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Consumers are moving online and recalibrating their expectations of insurers. Against this backdrop becoming a Digital Insurer is an imperative for survival, and increasingly will be the foundation for achieving high performance.
To become genuine Digital Insurers, companies must transform their infrastructures and operations.
Acquiring and developing four capabilities holds the key:
Insurers must achieve cross-channel excellence. It is necessary to create a single 360-degree view of consumer interactions, and operate seamlessly across multiple channels.
Insurers must become customer-centric, with the ability to personalize interactions. Using analytics to draw insights out of the huge stores of data at their disposal, insurers will be able to personalize offers and products.
Insurers must strive for operational simplicity. By digitizing customer-facing processes as well as certain support functions, insurers can reduce complexity, thereby lowering costs and increasing their ability to respond to change.
Insurers must ensure superior execution combined with agility. Digitization will help insurers to improve execution while new technologies like cloud computing confer the agility to respond to constantly changing market conditions and consumer requirements.
Becoming a true Digital Insurer requires profound change and will thus not be achieved overnight. Accenture sees this transformation as a four stage journey from the conventional standalone insurer to the holistic, multi-channel insurer.
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June 24, 2013
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