Insurers could benefit from $375bn additional revenue over the next five years by using the latest technology innovations to transform their operations, according to a report from Accenture. The report claimed $177bn could be generated in the industry from five key areas: emerging risks, improved market penetration, value-added services, expansion of business partnerships and monetising data, platforms and algorithms. “Insurance companies are already investing heavily into new technologies that will help them improve customer experience through better data analytics and predictive analytics,” said David Jones, chief executive officer at Accenture UK. Insurers can use technologies such as online, mobile, analytics and geo-location to improve their operations, Accenture said.
Insurers could benefit from $375bn additional revenue over the next five years by using the latest technology innovations to transform their operations, according to a report from Accenture. The report claimed $177bn could be generated in the industry from five key areas: emerging risks, improved market penetration, value-added services, expansion of business partnerships and monetising data, platforms and algorithms. A further $198bn would come from a general move towards insurers that transform within these areas. Insurers can use technologies such as online, mobile, analytics and geo-location to improve their operations, Accenture said.