industry View Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 16 02 Know the key steps A top insurer introduced dozens of automations and minibots to quickly upskill agents, centralize processes and increase productivity. Manual repetitive tasks were eliminated, and analytics were introduced. The insurer achieved payment accuracy, improved service quality and reduced handling time—now employees make better, faster decisions.
  17. 17. Copyright © 2021 Accenture. All rights reserved. 17 Intelligent Operations | Insurance Industry View Know how to leapfrog maturity levels 03
  18. 18. of insurers say that ecosystem relationships have improved over the last three years and future-ready players are focused on them. of insurers increased their focus on the “network effect” of the ecosystem. 4 1% Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 18 Climbing operations maturity just one position can lead to a projected 17% increase in global profits. 03 Know how to leapfrog maturity levels Insurers can speed this up by capitalizing on ecosystem partnerships to deliver outcomes at scale. It’s an excellent way to bring in more diverse data, specialized skills, leading- edge technologies and new ideas that spark innovation. 53% In response to the pandemic,
  19. 19. Intelligent Operations | Insurance Industry View Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 19 03 Know how to leapfrog maturity levels A European insurer had long relied on its partner ecosystem to manage its sales, service, claims, finance and accounting operations. Next-generation talent and industry-leading practices were used to generate insights and launch new solutions. The insurer reduced its debt over two years, boosted its Net Promoter Score®, improved collections to record levels, generated new revenues and became a more competitive force in the global market.
  20. 20. Copyright © 2021 Accenture. All rights reserved. 20 Intelligent Operations | Insurance Industry View Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 20 Insurers can elevate decisions and boost profitability and efficiency gains with intelligent operations. The more that they thread intelligence into operations holistically, the better positioned they are to meet tomorrow’s performance aspirations. It’s about reaching new levels of operations maturity to choose smarter, act faster and win sooner. The choice to change
  21. 21. Intelligent Operations | Insurance Industry View Intelligent Operations | Insurance Industry View Copyright © 2021 Accenture. All rights reserved. 21 Learn more at: Accenture.com/FutureReadyInsurance Think Scale Put Enhance Foster Build big and go beyond incremental change automation and analytics, AI and integrated solutions with leading practices a cloud infrastructure at the heart the value of data with technologies that deliver better insights faster a human + machine, specialized workforce complementary third-party and ecosystem relationships Now is the time to make your move to intelligent operations. Here’s how:
  22. 22. Intelligent Operations | Insurance Industry View Appendix Four levels of operations maturity: Predictive Concentrate mostly on core process improvements and on improving quality and compliance controls. Stable Future-ready Efficient More productive, they incorporate tested methods, such as Lean Six Sigma and process standardization and deploy automation technologies. Focus on how automation can support and augment human ingenuity. They deploy technologies and leading practices with that goal in mind. See increased efficiency and profitability, improved stakeholder experiences and better business outcomes. They are more agile and resilient than others.
  23. 23. DISCLAIMER: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com About Accenture Research Accenture Research shapes trends and creates data-driven insights about the most pressing issues global organizations face. Combining the power of innovative research techniques with a deep understanding of our clients’ industries, our team of 300 researchers and analysts spans 20 countries and publishes hundreds of reports, articles and points of view every year. Our thought-provoking research—supported by proprietary data and partnerships with leading organizations such as MIT and Harvard— guides our innovations and allows us to transform theories and fresh ideas into real-world solutions for our clients. Visit us at www.accenture.com/research About Oxford Economics Oxford Economics is a leader in global forecasting and quantitative analysis. Our worldwide client base comprises more than 1,500 international corporations, financial institutions, government organizations, and universities. Headquartered in Oxford, with offices around the world, we employ 400 staff, including 250 economists and analysts. Our best-in-class global economic and industry models and analytical tools give us an unmatched ability to forecast external market trends and assess their economic, social and business impact. Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.

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