The firm interviewed 141 C-level executives at P&C and insurance strategy coverage providers (registration required). Fifty-nine percent anticipate their market peers to buy electronic insurance strategy start-ups over the next several decades, and 43% have already created such products or strategy to make them in the near future.

The insurance strategy organizations are looking to place itself better in quantity of increasingly electronic solutions. Nearly three-quarters of the interviewed providers have formed or are planning to form new submission relationships, and 44% mentioned technological innovation organizations such as Google or Facebook as prospective partners. Also, 61% offer or are considering offering electronically targeted non-insurance items such as home security systems, smart receptors, and car maintenance.

"Certain insurance strategy providers seem to understand that, to remain relevant in electronic globe and avoid disintermediation, they must expand beyond their traditional company," Thomas She, md of Accenture's insurance strategy exercise in Europe, Africa, and Latin America, said in an argument. "They recognize the need to develop new types of relationships and create new solutions as well as -- possibly outside the core insurance strategy sector -- to place themselves at the center of an extended environment, allowing them to serve customers beyond their insurance strategy needs."

[Yes, Insurers Are Innovative]

The goal is to boost the amount of client touchpoints and demonstrate value more often, She said.

Telematics organizations, insurance strategy price comparison websites, and analytics firms are also mentioned as acquisition targets. P&C insurance strategy providers anticipate to invest around $47 thousand over the next several decades on electronic efforts in the near term, and they anticipate these projects to enhance top quality earnings by 5% over the next several decades. Lifestyle insurance strategy providers strategy to invest around $40 thousand and anticipate a top quality earnings improve of 7%.

But in terms of effectiveness, insurance strategy providers still don't see themselves fully opening the possibility for electronic. Only 22% said investments produced by their organization are "focused on driving truly troublesome innovations." Commonly mentioned barriers to electronic technique include legacy systems and skills.

"Insurers realize that technological innovation will transform the way they operate, and we believe that the organizations are entering an unprecedented period of modify, which will lead to totally solutions, solutions, and company designs," John Cusano, senior md of Accenture's global insurance strategy exercise, said in the launch. "Select products can enable insurance strategy providers to keep up with technological modify, and are a sign that electronic has become a board-level issue. Also, the growth insurance strategy providers believe they can generate with electronic projects is above market regular, and demonstrates that they are adopting electronic as a key handle in their company strategies."

A clear, non-siloed electronic technique is common among leading insurance strategy providers, Cusano said. But only 47% of participants said their electronic technique covers the entire insurance strategy value chain, including product creation, submission, claims, and CRM.

"It's critical that insurance strategy providers should not fall into the trap of simply digitizing current channels by creating upgraded, electronic, or mobile-friendly versions of current solutions as well as," Jean-Francois Gasc, a md for insurance strategy within Accenture Strategy, said in the launch. "To open up the full-benefits of electronic technologies, a alternation in mindset is needed.... Insurers need to fundamentally modify their company designs to become electronic businesses that are truly customer-centric and that provide customers with solutions, rather than just items."