Report shows how insurers can remain competitive in "post-digital" era

insurancebusinessmag | June 20, 2019

Insurers need to utilize emerging technologies to create personalized, real-time products and services in order to remain competitive in the post-digital era, according to a report from professional services firm Accenture.The report revealed that 67% of insurers are already using emerging social, mobile, analytics, and cloud (SMAC) technologies, as well as advances in Artificial Intelligence (AI), to build products or services that boost the frequency and quality of customer engagements. Another 29% are planning to do so in the next year.

Spotlight

Financial inclusion, such as affordability, is a core priority of regulators and businesses and is causing change. With changes posed by FCA regulations theres a need to readdress all components of customer engagement and redevelop the journey to be inclusive of expectations, but also an opportunity to redesign the entire strategic potential of customer engagement. To do this, insurers need to offer a best-in-class experience, obtain sophisticated and informative insight - but also innovate at pace, and scale.

Spotlight

Financial inclusion, such as affordability, is a core priority of regulators and businesses and is causing change. With changes posed by FCA regulations theres a need to readdress all components of customer engagement and redevelop the journey to be inclusive of expectations, but also an opportunity to redesign the entire strategic potential of customer engagement. To do this, insurers need to offer a best-in-class experience, obtain sophisticated and informative insight - but also innovate at pace, and scale.

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INSURANCE TECHNOLOGY

Accenture Named a Leader in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America

Accenture | August 26, 2021

For the eighth consecutive time, Accenture has been named a Leader in the Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America, for the Accenture Life Insurance and Annuity Platform. “We’re excited and believe that we were again recognized by Gartner for our advanced capabilities and deep industry expertise that are helping life and annuity carriers across North America accelerate their digital transformations and provide seamless experiences for customers and employees,” said Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business. “In our opinion, our positioning reflects how Accenture’s cloud-first approach is helping carriers combine technology and human ingenuity to bring new products to life and accelerate growth and innovation.” The report’s authors note, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. They go on to explain that “As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market.” ALIP is a robust and configurable cloud-native digital insurance platform that offers life insurance carriers and annuity providers advanced capabilities for product development, new-business development, underwriting, policy administration, claims and pay-out, underpinned by data analytics. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy. *Gartner, Inc., “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, August 10, 2021. Gartner Disclaimer Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.

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INSURANCE TECHNOLOGY

NEXT Insurance Renews Commitment to Small Businesses with Integrated Strategic Rebrand

NEXT Insurance | September 16, 2021

NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced its strategic rebrand which will integrate small business owners from across the country into every part of the company's business, culture and ethos. NEXT's new brand ambition is inspired by the company's mission to help entrepreneurs thrive and is reflected through new creative work, still photography, visual assets, a website refresh and a commercial campaign to embolden small businesses to "Get Going." Additionally, the company will devote $4 million over the next three years to small businesses. NEXT's commitment to small businesses is more than just a tagline on our website. It's deeply ingrained into our culture, Beyond our visual rebrand, we've commissioned small business owners across the U.S. to develop our company apparel and team gifts like sweatshirts, notebooks, sustainable tote bags and custom patches. We've engaged independent photographers and videographers to help capture real small businesses for new visual brand assets and have worked with independent musicians to create custom on hold music. Small businesses are more than just our customers - they make up our identity. - Melanie Chase, Chief Marketing Officer at NEXT. A key aspect of NEXT's latest brand is to elevate small businesses and demonstrate the company's support in helping them "Get Going." To bring this to life, NEXT partnered with local black and female-owned small businesses, independent musicians and other small business owners for activations to support its strategic rebrand. For example, NEXT purchased its corporate apparel from Stuzo Clothing, a woman-owned gender neutral street wear brand in Los Angeles, and licensed its "on hold" music directly from independent musicians across the country. Customers who contact the company's call center will enjoy songs from independent musicians as well as an exclusive artist introduction to each song. Between the ongoing struggle of the legacy insurance industry's one-size-fits-all coverage and the immediate impact COVID-19 had on small businesses, NEXT's rebrand came at a critical time for small business owners. To better align the brand to its company ethos, NEXT partnered with independent strategy and design company COLLINS to bring to life and shape its small business-focused mission through a reimagined brand strategy, visual identity, logo, communications and website. Additionally, NEXT worked with global creative company BUCK and sound design company Barking Owl to create an animated advertising campaign to launch the new brand. About NEXT Insurance: NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 300K business owners, NEXT offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.

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Northern Trust Announced the launch of New Cloud-Based Accounting and Analytics Services

Business Wire | September 16, 2020

Northern Trust today announced the launch of its new cloud-based reporting application which further enhances its Insurance Investment Accounting and Analytics Services solution, developed to support the full spectrum of investment portfolio reporting and management needs for U.S. insurance companies. The platform incorporates Northern Trust's award-winning interactive digital interface with the power of the SAP Financial Asset Management (FAM) System data to provide an end-to-end solution covering all asset classes.

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