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People First:
The Primacy of People
in the Age of Digital Insurance
John Cusano
Insurance Global Director
Technology Vision for Insurance 2016
Copyright © 2016 Accenture All rights reserved. 2
Global insurance survey demographics
The global cross-industry survey sample of +3,100 senior
executives included 445 insurers in 15 countries
Australia
Brazil
China
France
Germany
India
Japan
South Africa
UK
US
Italy
Netherlands
Spain
Nordic
Company Revenue
<$1b
22%
$1-6b
37%
$6-10b
13%
$10-50b
16%
>$50b
11%
Designations
Function/
LoB heads
34%
Heads of IT
45%
Other
C-suite
34%
2
Copyright © 2016 Accenture All rights reserved. 3Copyright © 2016 Accenture All rights reserved. 3
People First:
The Primacy of People
in the Age of Digital Insurance
Technology Vision for Insurance 2016
Copyright © 2016 Accenture All rights reserved. 4
People First:
Primacy of People
in the Age of
Digital Insurance
Every Insurer is a
Digital Insurer
2013
2015
2016
Accenture Technology Vision:
The Evolution
From Digitally
Disrupted to Digital
Disrupter
Digital Insurance
Era: Stretch
Your Boundaries
2014
Copyright © 2016 Accenture All rights reserved. 5
People First:
The primacy of people in the age of digital insurance
The Accenture Technology Vision for Insurance 2016 identifies the four pillars of
a successful digital culture
Built for
Change
Data
Driven
Embrace
Disruption
Digitally
Risk-aware
Copyright © 2016 Accenture All rights reserved. 6
People First:
The primacy of people in the age of digital insurance
Intelligent
Automation
Liquid
Workforce
Platform
Economy
Predictable
Disruption
Digital
Trust
The study highlights five technology trends likely to have a
major influence on insurance in the next 3 to 5 years
Copyright © 2016 Accenture All rights reserved. 7
Intelligent
Automation
The essential
new co-worker
for the digital age
82% of insurers are investing more in embedded
artificial intelligence solutions
insurers that have realized savings of 15% or
more from automating systems & processes in
the past 2 years
35%
Trend 1
Copyright © 2016 Accenture All rights reserved. 8
MS&AD Group, Japan
• Watson AI system
• Claims assessment
• Contact center interaction
of insurers agree that automation driven by AI will be
seamlessly embedded into every aspect of business
over the next 5 years
Xchanging, UK
• BluePrism automation
• Multi-skilled robots work 24/7
• Rapid transaction processing
Machines & AI are the newest recruits to the workforce, bringing
new skills to help people do new jobs, and reinventing what’s possible
82%
Copyright © 2016 Accenture All rights reserved. 9
Liquid
Workforce
Building
the workforce
for today’s
digital demands
78% of insurers believe a more fluid workforce
will improve innovation
insurers who say they will have more demand for
flexible, multi-skilled generalists than specialists
with deep expertise in specific areas
72%
Trend 2
Copyright © 2016 Accenture All rights reserved. 10
Insurers that harness the power of a liquid workforce
will grow smarter & faster than they imagined
Ping An, China
• Large-scale mobile-learning pilot
• Hundreds of courses in 1 year
• Saved millions of dollars
Reale Group, Italy
• Fabbrica Futuro social platform:
• Group-wide informal conversations
• First step to fully digital workplace
53%
percentage of insurance jobs estimated by executives to
have a digital component today, rising to 63% in 3 years
Copyright © 2016 Accenture All rights reserved. 11
The Platform
Economy
Technology-driven
business-model
innovation from
the outside in
83% of insurers expect platform- based business
models to become part of their growth
strategy in 3 years
of insurers agree platforms will be the glue that
brings organizations together in the digital
economy
81%
Trend 3
Copyright © 2016 Accenture All rights reserved. 12
94%
Strategic use of platform technologies is driving
unprecedented growth opportunities for insurers
Alibaba, China
• World-first internet insurance cloud
platform
• Offers insurers standard capabilities
• No need for own systems
of insurers think it is very or somewhat important
to adopt platform-based business models and
engage in ecosystems of digital partners
USAA, USA
• Investment in connected-car start-up
• Ecosystem of car apps
• Roadside assistance & expensing
services
Copyright © 2016 Accenture All rights reserved. 13
Predictable
Disruption
Looking to digital
ecosystems
