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The life insurance landscape is changing – undeniably and fundamentally – as digital channels such as the Internet, mobile and social media jockey for dominance against the traditional agent and broker channels.
Accenture is helping insurers adapt to these new opportunities and challenges with a wide range of services that allow carriers to improve their multi-channel distribution capabilities and deliver exceptional customer and agent experiences.
The new playbook for growth requires bold moves to reinvent distribution and ignite the growth engines. Accenture believes there are five key actions that insurers must take to create a sustainable advantage in distribution:
Embrace multiplicity–Allow consumers to interact with you using their preferred channel for each activity.
Use advanced analytics to determine how to deliver the best offer using the most appropriate channel.
Deploy mobility for consumers and the sales force.
Integrate digital marketing, building a deeper understanding of customers and matching them with relevant products and services.
Create a customer experience that is in line with their expectations and work with agents and brokers to ensure that any hand-off is seamless.
Register here to download the Achieving High Performance in Advice-Led Distribution report.
The Accenture Experience Hub allows insurers to deliver rich, multi-channel experiences in a highly scalable way. Watch the video
Accenture Life Insurance Distribution Services is built on more than 30 years of experience helping insurance companies achieve exceptional results.
The Accenture distribution offering includes a suite of multi-channel capabilities that deliver exceptional customer and agent experiences and can deliver a 10 percent growth in revenue while simultaneously reducing expenses and improving retention.
Our clients benefit from our customized products and services, our considerable industry experience, and our global delivery capability that together enable insurers to improve their digital marketing, develop multi-channel mastery and take advantage of advanced analytical tools.
We help enable greater certainty of outcomes by selling on the basis of quantified, predictable business value and by sharing risk with our clients. Accenture can deliver:
Deep insurance industry knowledge
Strong and integrated consulting, systems integration and business process outsourcing (BPO) services as needed
Flexible, transparent deal structures
Accenture offers life insurers an entire portfolio of services that allow carriers to improve their multi-channel distribution capabilities and deliver exceptional customer and agent experiences.
Distribution strategy – this includes the cross-channel customer and agent experience, distribution strategy and management, marketing process optimization, and voice of the customer and agent.
Empowering the agent – in addition to the agent experience, this service encompasses agency and sales strategy, sales process optimization, agency technology, training delivery and outsourcing, agency recruiting, performance consulting and outsourcing, and incentive compensation consulting, technology and outsourcing.
Digital and mobility – the customer and agent experience is enhanced by capitalizing on the Internet, social media and mobility. Digital marketing is optimized, digital channel technology harnessed, and documents and content managed.
Contact center – the focus here is on the operations and service strategy, service process optimization, contact center technology, training delivery and outsourcing, and operations outsourcing – all with the aim of enhancing the customer and agent experience.
Analytics – the latest advances in this field are used to improve customer data management and raise the effectiveness of marketing and distribution.
Core administration – this service includes systems and operations optimization, platform simplification and cloud.
Combined, the Accenture suite of distribution services and tools can help insurers develop deeper and more actionable customer segment understanding that uses an integrated multi-channel distribution strategy and capabilities to drive profitable and sustainable growth.
Insurers and Social Media: Vast Potential, Significant Challenges - For insurers, social media can provide a continuous, interactive customer experience, with opportunities to listen and to engage with individuals and communities in a highly personalized dialogue.
Reigniting business growth: Digital consumer interactions - Consumers are using the Internet to research and purchase their insurance. This trend provides forward-thinking carriers with tremendous growth opportunities, if they can drive the right consumers to the right offerings.
Empowering Agents to Use Digital as a Competitive Weapon - Insurance agents deliver strong person-to-person customer relationships while delivering distinctive customer experiences. Carriers can leverage this if they arm their agents to compete in a digital world.
Achieving High Performance in Advice-Led Distribution - A multi-trillion dollar opportunity confronts life insurers if they can access the huge uninsured and under-insured global markets. This whitepaper explores how insurers can penetrate this opportunity.
Customer Centricity - The Key to Differentiation and Growth in the Life Insurance Industry - This whitepaper presents the findings of Accenture’s Consumer-Driven Innovation executives survey, with particular reference to the life insurance results.
New Channels Create New Growth Opportunities for Insurers - Accenture surveyed 2,500 individuals who had purchased life, home or auto insurance looking for insight into North American insurance consumer behaviors and preferences.
Generali France: Visionary iPhone Application Development - Generali understood that it needed to be first-to-market to create marketing buzz and to reinforce the company as an innovation leader. Accenture assisted the company with the development of an innovative iPhone application.
Life Insurance Challenge: Customer Satisfaction - Consumer involvement in life insurance is low, as is loyalty to providers. Insurers that offer distinctive, relevant products and services have the opportunity to increase sales and gain market share.
Attracting & Retaining Customers for Life - As customer behaviors and expectations change, successful insurers will change with them. By attracting and retaining customers for the long term, carriers can achieve high performance.
Leading UK Life Insurer: Marketing Transformation - A leading UK life insurer turned to Accenture for help in bringing innovative products to market quickly and effectively.
Transforming Insurance Distribution with Analytics - With channels and agents in flux, insurers face challenges in optimizing the customer experience—a key driver of high performance in today’s markets.
Fair Share Analyzer - Fair Share Analyzer brings retail innovation to the life insurance industry by using current market data to arm insurers with the latest insights they need to plan for and pursue market growth.
Driving Innovation in the Customer Experience for High Performance - Accenture helped an insurer facing customer loyalty challenges that threatened its growth projections, by identifying the causes and improving retention.
Accenture Life Insurance Platform - Speed to Market - The Accenture Life Insurance Platform’s advanced configurability allows insurers to introduce new products and processes simpler, faster and more accurately. High-performance insurers use it to slash testing times by up to 50 percent and shape efficient processes.
Accenture Receives Industry Awards for its Life Insurance Policy Administration Software Solution - The Accenture Life Insurance Platform received the XCelent Technology Award for the leading solution in “Advanced and Flexible Technology,” and the XCelent Service Award for the leading solution in “Depth of Service”.
Large U.S. Insurer Takes a Major Step Toward High Performance - Accenture Life Insurance Platform provides insurer with an efficient distribution model, allowing it to be more competitive and lower costs.
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