As technology closes the gap between the real and the virtual, it has become more important than ever for carriers to consider how customer needs – and their ability to meet them – are going to evolve. In our recent Accenture Insurance Technology Vision 2022 we outline how the metaverse continuum will impact the industry over the next decade.

One of the key trends that arises when we talk about the metaverse is the advancement of Web3. This term might be new, but it encompasses a great deal of the technological advancement and activity that is already naturally occurring on the internet. Web3 refers to an iteration of the World Wide Web where decentralization, blockchain technologies, and token-based economics build new, secure ways of connection and commerce.

This new vision for the internet includes the creation of immersive virtual worlds, blurring lines between digital and physical, and may create the

The insurance industry is experiencing a growing talent shortage. While this challenge has been anticipated, much of the discussion on solutions is often generalized to the entire workforce. But not every job will be impacted in the same way. As insurers grow, some functions will need more support, while others will be better primed to use cognitive technology, like AI, RPA and more. This means some jobs will be replaced by technology, other jobs will be enhanced by technology and other jobs will require more humans (an area where people can shift to, if their job is replaced).

The fact is that insurance operations are changing, and people are the center of that change. The question isn’t, “How do we address this workforce gap?” The question is, “How will claims, underwriting and sales be impacted by this workforce gap, and how can we leverage technology to address each one to

As we near the end of 2022, the insurance industry is responding to disruption across all lines of business. From customers concerned about crypto losses to employers still assessing the risks of COVID-19, insurers are finding ways to offer protection.

In this final Insurance News Analysis of the year, Abbey Compton and I are happy to welcome Cindy De Armond and congratulate her on her new role as Accenture’s Insurance Lead for North America. We also welcome back Jim Bramblet as he moves into his new role as Accenture Financial Services Lead for the Midwest.

Our discussion begins with the recent developments in crypto and the expansion of cyber policies that protect insurance customers from losing their assets in the metaverse. While insurance in the metaverse continues to evolve, we consider how traditional home insurance is also evolving to include cyber coverage of personal devices.

The cost of commercial property

This post is part of a series sponsored by AgentSync.

For carriers looking to own the future of their distribution channels, having a reputational advantage with downstream agencies and their producers is mission critical.: To help, AgentSync has sponsored a report with Aite-Novarica, called Modernizing the Producer Onboarding Experience.

Read the report to learn more about how most carriers’ existing processes pose liabilities, how mergers and acquisitions will likely increase as agent churn rises, and how emerging tools like carrier management software will need to decrease risks while enabling growth.

Or, if you’re ready to transform your appointment management processes beyond onboarding to impress your producers and downstream insurance distribution partners, download Checklist: Turning Compliance into a Competitive Advantage for Carriers.

Carrier challenges to the producer experience

Many carriers have rightly trended toward opening direct sales tools to consumer audiences as they become more comfortable with tools that provide a

A year ago at re:Invent, Accenture and AWS announced a joint investment to accelerate cloud migration and industry differentiation for our clients. Increasing demand in commercial underwriting made insurance the obvious industry to blaze the trail.

At AWS re:Invent 2022, Anand Premsundar and I will talk about how innovation transforms experiences, processes, and decision-making for the core insurance functions of underwriting and claims.

Across the insurance industry, we are seeing a great deal of progress in the use of cloud and AI in claims—especially in auto claims. IoT crash detection, APIs, and intelligent solutions are delivering the speed to settlement insurance customers want and enabling the operational transformations and structural cost reductions insurance companies need.

Underwriting is the next area in which major transformations are taking place. Many underwriting processes are still highly manual, particularly in lines of business that rely heavily on intermediary distribution through agents and brokers.