Press release

Success for Insurers in the Emerging “Post-Digital” World Will Require Enhanced Customer Engagement Through Personalized, Real-Time Offerings, According to Accenture Report

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The next big competitive advantage in insurance will be created by the
ability to capitalize on “momentary markets,” or personalized policy and
service offers tailored to customers’ unique life moments and delivered
in real-time, according to a new report from Accenture (NYSE: ACN).

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Five Key Trends from Accenture's Technology Vision for Insurance 2019 (Graphic: Business Wire)

Five Key Trends from Accenture’s Technology Vision for Insurance 2019 (Graphic: Business Wire)

The report, Technology
Vision for Insurance 2019
, notes that we’re entering a new
“post-digital” era, where success is based on an organization’s ability
to master artificial intelligence (AI) and other new technologies. The
post-digital era doesn’t mean that digital is over, but rather, that
it’s no longer a differentiating advantage — and now the price of

As technology-driven interactions create an expanding technology
identity for every consumer, insurers can tap into customers’ digital
demographics to deliver hyper-personalized, on-demand services that meet
customers’ specific needs, according to the report. More than four in
five respondents (84%) who participated in the Technology Vision survey
believe that digital demographics give their organizations a new way to
identify market opportunities for unmet customer needs.

The report notes that while the average insurance customer engages with
his or her insurer only once or twice a year, insurers are looking to
increase engagement through real-time risk protection and mitigation
services. Three in five insurers (60%) are already using technology to
build products or services that boost the frequency and quality of
customer engagement, with another 35% planning to so in the next year.

“There’s an opportunity for insurers to increase and improve their
touchpoints with customers and forge a stronger, more personalized
experience by harnessing customers’ digital footprints, but they’ll need
to digitalize their core before they can reach these new heights,” said
Daniele Presutti, who leads Accenture’s Insurance practice in Europe.
“Most traditional insurers are behind the curve in this ‘post-digital’
world, with a heavy reliance on mainframe technology. This makes it
difficult for them to explore opportunities in the cloud and
technologies such as AI to transform their operations, accelerate time
to market and improve security. It also makes them vulnerable to the
early adopters of these technologies as well as the nimbler
‘post-digital’ upstarts.”

Meanwhile, three in five insurers (59%) are forming distribution
relationships with non-traditional partners to reach customers in new
ways and create new value for them. While this is encouraging, only
one-quarter (26%) of respondents know for sure that their ecosystem
partners are working as diligently as they are to improve their security
resilience. Leading insurers will recognize that as they collaborate
with entire ecosystems to deliver new products, services and
experiences, security must be a priority.

The report also suggests that failure to master social, mobile,
analytics and cloud (SMAC) technologies will leave insurers unable to
serve even the most basic demands of a post-digital world and prevent
them from embracing the next wave of digital disruption — distributed
ledger technology, AI, extended reality, and quantum computing (DARQ).
This new set of technologies will let insurers reimagine the entire
industry and its role in the world.

“For insurers to excel in the ‘post-digital’ environment, they’ve got to
become more agile and implement SMAC as a core competency before they
can rotate to newer technologies, including distributed ledger
technology and AI,” said Jim Bramblet, who leads Accenture’s Insurance
practice in North America. “They’ll also need to carefully choose the
customized and on-demand customer experiences they want to target and
work backwards to map out how to get there, determining which ecosystem
partners they need and where their place in that ecosystem will be.”

A full copy of Accenture’s Technology Vision for Insurance 2019
can be accessed here:

About the Methodology

Technology Vision for Insurance 2019 is derived from the Accenture
Technology Vision, developed annually by the Accenture Labs and
Accenture Research. The research process included gathering input from
the Technology Vision External Advisory Board, a group comprising more
than two dozen experienced individuals from the public and private
sectors, academia, venture capital firms and entrepreneurial companies.
In addition, the Technology Vision team conducted interviews with
technology luminaries and industry experts, as well as with nearly 100
Accenture business leaders. In parallel, Accenture Research conducted a
global online survey of 6,672 business and IT executives to capture
insights into the adoption of emerging technologies.

The insurance industry report is based on responses from 577 respondents
at insurance companies in 27 countries across North America, Europe,
Asia-Pacific, Africa and South America. The goal of the survey was to
identify the key issues and priorities for technology adoption and
investment. Respondents were C-level executives and directors at
insurance companies, the majority having annual revenues greater than
US$6 billion.

About Accenture

Accenture is a leading global professional services company, providing a
broad range of services and solutions in strategy, consulting, digital,
technology and operations. Combining unmatched experience and
specialized skills across more than 40 industries and all business
functions — underpinned by the world’s largest delivery network —
Accenture works at the intersection of business and technology to help
clients improve their performance and create sustainable value for their
stakeholders. With 477,000 people serving clients in more than 120
countries, Accenture drives innovation to improve the way the world
works and lives. Visit us at