Accenture that analysed close to 20 industries , insurance is among those most susceptible to future disruption . Accenture explained that , by 2022 , carriers that are slow to respond to digital – or ‘ hyper-relevant ’ – competitors could suffer market share erosion close to $ 200bn and miss the opportunity to pursue new growth activities worth $ 177bn .
It should come as little surprise that technology will change insurance . The industry , regardless of what is being insured , relies on transparent and reliable data and the effective analysis of that data . According to Accenture , however , “ the most fascinating and potentially disruptive developments lie at the intersection of new technologies , where they combine to offer new , integrated and diverse value propositions ”.
For customers , it says , this converging of technologies will enable a greater delivery of end to end services that better address specific and real needs . For incumbents and legacy insurers to deliver on this technology 87
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