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Disruptive technologies and changing consumer behavior have transformed insurance distribution.
The traditional broker-based model of insurance distribution no longer enjoys the dominance it once. Raised consumer expectations, reduced sales and five disruptive technologies, including mobile computing and social media, are changing the way consumers interact with their world. Insurers need to understand this new world. In this in-depth paper, Accenture looks at the current state of play, and then proposes a new distribution model for insurance. This new model, dubbed Holism, offers a way for insurers to manage their investments in disruptive technology within an integrated architecture. By following holistic principles, insurers can expect to achieve five key benefits. Download the full brochure [PDF, 747KB]
Insurance distribution has changed dramatically. The traditional distribution model was based on an agent or broker selling products to a customer, supported by mass media advertising. That model is being challenged by changes in the insurance landscape. Consider that:
Furthermore, five disruptive technologies affect insurance distribution:
Accenture believes that robust capabilities in these areas are critical for success. Furthermore, when used together in an integrated, coordinated manner—a concept we call Holism—the benefits far exceed the sum of the parts.
By managing and aligning the five disruptive technologies into an integrated strategy—Holism—carriers can realize five benefits:
Holism is a tremendous opportunity for insurers to innovate their distribution strategies, to better connect with customers and improve sales.
To truly realize the benefits of Holism, insurers should:
Develop the five enabling capabilities of Holism—mobile, analytics, social media, collaboration, and digital marketing and gaming—as part of the enterprise.
Establish an operating model that defines the support organization, core service levels and clear processes.
Align Holism capabilities against key sales and service process areas.
Build a Holism Performance Scorecard, based on key metrics.
Sequence and deploy initiatives enabled by Holism to maximize impact and adoption.
Most carriers will adopt a phased approach to building enterprise-wide Holism capabilities. Periodic checkpoints can ensure a smooth journey to high-performing insurance distribution.
November 8, 2011
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