for the next
waves of change
90% of insurers expect the pace of technology
will increase rapidly or at an unprecedented
rate over the next three years
of insurers agree organizations are increasingly
pressed to reinvent themselves & evolve their
business before they are disrupted from the
outside
84%
Trend 4
Copyright © 2016 Accenture All rights reserved. 14
83%
Powerful, predictable disruption caused by ecosystems
will redefine & reinvent insurance and adjacent industries
of insurers believe the IoT will cause significant change in
insurance or even cause a complete transformation
John Hancock, USA
• Apple HealthKit-enabled app
• Incentivizes healthy behavior
• Customers record data on wearables
SafeShare, UK
• Insurance for sharing economy
• Real-time coverage
• Blockchain for transactions history
Copyright © 2016 Accenture All rights reserved. 15
Digital Trust
Strengthening
customer
relationships
through ethics
and security
85% of insurers agree that trust is the
cornerstone of the digital economy
of insurers experience attacks that test the
resilience of their IT systems on a daily or weekly
basis*
59%
Trend 5
* Source: How Insurers Can Boost Resilience in the Face of Cyber Risk, Accenture Strategy
Copyright © 2016 Accenture All rights reserved. 16
71%
Insurers must manage data & digital ethics as core strategies
for mitigating business risks
Anthem, USA
• Cyber-breach exposed 80m customers’ data
• Offered victims free credit monitoring
• $1m identity theft insurance
• Faces class-action fraud suit
of insurers say their organization has faced twice or three
times as many privacy & security breaches as 2 years ago
Thank you
Copyright © 2016 Accenture. All rights reserved.
Accenture Technology Vision for Insurance 2016
www.accenture.com/insurance
Appendix
Copyright © 2016 Accenture. All rights reserved.
Copyright © 2016 Accenture All rights reserved. 19
How Accenture can help
Our offerings are designed to help insurers build a successful digital culture that puts people first
Digital Transformation:
Identifying the new digital capabilities that are needed, and helping develop them quickly at scale.
Human Capital Management:
Supporting insurers as they empower their people, change their workplace and transform their corporate culture to thrive in a
disruptive, increasingly digital marketplace.
Analytics & Big Data:
Leveraging insurers’ wealth of data to enhance people management, improve customer knowledge, drive sales and generate new
revenue streams.
Robotic Process Automation:
Our Operations and Process Transformation helps insurers gain measurable benefits that transcend cost-cutting to deliver a true
execution advantage, swifter, simpler and more flexible responses, and rigorous process execution across the enterprise.
Connected Platforms as a Service:
Our extensible platform offers insurers a one-stop shop with industry partners to launch and operate global Internet of Things
services quickly and cost-effectively.
Finance & Risk Services:
Our end-to-end transformation capabilities help insurers address the challenges of data privacy, ethics and security.
Copyright © 2016 Accenture All rights reserved. 20
Global Survey Demographics: Cross-industry & Insurance
Revenue
Cross-
industry
Insurance
$50 billion or more 301 51
$20-$49.9 billion 289 34
$10-$19.9 billion 487 38
$6-$9.9 billion 573 59
$1-$5.9 billion 1004 166
$500 million-$999
million
458 97
$250 million-$500
million
7
Location
Cross-
industry
Insurance
Australia 252 30
Brazil 274 31
China 281 32
France 290 31
Germany 333 30
India 262 30
Ireland 34
Japan 265 30
South Africa 246 30
UK 355 47
US 527 30
Italy 30
Netherlands 34
Spain 30
Nordic 30
Industry
Sample
Size
Banking 316
Consumer Goods &
Services
307
Communications 309
Healthcare 101
Industrial Equipment 304
Insurance 445
Pharmaceuticals 184
Public Service
(Government)
303
Retail 319
Utilities 311
Aerospace & Defense 33
Biotechnology 135
Airlines 176
Respondent Title
Cross-
industry
Insurance
CIO/Chief Mobility
Officer
311 52
CTO/Director of
Technology
471 42
Director, IT 787 105
CMO 240 33
CFO 253 49
COO 293 49
CSO 94 18
Other C-suite title 13 4
Function Head (Non
IT-related)
394 53
Line of Business
Head (Non IT-
related)
263 40
The global cross-industry survey sample of +3,100 included 445 insurance executives
in 15 countries

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People First: The Primacy of the People in the Age of Digital Insurance

