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How life insurance companies can unlock value and release growth



Despite the insurance industry's high vulnerability to disruptions and its challenge to remain relevant to a new generation of potential customers, here at Accenture we remain optimistic. Why? Because we are at an important time. Technological advances, which are coming at a rapid rate, are changing the way we deliver value. They redefine the value … from the customer's perspective.

And it's not just the annuity and annuity industry. We see technology that underpins this crucial point in almost every sector that Accenture serves. We refer to these techniques as SMAC and DARQ. SMAC, now considered as table efforts, consists of social mobile analytics and cloud . These basic technologies enable the hyper-customized experiences that customers expect. They allow us to innovate at scale.

Insurance leaders who have adopted SMAC are now turning to new technologies which we call DARQ : distributed general ledger artificial intelligence augmented reality [19659002] and quantum calculation . W They believe that they represent the next guiding point as our industry continues to seek value not only from within but also beyond its organizational boundaries – a system that is boundless, adaptable and radically human.

While it may sound ambitious, some organizations are already achieving value from this strategy. Still others who apply similar technologies, but do not have a system-wide system focus, limit the value they derive from their technology investments and quickly become franchise with them. Accenture has identified this phenomenon as the "innovation gap" – the gap that exists between innovation leaders and laggards in relation to revenue growth from innovation. And the gap can be significant – as much as 46 percent!

1 In the innovation gap, leaders' expected growth is represented by the purple line and Laggards the blue line (self-reported). This illustrated model shows the opportunity cost of not developing into Future Systems with a $ 10 billion revenue in 2015.

One of the most poignant points from Accenture's research by more than 8,300 global organizations is that technology is everywhere, the value is not . While technology is an important enabler for innovation, research indicates that leaders who apply it to build enterprise systems can scale innovation and adapt easily to deliver continuous value.

Every day, Accenture addresses the promise and risk of these technologies in many industries and organizations to help close the innovation gap. We have discovered five key actions that leaders take to get greater and sustainable value from their technology investments:

  1. Adopt techniques that make the organization fast and flexible
  2. Get a foundation in cloud computing [19659043] Recognize data as both an asset and a liability
  3. Managing technology investments well – across the company
  4. Finding creative ways to manage talent

In addition, leaders adopt an innovation mindset and build a culture for transformation within their organizations. In the insurance industry, very vulnerable to disruptions these five measures together with the right way of thinking and culture deliver value to several innovative life and annuity companies. In my next post, I share an example of how an insurance company successfully applies this strategy to create value for the organization, its employees and customers.


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