Technology utilised by the insurance industry must be designed with humans in mind and cannot be a one size fits all proposition, an expert has said.
The recent
Accenture Technology Vision for Insurance 2017 report highlighted not only the importance of technology but also the importance of technology that works with users to create better outcomes.
The days of clunky, infuriating tech are fast coming to an end with many believing that it is better to have limited technology than bad technology when it comes to dealing with customers.
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Ravi Malhotra, managing director of Accenture’s insurance practice in Asia Pacific, said that the report found that it is not the technology itself which will be revolutionary, but the way it is designed and used.
“The thing that is really important to remember is that the technology is not the solution. These are essentially tools that are designed properly, and one of our trends is designing for humans the appropriate way of stepping back and understanding outcomes,” Malhotra told Insurance Business.
“If it is designed properly and is deployed to maximise the effectiveness of our people, we are talking about something that has tremendous potential.”
Malhotra noted that the use of technology in insurance is “not a one size fits all” proposition but can create opportunities to offer a more personalised experience which will ultimately help brokers in client retention rates and user experience.
The Accenture report found that leveraging adaptive technologies, such as artificial intelligence, will enable firms to provide real-time service and risk management solutions to address actual behaviour and the goals of clients.
Using human experience when developing technology could prove to be all important as 20% of respondents in the report noted that they will use human behaviour extensively to guide the development of new customer experiences and relationships.
“The overarching theme out of this was technology for people, which permeates a lot of our perspective on the appropriate way to use and view emerging technology,” Malhotra said.
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