New Channels Create New Growth Opportunities for Insurers

Amid continuing economic challenges, carriers are turning their attention from cost reduction to efficient growth. A key area of focus is building and fostering stronger customer relationships.

With that in mind, Accenture conducted a large-scale survey of North American insurance consumers to gain further insight into consumer behaviors and preferences. This survey was complemented by a global survey focused on general consumer preferences, particularly the use of emerging technologies, such as mobile and social media.

The Accenture North American Insurance Distribution Survey studied consumer attitudes and perceptions of insurance. Key research findings include:

• Consumers continue to rely on agents.
• Consumers seek convenience, not just low prices.
• Four out of five consumers plan to stay with their current carrier.
• There is an appetite for aggregators.
• Younger consumers are willing to use social media to research insurance products.

Accenture research uncovers market challenges for carriers, but also exposes ways that carriers can unlock opportunities. For example:

• Offer a differentiated customer experience. Focus on individual customer segments to deliver relevant, consistent experiences across multiple channels.

• Sharpen customer acquisition capabilities. Leverage analytics, optimize the digital buying experience and empower agents with digital capabilities.

• Provide advice across multiple channels. Provide rich product education and enhance the financial acumen of agents.

• Consider increased competition. Prepare for competition from banks and aggregators.