Insurers to adopt wearable technology : Accenture

Image courtesy: RACHEL GILMORE

Image courtesy: RACHEL GILMORE

In the next two years, the insurance industry will widely adopt wearable technology, sat two-thirds of the insurers surveyed by Accenture. As many as 31% of the surveyed insurers said that they are already using wearable technology to engage customers, employees or partners, according to an article by PropertyCasualty360.

The report Accenture Technology Vision for Insurance 2015—Digital Insurance Era: Stretch Your Boundaries identifies five emerging IT developments in the next five years. They are internet-of-me, outcome economy, platform revolution, intelligent enterprise, and reimagined workforce.

Emerging technologies have already changed the way consumer preferences as per their experiences. Some of the experiences which weave together customers’ preferences are ‘my newsfeed’ and ‘my playlist’. This personalized revolution offers opportunity for insurers in channels such as wearables, connected TVs, connected cars and other smart objects.

Insurers are looking forward to look at personalised technologies. Almost 73% of executive insurers surveyed say that providing a personalized customer experience is one of their top three priorities within the organization. As many as 50% of them claim that they already see a positive return from their investment in personalized technologies.

“Insurers have traditionally based their underwriting and pricing processes on a limited view of certain customer variables, emerging technologies such as wearables and other connected devices can help insurers break from their traditional business models and provide outcome-based services for their customers,” said John Cusano, senior managing director of Accenture’s global Insurance practice, in a statement.

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