Technology Tuesday: Insurance Industry Looks to Embrace Wearable Technologies
Nearly two-thirds of insurers expect wearable technologies to have a significant impact on their industry, according to a survey of more than 200 insurance executives as part of Accenture’s annual Technology Vision report.
The insurance industry report, “Accenture Technology Vision for Insurance 2015—Digital Insurance Era: Stretch Your Boundaries,” highlights emerging developments in IT that will have a great impact on the insurance industry in the next three to five years. The survey found that 63 percent of respondents believe that wearable technologies (“wearables”) will be adopted broadly by the insurance industry within the next two years, while nearly one-third (31 percent) said they are already using wearables to engage customers, employees or partners.
Nearly three-quarters (73 percent) of insurers said that providing a personalized customer experience is one of their top three priorities within the organization, and half (50 percent) claim to already see a positive return from their investment in personalized technologies.
However, access to large volumes of new data is also causing insurers some challenges, as the survey found that most insurers struggle to fully use their existing data. More than half (56 percent) said that managing data is “extremely” or “very challenging” considering the changes in volume, variety and velocity. At the same time, nearly nine in 10 respondents (86 percent) said they believe that software intelligence will be integral to simplifying their IT function.
In addition, insurers plan to engage with business partners on digital initiative in the next two years. Half the respondents (51 percent) said they plan to partner with major digital technology and cloud platform leaders, nearly two-thirds (64 percent) plan to engage with new digital partners within the insurance industry, and 45 percent aim to find partners outside the industry.
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