As we enter a new era of innovation post the disruptions caused by the COVID-19 pandemic, insurers are at a critical juncture where they must prioritize their technological advancements. The 2022 Technology Vision report by Accenture highlights the expanding digital landscape and the growing convergence of physical and virtual realities. Of particular relevance to insurance carriers is Accenture’s vision for the Programmable World.
According to the report, 74% of global executives noted a significant increase in the deployment of IoT and edge devices within their organizations over the past three years. This data underscores the need for insurers to strategize on how to differentiate their products and enhance customer interactions in an increasingly digitalized environment.
To stay ahead of the curve, insurance leaders must prioritize functionality over novelty. Embracing a truly programmable world necessitates leveraging robust technology to drive efficiency, enhance customer engagement, and reduce costs effectively. The focus should not merely be on keeping up with the latest technological trends but on designing or adapting products and processes that deliver optimal value to customers in a programmable world.
Two key areas within the insurance sector poised for significant transformation due to innovation towards a programmable world are customer interactions and embedded commercial insurance. Augmented reality (AR) and programmable materials have the potential to revolutionize how both personal lines and large commercial carriers conduct their operations.
For personal lines carriers, AR and IoT technologies present new avenues for personalizing the customer experience and streamlining the claims process. Instances like automotive insurance providers employing connected telematics devices to offer usage-based insurance highlight the industry’s shift towards more personalized offerings. Innovations such as Allianz Partners’ Visi’Home, a video diagnostic service aiding customers remotely in assessing damages to their properties, exemplify the potential of these technologies in enhancing customer service.
On the other hand, integrating insurance into enterprise operations through digital twins can revolutionize processes such as distribution, underwriting, and claims management. This technology, combined with AR and IoT solutions, can enhance workplace safety, optimize risk assessment, and streamline insurance operations within commercial settings.
In conclusion, embracing a programmable world presents insurers with a myriad of opportunities to forge closer connections with customers, leverage real-time data insights, and drive operational efficiencies. By being at the forefront of this transformative landscape, insurers can not only meet evolving customer needs promptly but also pave the way for a safer and more predictable insurance environment.
If you are interested in discussing your digital strategy and enhancing your capabilities for a programmable world, feel free to reach out for further insights and guidance.
