Trends and Challenges

Due to the socio-political conditions in which we are immersed across the globe, the insurance industry is facing a complicated situation. Rivalry and commercial competition as well as the increase in the volume and cost of claims are some of the challenges that directly affect the profitability of the insurance sector’s business.

The evolution of the consumer towards a more digital, immediate, demanding, and analytical profile highlights the need to promote personalised product and service strategies that offer the customer a differential experience based on omnichannels and alliances with third parties. In addition, other transversal trends related to climate change, the integration of ESG practices within companies’ corporate strategies, and the generation of new capabilities based on technological evolution can be observed in the sector.

For the insurance industry, the key lies in how each entity approaches its transformation process in order to develop new capabilities that make its business more profitable while maximising the value proposition and the quality of service offered to customers—either through internal levers or through corporate operations—with relevant and agile players in the sector such as insurtechs.

Industry Transformation

Axis Corporate, part of Accenture has the necessary capabilities to respond to the current and future momentum of the industry, supporting the sector’s entities in their transformation processes, based mainly on the following lines of action:

  • Assessing new business models and entering into new markets through both organic and inorganic growth.
  • Reviewing and adapting the product and service portfolio to market needs.
  • Increasing the effectiveness and efficiency of the distribution model and channels.
  • Improving the customer experience and satisfaction.
  • Maximising profitability through efficiency in operations and supplier networks.
  • Optimising the finance function and adapting it to IFRS 17.
  • Integrating ESG practices in the corporate strategy and adapting the risk management, internal control, and audit models.
  • Optimising the technological model that supports the business and its scalability.