Recommended reading: Accenture Technology Vision for Insurance 2016.
What I like about this publication is that it is not just another piece about big data, customer experience or the newest business model, but puts people first on the digital insurance agenda.
All industry insiders will immediately understand that the days where technology is a limiting factor are over. We can construct digital ecosystems that are just limited by our imagination. Problem is, we need people to perform within them. Change is hard, and maybe especially hard for many of the Insurance Industry’s specialists – be it actuaries, product managers, sales managers, underwriters, insurance brokers or IT managers.
To illustrate this, let me share a story from my current project, where we bring together an established InsurTech player with an established Insurance Company to test-drive a new way of implementing insurance products on a SaaS platform in a matter of a few days or weeks instead of years.
The new platform provides real-time binding quotes and automatic underwriting capabilities. The client’s business processes call for a 48h period between quote and underwriting for the parties to “think things over and make changes if necessary”. We challenged this, and it took us quite some time to get approval for a fully digital, straight-through process. Just because it was a radical departure from the way it used to be done, and actually made manual underwriting effort obsolete.
What I see quite a bit these days, is that a lot of capacity goes into discussions and efforts around changing the way a company works, rather than into the implementation effort itself, completely changing the dynamic of projects, and the types of skills you need.
It is thus critical in my view that Insurance top executives put much emphasis on seeding and nurturing a digital DNA in their organization.
How to do this is worth a separate post – I will keep you posted!