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Articles by Abizer Rangwala
Insurers need to respond quickly to rising digital disruption
Most carriers are still glued to their core activities. Uncertainty and danger often paralyze people. The fear of encountering something even more threatening can stop people from taking any action. It’s the same with companies. Industries around the world are having to confront the possible effects of digital disruption. While some bold organizations are rising to the challenge, many others are holding fast. At best, they’re waiting to better see how to respond.
Are wearables a potential solution to the $250 billion challenge of workplace injuries?
Workplace injuries cost companies and their workers’ compensation insurers billions of dollars each year—the US Occupational Safety and Health Administration estimates the annual direct and indirect costs of lift-related injuries alone top $56 billion. In this series of blog posts, I’ll explore how a new generation of industrial wearables and analytics tools promises to change this picture for the better.
How Blockchain Enables Digital Trust in Frictionless Partnerships
As insurers join increasingly complex ecosystems, many will look to blockchain to develop frictionless relationships with their ecosystem partners. As an immutable ledger with the capability to automate transactions between organizations and customers, blockchain can act as a trust surrogate to traditional partnerships. Accenture's Technology Vision for Insurance 2018 report shows 38 percent of insurers work with double or more partners than they did two years ago.
Insurers are Improving the Customer Experience with Seamless Integration
The lines between people’s business and personal lives are blurring, and insurers are joining the wave of technological advancement that is supporting this new blended work-life paradigm. Accenture’s Technology Vision for Insurance 2018 report highlights technological trends that are improving both the customer experience and insurers’ growth opportunities.
Blockchain: the Silent Enabler of Insurance Partnerships
Blockchain has received a lot of hype, but in this blog series I want to focus on an area of insurance where I see actual potential: ecosystem partnerships. As firms seek to join more ecosystems with partners ranging from brokers to repair shops and other service providers, insurers need to find a scalable way to manage all of those relationships and provide a seamless customer experience.
Ultimate Guide to Blockchain in Insurance
Blockchain is a distributed database system in which transactions and records can be signed, exchanged and verified without the control of a central party. This secure, open means of conducting business transactions creates a level of transparency, security and trust not previously possible. This technology is poised to revolutionize operations across a multitude of sectors, enabling additional stakeholders—such as brokers, vendors, reinsurers and ecosystem partners—to interact with each other.
Established insurance carriers are transforming their distribution capabilities through strategic partnerships - Accenture Insurance Blog
Accenture research shows that 59 percent of carriers are prioritizing a more customer-centric distribution model, and 48 percent have already built (or plan to build in the near future) a customer-centric hub that leverages data and analytics to improve customer service. Those are encouraging findings, but they come with a caveat: in general, established carriers are hesitant to take bolder moves.
Blockchain offers brokers new ways to create trust and drive operational excellence - Accenture Insurance Blog
With the advent of blockchain, commercial insurance brokers face the prospect of profound disruption in how they operate. Over the course of this series of blog posts, I’ll look at why blockchain arguably represents one of the largest changes in the sector in centuries, as well as why commercial brokers should adopt blockchain technologies and how they can get started.
Five major trends that will shape the insurance industry and impact its workers - Accenture Insurance Blog
During the past few weeks I’ve been discussing the findings of Accenture’s 2016 Technology Vision for Insurance Survey in a series of brief videos. In the third video in this series I discuss the five major trends, identified by the survey, that are going to shape the insurance industry and impact its workers. For more information on the vital role of people in the digital transformation of the insurance industry have a look at this link. I’m sure you’ll find it helpful.
Blockchain replaces flawed faith with provable trust - Accenture Insurance Blog
As I noted in my first post in this series about blockchain and brokers, commercial insurance depends on processes that are centuries old. These processes emerged as a solution to the absence of mutual trust between the affected parties and a lack of end-to-end transaction transparency in insurance contracts. They serve as proxies for trust, with commercial brokers creating trust, and bridging the gap between insurers, re-insurers and customers.
