High performers are creating a digital divide in the search for growth. Accenture has found that that one differentiator between high performers and their competitors is a focus on—and investment in—digital marketing and the mobile channel.
Creating a digital divide
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Multichannel distribution is a hot issue in insurance, and with good reason. Several factors are forcing insurers to enhance existing distribution models. Regulatory changes and a growing shift toward offering advice with insurance products are influential drivers of investment in distribution strategies.
Figure 4 shows the digital divide: the difference between high performers and their competitors.
The top graph shows that high performers have made significantly greater progress, providing almost the entire spectrum of insurance services through mobile channels.
The bottom graph shows that high performers intend to widen the digital divide by continuing to outspend their competitors, especially in the areas of mobile capabilities and digital marketing.
While the mobile channel and digital marketing enjoys the least attention—for now—they are ranked as the top two priorities for future investment by insurers.
Learn more about the digital divide in Channeling Growth: Accenture 2010 Global Survey on Multichannel Insurance Distribution.