The Accenture Blog on Insurance delivers leading insights about opportunities and challenges in the insurance industry.
Managing Director, Life,
Pensions & Investments Practice, UK & Ireland
View Richard's Blog -
Our research identifies that insurers can achieve profitable growth of 5 to 15 percent taking a personalised approach to addressing customer needs.
In the past, insurers relied on building customer loyalty slowly and steadily through efficient claims processing or attentive customer service.
Today, customers expect hyper-personalised interactions mirroring individually-tailored digital experiences enjoyed elsewhere.
Insurers face a challenge: addressing customers’ needs, while managing the burden of high operating costs and a legacy systems infrastructure.
The opportunity is simply too big to ignore. To realise it, UK insurers need to follow a rapid path to value using data and analytics, coupled with human insight techniques, to create and deliver hyper-personalised experiences that will increase customer retention and growth.
Our podcast series explores the role of innovation and the technologies that will enable firms to transform and optimize their businesses for growth.
Serving a million markets of one
Customer want financial services providers to anticipate their individual needs and provide timely and relevant information and recommendations. While digital services have helped financial services providers improve the speed and convenience of these customer interactions, there is a risk that digitization dehumanizes relationships. This shift away from a foundation of engagement to something more transactional introduces the potential for customer-provider disconnect.
Be sure to visit this page for future podcasts.
While disruption is rocking in all industries, among the most vulnerable is insurance.
Ecosystems are a major cause of industry disruption. Insurers can choose to lead this wave of disruption, or to fall victim to it.
Strategically, insurance companies are interested in pursuing ecosystems, but their ambitions and capabilities don’t always line up.
Insurers need to offer consumers a wider, more relevant and appealing set of offerings and experiences, but they can’t do it alone. The right partners can bring the skills, scale and scope necessary to help incumbent insurers lock in on a profitable ecosystem opportunity. Here’s how to make a successful ecosystem play:
Shape the Market
Take a look in the mirror
Pick your partners