Maximizing investment in policy administration systems
Accenture Insurance
by Venkat Viswanath
1w ago
Today’s cloud-based policy administration systems (PAS) are designed to enable both P&C and Life insurers to manage policies through their entire lifecycle and are the foundation of carriers’ digital strategies. These types of platforms are a boon to carriers looking for ways to enhance their customer relationships and develop more effective offerings but many carriers… Maximizing investment in policy administration systems ..read more
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5 key generative AI use cases in insurance distribution
Accenture Insurance
by Heather Sullivan
2w ago
GenAI has taken the world by storm. You can’t attend an industry conference, participate in an industry meeting, or plan for the future without GenAI entering the discussion. As an industry, we are in near constant discussion about disruption, evolving market factors – often outside of our control (e.g., consumer expectations, impacts of the capital… 5 key generative AI use cases in insurance distribution ..read more
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5 Predictions for the insurance industry in 2024
Accenture Insurance
by Kenneth Saldanha
2M ago
As we look ahead to 2024, while we see many challenges for the insurance industry, we meet these with optimism. Insurance is a resilient industry with a deep sense of purpose—offering people, families and businesses protection and a more secure future. What’s the macro-economic outlook? Global macroeconomic forecasts for 2024 indicate both slowing GDP growth… 5 Predictions for the insurance industry in 2024 ..read more
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Insurance News: The generative AI opportunity and importance of responsible implementation
Accenture Insurance
by Cindy De Armond
3M ago
As with any new technology, as well as the opportunities it opens up, there are concerns about unintended consequences of generative AI and the need for responsible implementation. We were delighted to be in the hotspot usually claimed by Kenneth Saldanha in this episode of Insurance News Analysis to discuss this important topic and were… Insurance News: The generative AI opportunity and importance of responsible implementation ..read more
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New strategies for P&C claims litigation management
Accenture Insurance
by Kenneth Saldanha
4M ago
According to AM Best Financial reports, between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. In both personal and commercial lines, carriers have experienced the adverse effects of social… New strategies for P&C claims litigation management ..read more
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The inclusive insurance opportunity
Accenture Insurance
by Heather Sullivan
4M ago
Leading insurers are defining new revenue paths while contributing to communities in the process. This is defined as inclusive insurance, a concept that is playing a key role in the insurance industry’s evolution. Take two of the major global carriers, Generali and Allianz: Generali has created The Human Safety Net, to support families living in… The inclusive insurance opportunity ..read more
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New consumer paradigms for insurance
Accenture Insurance
by Heather Sullivan
5M ago
The way consumers shop for insurance has greatly changed over the past 20 years. From the rise of digital direct (and more recently, embedded) to having the option to provide data for better prices, consumers have more influence than ever before. The core elements underpinning these changes, increasing capture and use of data and the… New consumer paradigms for insurance ..read more
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5 ways to simplify and reinvent your insurance enterprise
Accenture Insurance
by Venkat Viswanath
5M ago
In a context of ongoing disruption, insurers are being called to reinvent themselves. In order to transform on an operational level, insurers need to move from complexity to simplicity. This alone is a daunting task. Composable architecture helps insurers to simplify this complexity at every step of the insurance value-chain, often using processes already at… 5 ways to simplify and reinvent your insurance enterprise ..read more
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The ultimate guide to a successful Guidewire migration
Accenture Insurance
by Venkat Viswanath
6M ago
The decision to initiate a Guidewire cloud migration should not be made lightly. Like any key decision in life, it is best to find experts, so not to incur potentially large expenditures in the future to fix a poor implementation. Between the financial investment, the large and potentially unknown risks, and the career implications determined… The ultimate guide to a successful Guidewire migration ..read more
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Life insurance ecosystems ignite innovation
Accenture Insurance
by Shay Alon
7M ago
I am encouraged to see ever-expanding ecosystems in the life insurance space. They’re helping insurers bring in more diverse data, specialized skills, leading-edge technologies and new ideas that spark innovation. Moreover, these benefits are accessible through trusted partners, rather than insurers making costly and time-consuming investments to build the capabilities themselves. In fact, ecosystem collaboration… Life insurance ecosystems ignite innovation ..read more
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