The Accenture – Oxford Economics report titled “Insurance: Digital Transformation Remaking an Industry” presents the findings of a global survey (Technology in Financial Services – From Hype to Growth) conducted among 90 technology executives in the financial services industry, including a statistically significant sample from the insurance sector. Our survey results show that insurers are harnessing technology not only to improve efficiency but also to enhance customer relationships and boost growth. As well, nearly all insurance executives surveyed envision a digitally transformed financial services (FS) industry five years from now.

1. Insurers expect widespread
disruption of their industry
60% say AI-based
technologies to
improve operational
process (today)
say cloud-based
technologies to improve
operational efficiency
have greatest impact
on their company
In 3 years’ time it will be
customer-facing
blockchain
internal blockchain
applications
50% say AI-based
technologies to improve
client-facing processes
(3 years’ time)
According to a survey by Accenture and Oxford Economics.*
Insurers expect widespread disruption …
Cloud is very impactful on insurers’
business today – blockchain is expected
to be impactful in near future …
Insurers invest in/plan to invest in Artificial
Intelligence (AI)-based technologies …
53% 50%63%
*Source: “Technology in Financial Services, From Hype to Growth,” Accenture – Oxford Economics study, 2018
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INSURANCE | Digital Transformation Remaking an Industry
expect significant headcount reduction
in their sector due to digital innovation90%
expect customers will buy most of their
insurance through online and mobile apps90%
expect customer interactions will be
substantially handled by virtual assistants80%
Insurers have a very proactive approach
to technology ….
90% 87% 87%
have a systematic
approach to
evaluating emerging
technologies
have a dedicated
in-house team for
digital innovation
have a coherent
long-term plan
for technology
innovation
Today
50% say poor
comprehension of
digital innovations
50% say concerns over
headcount reduction
due to new technologies
Confusion and fear – biggest obstacles to
the digital transformation of the financial
services industry according to insurers …
Over the next 5 years …
In 5 years …