The past five years have marked the beginning of the “Age of the Customer,” in which technology and economic forces have put customers in control of their interactions with their service providers. This trend has prompted insurers to embrace digital transformation, which involves realigning and investing in new business and operating models with a specific focus on the customer experience.
Accenture Interactive recently commissioned Forrester Consulting to evaluate digital transformation among multiple enterprises. The research sample included 108 senior insurance leaders. Forrester’s insurance-specific report includes three key findings:
With customers in the driver’s seat of their interactions with brands, insurers must create positive and relevant customer experiences across channels and touchpoints.
Across the three dimensions of digital transformation — organization, operational process, and technology — insurance carriers are making strides, but they are still struggling with traditional silos and a lack of integration and alignment.
A reliance on third-party providers confirms the lack of internal capabilities, and highlights the need for insurers to shift towards open business models.