Capitalizing on technology to capture customers and top-tier talent are themes that will likely continue in the P&C insurance business for years to come, according to results of the recently-released survey "Insurance 2040: Prospects and Predicaments for Innovation & Value Creation," which was conducted by ACORD and presented at the the DXC Connect Insurance Executive Forum in Charleston, S.C. "Technological capabilities will be of critical importance to delivering a superior underwriting and claims experience, creating operational efficiencies, enhancing customer experiences, and leading in product development," ACORD CEO Bill Pieroni said in a statement about the research. "Our analysis indicates that insurers will need to employ a composite strategy, executing across all areas in order to effectively compete in the future." ACORD questioned insurance professionals about their outlook for the industry over the next 20 years. Survey participants identified the technologies, capabilities, practices and strategies projected to have the greatest impact in the sector worldwide in both the near and long term. Respondents represented various lines of business, organization types and geographies. Among other insights, survey respondents indicated that technology will provide the industry's greatest long-term competitive advantage, and insurance professionals from the C-suite on down will benefit from greater tech know-how. "The need for human talent and expertise in our industry cannot be overstated," Pieroni continued. "However, we will see the focus shift toward familiarity and proficiency with emerging tech capabilities. Industry professionals with this skill set will continue to drive innovation and advancement across the ecosystem." The slideshow above illustrates six of the insights gleaned from "Insurance 2040: Prospects and Predicaments for Innovation & Value Creation." See also: |

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