Customer-centricity: The key to differentiation and growth (3 of 4)

Published: Jan-24-12

I’ve been sharing the results of Accenture research that focused on insurance consumer behavior. If you’re just joining us, you may want to catch up on previous posts:

This week, I’ll focus on ways that insurers are innovating to create a competitive advantage.

Innovation accelerates the journey to customer centricity

Insurance consumers strongly preferring relevant, customized interactions across multiple channels, products and services, leading some insurers to innovate and transform the industry:

Borrowing ideas from Amazon.com to recommend products or services based on what similar customers have purchased.
Developing location-based systems to offer the right product at the right time and place.
Pay-as-you-drive auto insurance that calculates premiums based on driver behavior.
Equipping agents with apps, enabling them to improve sales and target offers.
Using social media to increase the number of customer touchpoints.
Leveraging interactive video technology to connect consumers with specialists.

These are just a few examples of how insurers are using technology to create new ways of delivering exceptional customer experiences.

Next week, I’ll talk about how insurers can take steps to achieve customer centricity and competitive differentiation on the road to high performance.

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Jan-29-12

Nice article on distribution and analytics. I continue to struggle with the direct benefits to customers from analytics. Many articles on analytics talk about improving decision-making, reducing fraud and and reducing regulatory problems. My experience is that this is not a compelling benefit to customers like delivering them a product that meets their needs at the time and place they need it. I have not seen the amount of literature devoted to this specific area. Thanks again for the informative and thought-provoking post.