  • 1. People First: The Primacy of People in the Age of Digital Insurance John Cusano Insurance Global Director Technology Vision for Insurance 2016
  • 2. Copyright © 2016 Accenture All rights reserved. 2 Global insurance survey demographics The global cross-industry survey sample of +3,100 senior executives included 445 insurers in 15 countries Australia Brazil China France Germany India Japan South Africa UK US Italy Netherlands Spain Nordic Company Revenue <$1b 22% $1-6b 37% $6-10b 13% $10-50b 16% >$50b 11% Designations Function/ LoB heads 34% Heads of IT 45% Other C-suite 34% 2
  • 3. Copyright © 2016 Accenture All rights reserved. 3Copyright © 2016 Accenture All rights reserved. 3 People First: The Primacy of People in the Age of Digital Insurance Technology Vision for Insurance 2016
  • 4. Copyright © 2016 Accenture All rights reserved. 4 People First: Primacy of People in the Age of Digital Insurance Every Insurer is a Digital Insurer 2013 2015 2016 Accenture Technology Vision: The Evolution From Digitally Disrupted to Digital Disrupter Digital Insurance Era: Stretch Your Boundaries 2014
  • 5. Copyright © 2016 Accenture All rights reserved. 5 People First: The primacy of people in the age of digital insurance The Accenture Technology Vision for Insurance 2016 identifies the four pillars of a successful digital culture Built for Change Data Driven Embrace Disruption Digitally Risk-aware
  • 6. Copyright © 2016 Accenture All rights reserved. 6 People First: The primacy of people in the age of digital insurance Intelligent Automation Liquid Workforce Platform Economy Predictable Disruption Digital Trust The study highlights five technology trends likely to have a major influence on insurance in the next 3 to 5 years
  • 7. Copyright © 2016 Accenture All rights reserved. 7 Intelligent Automation The essential new co-worker for the digital age 82% of insurers are investing more in embedded artificial intelligence solutions insurers that have realized savings of 15% or more from automating systems & processes in the past 2 years 35% Trend 1
  • 8. Copyright © 2016 Accenture All rights reserved. 8 MS&AD Group, Japan • Watson AI system • Claims assessment • Contact center interaction of insurers agree that automation driven by AI will be seamlessly embedded into every aspect of business over the next 5 years Xchanging, UK • BluePrism automation • Multi-skilled robots work 24/7 • Rapid transaction processing Machines & AI are the newest recruits to the workforce, bringing new skills to help people do new jobs, and reinventing what’s possible 82%
  • 9. Copyright © 2016 Accenture All rights reserved. 9 Liquid Workforce Building the workforce for today’s digital demands 78% of insurers believe a more fluid workforce will improve innovation insurers who say they will have more demand for flexible, multi-skilled generalists than specialists with deep expertise in specific areas 72% Trend 2
  • 10. Copyright © 2016 Accenture All rights reserved. 10 Insurers that harness the power of a liquid workforce will grow smarter & faster than they imagined Ping An, China • Large-scale mobile-learning pilot • Hundreds of courses in 1 year • Saved millions of dollars Reale Group, Italy • Fabbrica Futuro social platform: • Group-wide informal conversations • First step to fully digital workplace 53% percentage of insurance jobs estimated by executives to have a digital component today, rising to 63% in 3 years
  • 11. Copyright © 2016 Accenture All rights reserved. 11 The Platform Economy Technology-driven business-model innovation from the outside in 83% of insurers expect platform- based business models to become part of their growth strategy in 3 years of insurers agree platforms will be the glue that brings organizations together in the digital economy 81% Trend 3
  • 12. Copyright © 2016 Accenture All rights reserved. 12 94% Strategic use of platform technologies is driving unprecedented growth opportunities for insurers Alibaba, China • World-first internet insurance cloud platform • Offers insurers standard capabilities • No need for own systems of insurers think it is very or somewhat important to adopt platform-based business models and engage in ecosystems of digital partners USAA, USA • Investment in connected-car start-up • Ecosystem of car apps • Roadside assistance & expensing services
