Michael Costonis

Michael Costonis

Michael Costonis is executive director of Accenture’s insurance practice for North America. He is responsible for setting the overall vision and strategy for the practice, as well as pursuing new client relationships. Costonis has 20 years experience developing, managing and deploying large-scale technology systems, business processes and strategies for some of the world’s leading insurers, including property and casualty, life and multi-line insurance companies. In his career with Accenture, he has worked with more than 50 leading insurance clients in 14 countries. Costonis shares his industry expertise on his Accenture Insurance Blog.

In addition to his role as North America industry executive director, Costonis is the lead for Accenture’s global claims services. In that role, he oversees claims strategies, assets, capabilities and sales development. He also has led Accenture’s insurance solutions practice in North America, where he was responsible for driving growth for Accenture’s asset-based business in insurance, including claims, underwriting and policy administration. Costonis has written several articles in leading insurance trade publications and has been quoted in the New York Times, Bloomberg News, Reuters News, Best’s Review, Insurance & Technology, InformationWeek, National Underwriter, Technology Decisions and the Philadelphia Inquirer. He has spoken at several leading industry conferences in the U.S. and internationally. Costonis received a bachelor’s degree in political science from Swarthmore College. He is based in Philadelphia.

Recent Articles by Michael Costonis

How to Face Rising Compliance Risk?

As digital capabilities expand, so do compliance risks—especially those related to privacy and cyber risk. Enhanced analytics and visualization tools are providing insurers with new and better ways to identify, manage and report risks. But along with the availability of more sophisticated technology comes increasing compliance risks related to privacy, cyber risk and the use […]

Platform Economy: Unprecedented

Just as the industrial era changed every aspect of life, the digital economy era will bring tremendous change to the insurance industry. With the rise of the Internet of Things and the wealth of data it could potentially produce about the lives and assets of the insured, carriers need to consider where they might face […]

5 Stages on Journey to Personalized Insurance

How well do insurers know their customers? Consider Maria, a 30-something woman living in a large city with her fiancé and his two children. Their household income is between $50,000 and $75,000, and they own one vehicle and a three-bedroom townhouse. Historically, this could have been enough information for an insurer to provide adequate customer […]

Are You Ready for the IoT?

It’s no longer a question of whether insurers should prepare for the Internet of Things (IoT), but when and how to do so. Connected cars and homes are already here, with Ford’s CEO predicting driverless cars on the road by 2020 (the same year that Toyota plans to launch its driverless car). But preparing for […]

Ready to Be an ‘Insurer of Things’?

The saying goes: The only constant is change-and, in our technologically enabled world, change continues to quicken in pace. For insurers grappling with legacy systems and striving to become more customer-centric, another shift is coming. In fact, many would argue it’s already here. Welcome to the Internet of Things. Are you ready to be an […]

A Blind Spot for Independent Agents?

In our survey of nearly 1,200 independent agents (IAs) in the U.S., we discovered that IAs generally don’t see technology as the answer to their needs. Indeed, they ranked digital capabilities as fifth out of 12 overall priority areas. In this Insurance Chart of the Week, we’ll examine IAs’ attitudes toward technology. Independent agents’ lower […]

Next Steps for Insurance Companies in the 'Sharing Economy' (Part 3 of 3)

As of January 2013, there were 46 active car-sharing programs and over 1 million members in North America alone. Worldwide, car-sharing companies operate in more than 27 countries on five continents with more than 1.7 million members. Given the momentum behind the sharing economy, it may be time for insurers to take a closer look at […]

Is That Opportunity Calling in the 'Sharing Economy'? (Part 2)

Last week, we looked at the potential of the sharing economy and some of its top performers.This week, we’ll explore how insurance fits into that picture. Start-ups in the car-sharing economy are attracting major investors who believe in their business model. There is, however, one area in which start-ups have not been able to gain traction—insurance. Many tell […]

The 'Sharing Economy': What It Means for Insurers (Part 1 of 3)

Insurers have always been at the forefront of responding to user needs. Direct marketing and online portals make it easier for consumers to understand and purchase insurance. Usage-based insurance (UBI) allows safe drivers, particularly those who drive less, to reduce their premiums. Even insurance company-sponsored coffee houses offer a unique way to gain financial service […]

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