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ACCENTURE UK & IRELAND INSURANCE INSIGHTS


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The Accenture Blog on Insurance delivers leading insights about opportunities and challenges in the insurance industry.

A HUMAN APPROACH TO PROFITABLE GROWTH FOR INSURERS

  • 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.

Follow our path to value to realise the opportunity

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.

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Our research identifies that insurers can achieve profitable growth of 5 to 15 percent by taking a personalised approach to addressing customer needs.


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PROFITABLE CUSTOMER GROWTH IN FINANCIAL SERVICES

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.


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DOWNLOAD AUDIO TRANSCRIPT  [PDF]

Be sure to visit this page for future podcasts.

INSURERS: GO ALL-IN ON ECOSYSTEMS


  • 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.

Carriers that are slot to respond to changes by agile, hyper-relevant competitors─we call them “living businesses”─could suffer market share erosion worth as much as US$198 billion.

Three Steps to Ecosystem Mastery

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:

  1. Shape the Market

  2. Take a look in the mirror

  3. Pick your partners


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