The technology maturity s-curve for insurers provides great guidance on where each new digital tool is located in the four-categories: Emerging, improving, mature or aging. But that’s not the only guide insurers should consider before making investments in the technological advances they seek for their business.
In Accenture’s Technology Vision for Insurance 2016 report, we urged insurers not to focus investments on merely using more technology, but rather enabling all of the involved people (customers, employees and partners) to do more with technology.
In the four years we’ve been tracking the evolution of technology in insurance, our research has revealed that the conversation has moved from harnessing data to a reimagined, liquid workforce.
So as insurers try to see where their technology suite fits on the maturity s-curve, they should consider some of the key implications and trends regarding the workforce.
Many technological advances will allow insurers to automate more routine manual tasks. A majority of front-line employees can potentially be reassigned toward more creative, analytical roles.
Leaders in insurance will need to get creative in the way they attract and retain a new workforce with a wide range of deep technical skills and valuable experience.
By 2025, millennials will occupy 76 percent of the workforce globally. The insurers that deploy the right engagement strategy for these digital natives can leverage the enthusiasm for technology, the teamwork and the digital acumen of millennials to push forward on their new initiatives.
New technology is constantly emerging, and the pace of adoption is faster than ever. Insurers that make training a core competency will be the ones differentiating themselves from competitors.