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Automated underwriting & cloud assist life insurer drive worth

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In a previous post I introduced Accentures future systems research– Our largest systems survey of all time – surveying technology leaders and laggards from more than 8,300 global companies in 20 industries, including insurance. It became clear that the technology approaches of the industry leaders result not only in higher sales growth, but also in sustainable value compared to laggards.

We see this in the insurance industry, where leading insurers’ investments in technology are recognizing the benefits to the broader insurance organization, especially when it comes to their core life and pension management systems. Life and pension insurers usually operate separate business areas (LoBs), each often having its own operating model and supporting technology. Today, Insurers are questioning the wisdom of such models and beginning to break down the resulting technology silos. They discover a sustainable value that also enables them to scale innovations.

In a recent collaboration with a leading life insurer, we built a digital ecosystem for direct customer business. The aim was to simplify the IT environment and use cloud technology the career with greater speed and flexibility to draw high volume, low denomination guidelines. The insurer discovered this across its entire company Another praise had a similar goal for its high face policy.

Key steps insurance industry leaders are taking to scale growth and innovation

The project demonstrated four of the five key actions This has been outlined in our Future Systems research Executives strive to add sustainable value to their technology investments.

  1. Adopt technologies that make the business fast and flexible
  2. Get familiar with cloud computing
  3. Recognize data as both an asset and a liability
  4. Manage technology investments well – enterprise-wide

This insurer improves the speed and flexibility required to operate both devices LoBs, as well as Use the cloud to simplify the IT environment and increase profitable growth. Latecomers would have stopped meeting the immediate goals, a decision that could limit scalability later. By introducing a single flexible technology platform for both LoBsthe wearer could adapt their system to meet the unique Needs of everyone praise– Process applications in minutes to hit the low score-face-value guidelines and Optimize drawing resources and costs for his High face guidelines.

The introduction of a cloud-based flexible technology architecture served as a platform to help this carrier maintain its value by scaling growth and innovation. They applied technological advances in Underwriting and automation and using data to improve drawing accuracy and profitability in two different business areas.

Change of mindset from “insurance systems” to “future innovation systems”

Our industry is ripe for change. According to research and consulting company Gartner[i]99 percent of the insurance respondents surveyed stated that they were either already modernized, were in the modernization process or were planning to do so in the next year. And half of those surveyed believe that a modern system is more than a record-keeping system – it is a system of engagement or innovation.

At Accenture, we share a similar perspective with many of our customers with whom we have worked to establish a future systems approach to modernization that will help them scale innovation to achieve the full value of their technology platform. We invite you to do the same. Contact us to find out more.

Additional reading::

Automated Underwriting: Breaking the Rules to Start an Underwriting Revolution

Sustainable insurance systems

[i] Insurance CIOs have core system modernization on their agenda, Richard Natale and Peter Delano, December 23, 2019.

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