  • 13. Copyright © 2016 Accenture All rights reserved. 13 Predictable Disruption Looking to digital ecosystems for the next waves of change 90% of insurers expect the pace of technology will increase rapidly or at an unprecedented rate over the next three years of insurers agree organizations are increasingly pressed to reinvent themselves & evolve their business before they are disrupted from the outside 84% Trend 4
  • 14. Copyright © 2016 Accenture All rights reserved. 14 83% Powerful, predictable disruption caused by ecosystems will redefine & reinvent insurance and adjacent industries of insurers believe the IoT will cause significant change in insurance or even cause a complete transformation John Hancock, USA • Apple HealthKit-enabled app • Incentivizes healthy behavior • Customers record data on wearables SafeShare, UK • Insurance for sharing economy • Real-time coverage • Blockchain for transactions history
  • 15. Copyright © 2016 Accenture All rights reserved. 15 Digital Trust Strengthening customer relationships through ethics and security 85% of insurers agree that trust is the cornerstone of the digital economy of insurers experience attacks that test the resilience of their IT systems on a daily or weekly basis* 59% Trend 5 * Source: How Insurers Can Boost Resilience in the Face of Cyber Risk, Accenture Strategy
  • 16. Copyright © 2016 Accenture All rights reserved. 16 71% Insurers must manage data & digital ethics as core strategies for mitigating business risks Anthem, USA • Cyber-breach exposed 80m customers’ data • Offered victims free credit monitoring • $1m identity theft insurance • Faces class-action fraud suit of insurers say their organization has faced twice or three times as many privacy & security breaches as 2 years ago
  • 17. Thank you Copyright © 2016 Accenture. All rights reserved. Accenture Technology Vision for Insurance 2016 www.accenture.com/insurance
  • 18. Appendix Copyright © 2016 Accenture. All rights reserved.
  • 19. Copyright © 2016 Accenture All rights reserved. 19 How Accenture can help Our offerings are designed to help insurers build a successful digital culture that puts people first Digital Transformation: Identifying the new digital capabilities that are needed, and helping develop them quickly at scale. Human Capital Management: Supporting insurers as they empower their people, change their workplace and transform their corporate culture to thrive in a disruptive, increasingly digital marketplace. Analytics & Big Data: Leveraging insurers’ wealth of data to enhance people management, improve customer knowledge, drive sales and generate new revenue streams. Robotic Process Automation: Our Operations and Process Transformation helps insurers gain measurable benefits that transcend cost-cutting to deliver a true execution advantage, swifter, simpler and more flexible responses, and rigorous process execution across the enterprise. Connected Platforms as a Service: Our extensible platform offers insurers a one-stop shop with industry partners to launch and operate global Internet of Things services quickly and cost-effectively. Finance & Risk Services: Our end-to-end transformation capabilities help insurers address the challenges of data privacy, ethics and security.
  • 20. Copyright © 2016 Accenture All rights reserved. 20 Global Survey Demographics: Cross-industry & Insurance Revenue Cross- industry Insurance $50 billion or more 301 51 $20-$49.9 billion 289 34 $10-$19.9 billion 487 38 $6-$9.9 billion 573 59 $1-$5.9 billion 1004 166 $500 million-$999 million 458 97 $250 million-$500 million 7 Location Cross- industry Insurance Australia 252 30 Brazil 274 31 China 281 32 France 290 31 Germany 333 30 India 262 30 Ireland 34 Japan 265 30 South Africa 246 30 UK 355 47 US 527 30 Italy 30 Netherlands 34 Spain 30 Nordic 30 Industry Sample Size Banking 316 Consumer Goods & Services 307 Communications 309 Healthcare 101 Industrial Equipment 304 Insurance 445 Pharmaceuticals 184 Public Service (Government) 303 Retail 319 Utilities 311 Aerospace & Defense 33 Biotechnology 135 Airlines 176 Respondent Title Cross- industry Insurance CIO/Chief Mobility Officer 311 52 CTO/Director of Technology 471 42 Director, IT 787 105 CMO 240 33 CFO 253 49 COO 293 49 CSO 94 18 Other C-suite title 13 4 Function Head (Non IT-related) 394 53 Line of Business Head (Non IT- related) 263 40 The global cross-industry survey sample of +3,100 included 445 insurance executives in 15 countries