Technology Debt Can Hamper Your Business
In today’s quickly changing landscape, companies are focused on the quest to innovate, gain a competitive advantage and drive an increasingly critical digital agenda. However, many C-suite executives underestimate the true cost of their technology estate and the drain of legacy systems on IT budgets. In some companies, a typical IT budget may allocate up to 90 percent to just maintaining the current state. That leaves only 10 percent for innovating and developing new capabilities.
Will blockchain be the same “bust” as the Internet? - Accenture Insurance Blog
This is the time of year when I look both ways. No, not crossing the street, but reflecting on the past and imagining what’s ahead. Like you, I’m sure. In that spirit, I‘d like to share some of a 20-year-old chestnut from Newsweek in the form of a piece by Astronomer/Author Clifford Stoll on “Why the Web Won’t be Nirvana.” “After two decades online, I’m perplexed. It’s not that I haven’t had a gas of a good time on the Internet. I’ve met great people and even caught a hacker or two.
AI is the new UI: Accenture Insurance Technology Vision 2017 - Accenture Insurance Blog
In an earlier post, I briefly introduced the five trends set out in the Accenture Technology Vision for Insurance 2017. This time, I’d like to go into a little more detail about the first trend, which is “AI is the new UI: Experience Above All”. What we mean by this is that AI is taking on an increasingly sophisticated role in technology interfaces. From autonomous driving vehicles that use computer vision to live translations made possible by artificial neural networks, AI is maturing.
Capitalizing on the data deluge - Accenture Insurance Blog
In my previous post, I explored the advances in technology and the opportunities they present the claims organization. This week let’s look at the data deluge resulting from new technologies and how insurers can use analytics to get ahead. In business generally, it is rapidly becoming apparent that the next competitive battleground will be companies’ relative ability to turn the vast quantities of data they generate into actionable insights.
Identifying RPA Candidates - Accenture Insurance Blog
In the first blog in this series, we discussed how robotic process automation (RPA) is helping insurers reduce both processing costs and time. RPA can also deliver major improvements in quality, such as the virtual elimination of processing errors. It generates a high volume of operational process data and metrics, supporting advanced analytics and operational intelligence in the areas of fraud detection and prevention, regulatory compliance, and customer experience management, among others.
April Fools’? Artificial intelligence is no joke to insurers - Accenture Insurance Blog
Last year on April 1, we heard about Roberto Siber and the Buyonic Insurance Agency in Texas from an article published in the Insurance Journal. It was a harmless joke suggesting that Siber, the principal of the agency, was a robot that could rate, bind and issue policies on the spot, while simultaneously answering the phones and making robocalls to prospects.
Era of the Intelligent Insurer is Here: Technology Vision 2017 - Accenture Insurance Blog
The Accenture Technology Vision for Insurance sets out our perspective each year on the emerging IT developments that will have the greatest impact on insurance organizations in the next three to five years. The full version of the report will be out soon but in the meantime, we have created an infographic and an executive summary that capture the highlights of our research.
Davos gathering shows the importance of collaboration – especially between workers and machines - Accenture Insurance Blog
It’s time for big business to rewrite the popular public narrative that pits human beings against intelligent machines. The specter of smart robots stealing the jobs of human workers has dominated debate about automation in the workplace for too long. Advances in digital technology, particularly recent developments in robotics and artificial intelligence, will undoubtedly impact workforces around the world. Insurance will be no exception.
Will blockchain be the same “bust” as the Internet?
This is the time of year when I look both ways. No, not crossing the street, but reflecting on the past and imagining what’s ahead. Like you, I’m sure. In that spirit, I‘d like to share some of a 20-year-old chestnut from Newsweek in the form of a piece by Astronomer/Author Clifford Stoll on “Why the Web Won’t be Nirvana.” “After two decades online, I’m perplexed. It’s not that I haven’t had a gas of a good time on the Internet. I’ve met great people and even caught a hacker or two.
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