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Jan 16, 2025 | 
insuranceblog.accenture.com | Shay Alon |Jim Bramblet |Venkat Viswanath |Michael Reilly
In today’s competitive landscape, the lines between product and price offerings among Asian insurers are blurring, compelling companies to find innovative ways to capture customer attention and secure their business. As a result, customer engagement and experience have become paramount to success.
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Nov 29, 2024 | 
insuranceblog.accenture.com | Matthew D. Madsen |Shay Alon |Kenneth Saldanha
Insurers that focused on modernizing technology and improving their data, analytics and artificial intelligence (AI) capabilities are now able to incorporate generative AI (gen AI) as a natural next step on their reinvention journey. Gen AI is changing everything. It is being used throughout the value chain to improve customer interactions, streamline operations and support decision-making.
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Aug 21, 2024 | 
insuranceblog.accenture.com | Matthew D. Madsen |Michael Reilly |Cindy De Armond |Shay Alon
Personal lines insurance is very price-sensitive. As discussed previously, maintaining a 20+% expense ratio is not feasible for insurers. Beyond pricing, what truly fosters customer loyalty, and how can insurers compete to increase their market share?
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Aug 6, 2024 | 
insuranceblog.accenture.com | Matthew D. Madsen |Michael Reilly |Cindy De Armond |Shay Alon
Use of algorithmic underwriting is increasing across the insurance industry. With enhanced decision-making and improved risk assessments, an algorithmic approach to underwriting can optimize operations for insurers and experience for their customers. In this post we delve into the evolution and advantages of algorithmic underwriting and share our insights on building and scaling an algorithmic underwriting platform.
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Jul 17, 2024 | 
insuranceblog.accenture.com | Matthew D. Madsen |Michael Reilly |Cindy De Armond |Shay Alon
Navigating the competitive P&C personal lines market The global P&C personal lines market, which historically saw premium growth at 3%, has risen sharply to more than 15% in the last two years. Despite this premium growth, the expense ratio for most insurers remains in the high-cost range of 20 – 30%. The need for operational efficiency has never been more critical.
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Feb 20, 2024 | 
insuranceblog.accenture.com | Shay Alon |Jim Bramblet |Kenneth Saldanha |Silvia Milian
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 aren’t leveraging the full potential of these systems.
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Oct 6, 2023 | 
insuranceblog.accenture.com | Venkat Viswanath |Shay Alon |Heather Sullivan |Kenneth Saldanha
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.
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Aug 15, 2023 | 
insuranceblog.accenture.com | Heather Sullivan |Shay Alon |Silvia Milian |Kenneth Saldanha
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.
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Aug 9, 2023 | 
insuranceblog.accenture.com | Kenneth Saldanha |Shay Alon |Darcy Dague |Silvia Milian
The insurance industry and public sector both play a critical role in helping to mitigate risk for customers and constituents. But, as costs to insure property and long-term care in the U.S. rise, states increasingly become the insurers of last resort. In this Insurance News Analysis, we focus on the U.S. market and the areas of risk that more states are assuming.
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Jul 18, 2023 | 
insuranceblog.accenture.com | Kenneth Saldanha |Shay Alon |Darcy Dague |Silvia Milian
From catastrophic events linked to climate change to social unrest, the insurance industry is seeing big claims. While some risks are more easily predicted than others, new data sources may help insurers and customers find ways to turn down the heat. In this Insurance News Analysis, Abbey Compton and I talk about new data from satellites that show extreme land surface temperatures in cities.
