Insurers may be missing opportunities when it comes to technology

Insurers are less likely to see technological development as a way of generating additional revenues and strengthening their brand compared to other industries, a study has found.

The Accenture Mobility Insights Report said that insurance firms do value technology and were the sector most likely to see digital technologies as a way to increase sales into existing markets and also as a way to increase the speed of getting products and services to market.

The tendency not to see technology as a source of revenue growth has, however, caused Thomas Meyer, managing director of Accenture Switzerland, to question whether the insurance sector is doing enough to maximise the potential of mobile technologies.

He said: “Are they maybe missing some significant opportunities here? And could this be related to the fact that, despite leading the pack in terms of realising how important mobile technologies are, insurers are investing less?”

The survey did find though, that insurance executives were more likely than counterparts in other industries to see mobility as a number one or two priority – 54% compared to 42% on average. The report also said this pattern repeated itself in respect to cloud computing – 44% compared to 27%.

Meyer said: “Insurers are also more likely to consider mobility a key part of their business strategy, and to have a formal, enterprise-wide mobility strategy.”