Accenture’s insurance coverage head on the business’s seismic shifts

“I got here into the insurance coverage business very similar to most individuals come into the insurance coverage business, which might be by chance,” Kenneth Saldanha (pictured), advised Insurance coverage Enterprise.

Now, as the worldwide lead of Accenture’s insurance coverage apply, he explains that it was his background in arithmetic that inevitably led him into the sector – serving to him discover his area of interest in his preliminary consulting assignments.

However Saldanha’s profession trajectory in insurance coverage isn’t just a narrative of non-public development – it’s additionally a testomony to the attract and complexity of the business – particularly relating to the sector’s fascinating nature and the caliber of individuals it attracts.

“I feel there’s numerous excellent individuals who work in insurance coverage,” he mentioned, highlighting the human facet that always underpins profession decisions. “In insurance coverage, once you meet a bunch of individuals you actually like, it causes you to remain within the business. And that’s actually been the case for me.”

Seismic shifts in insurance coverage

Discussing the seismic shifts within the insurance coverage business, notably within the property and casualty and life insurance coverage sectors, Saldanha underscored the important position of digital transformation. He observes a rising demand for personalised, behavior-based merchandise, pushed by altering buyer expectations.

“Clients are more and more involved about monitoring well being and wellness,” he advised IB, pointing to a big shift in client priorities. “It’s about real-time threat administration.”

Delving deeper, Saldanha defined how this technological shift is reshaping the customer-insurer relationship. It’s a transition from being a mere indemnification companion to turning into an integral a part of the shopper’s each day life.

“You’re half and parcel of what’s occurring within the buyer’s life,” he mentioned. “You’re actually doing it in a type that they wish to have interaction in. Whether or not that’s their telematics, auto, or their psychological wellness and well being supply, it truly brings us into the shopper’s life in a method that the shopper desires us to be there. It’s an enormous change, and far of it’s fueled by our means to be on this ongoing relationship which is pushed by the digital interactions.”

Trying on the operational elements of those transformative developments, Saldanha emphasised the significance of not simply driving operational optimization but in addition understanding its broader implications.

“It’s about translating operational adjustments into each backside line and high line adjustments,” he mentioned. This strategy includes trying past mere effectivity and value financial savings, specializing in enhancing buyer expertise and exploring new gross sales alternatives. He cites examples the place engagements that began with a deal with operational enhancements pivoted to embody a broader technique encompassing buyer retention and new market alternatives.

Balancing operational effectivity with worker welfare

Relating the pandemic, Saldanha revealed how Accenture managed to navigate this era. The speedy shift to a distant working mannequin required immense logistical efforts, exemplified by the distribution of hundreds of laptops in India inside three weeks. This transition was essential in sustaining uninterrupted consumer companies whereas making certain worker security.

“We made certain that they had been in a spot the place they might truly do that properly,” he mentioned, underscoring the stability between operational effectivity and worker welfare.

A major problem that persists, as Saldanha identified, is sustaining the depth of consumer relationships in a digital surroundings. The shift from on-site interactions to digital conferences has necessitated a rethinking of consumer engagement methods.

“We’re nonetheless working by way of it,” he admitted, highlighting the continuing effort to take care of the standard of consumer interactions in a digital panorama.

Trying ahead, Saldanha identifies expertise growth as a key space of focus, particularly in an expert companies agency like Accenture, which thrives on mentorship and apprenticeship. The distant working mannequin poses challenges to conventional strategies of expertise nurturing, a priority that extends to the broader insurance coverage business.

“The jury continues to be out as to how we are going to develop the following three to 5 years of expertise,” he acknowledged, indicating the necessity for modern approaches to mentorship in a digital-first world.