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A recent worldwide survey conducted by Accenture among L&A and P&C/General insurers revealed that 80 percent regard sales growth as a critical priority.
Their primary strategies for achieving this are to improve the performance of their salespeople and intermediaries, raise the level of customer retention, enhance their new-product success rate and deliver a better customer service.
In the past, high performance in these areas depended almost exclusively on the superior capability of key professionals: recruiters, trainers, marketers, salespeople, support personnel, underwriters and managers. With the aging of the workforce, and the intensifying competition for top performers, insurers need to be able to consolidate their successes and institutionalize their best practices. They also need to break through traditional performance ceilings, finding new ways of boosting sales and service efficiency and effectiveness.
Accenture has achieved notable success in helping insurers to optimize their marketing, sales, service and distribution functions. Our consulting service identifies opportunities for improvement and recommends practical measures. We have a range of specialist software components that provide a deep understanding of customers and assist the various workforces in engaging meaningfully with them. And our outsourcing services enable clients to improve, standardize and automate many of their business processes, reducing costs while allowing them to focus on those activities that are more crucial to sales success.
By partnering with insurers in these areas, Accenture has typically helped its clients achieve revenue growth of more than 10 percent while reducing the cost of sales by at least 3 percent.
How World-Class Business Information Drives High Performance in InsuranceInsurance companies need to manage enterprise information, since they face rigorous regulation and complex, information-rich value chains. Information management is central to their competitiveness and license to operate, and yet many insurers lack adequate insight to operate as high performers. What is needed is an approach to business intelligence (BI) that takes into account the challenges of the insurance industry.
Accenture has, for more than 30 years, helped insurers achieve and sustain high performance. All of the 10 largest insurers in the United States draw on our expertise and advice, as do 17 of the top 20 insurers worldwide.
With a relentless focus on value, Accenture is committed to helping our clients reach key performance targets. We enable insurers to develop and deliver the Branded Customer Experience that will optimize growth and value creation:
Delivering quantifiable results, even within six months.
Focusing on the human side, a key to success long ignored in CRM efforts.
Blending marketing, IT and human performance capabilities.
Delivering a superior view of the business requirements as well as the critical technology components.
Integrating leading-edge solutions, with a constant eye on the evolution of technology.
Providing tested assets that speed implementation and accelerate benefits.
Only Accenture has the skills and assets to offer comprehensive organic growth programs, managing the typical complexity and associated risks. With dedicated professionals who are deeply knowledgeable about business, IT and human performance, we take a holistic approach that drives significant value. Thanks to our unmatched blend of industry expertise, client experiences and global reach, we understand the drivers of profitable growth for insurers and can help clients overcome the challenges to achieving that growth.
Over the past three years our solutions have been embraced by 66 percent of the insurance companies in the Fortune® Global 500 and by more than half of the top 50 P&C and L&A insurers in North America.
Additionally, our CRM leadership is recognized by industry watchers. From our work on thousands of CRM projects each year across insurance and other industries, we have developed proprietary and patented methods, designware and software components, as well as developed relationships with market-leading CRM software vendors. These assets deliver unique value to our clients.
Accenture created its Marketing & Distribution Services to help insurers achieve high performance by developing and implementing the capabilities that will enable them to realize sustained and profitable growth. This offering includes a set of programs that clients can use individually or bundled to enhance growth and increase shareholder value:
High-Performance Marketing Strategy for Insurance—providing marketing capability diagnostics and planning tools that leverage underwriting data to define customer segments and improve predictive modeling, driving towards best practices in acquisition, retention and cross selling.
Organic Geographic and Product-Based Expansion—providing end-to-end program management and strategic systems integration capabilities that help insurers expand rapidly into new markets. Powered by advanced product development capabilities that dramatically increase speed-to-market, this program helps balance rapid growth with control of end-to-end services and profitability.
Insight-Driven Marketing and Sales—providing an understanding of a customer's current value, potential value, best next product, loyalty/attrition risk, interaction preferences and share of wallet … then launching the most suitable actions.
Salesforce Effectiveness—focusing salesforces on revenue per customer and long-term customer retention through a combination of training, access to customer insight and a linking of incentives to sales performance. Accenture assets that address insurance distribution include: the Agency Relationship Management Model, Mobile Salesforce Technology and Workforce Performance through the Sales Academy for Insurance.
Multi-Channel Interactions—providing a satisfying and profitable customer experience via flexible, well-integrated multi-channel options—including intermediaries, contact centers, the Internet and mobile channels—all playing roles that can be differentiated according to each customer's potential value.
Next Generation Contact Center—viewing contact centers as sales and customer retention machines, leveraging the potential of every customer interaction, and directing the appropriate transactions to self-service. This program includes the optimization of Human Performance and Talent Management, and the alignment of next generation technology support with overall customer contact transformation.
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