OVERVIEW
Our research shows that digital is playing an increasingly important role in the majority of customer interactions, and agents’ efforts are being refocused to add more value. Only one out of five carriers reject this model. The most disruptive distribution innovation is the Internet of Things (IoT) which, among other things, is driving insurance beyond indemnification to real-time protection.
Watch this video as John Cusano, Senior Managing Director, Accenture’s Global Insurance Industry provides an overview of the Accenture Distribution and Agency Management Survey findings.
Insurers need to confront this rapidly evolving marketplace. Their decisions about how to engage customers in the digital age will impact the kind of businesses they will be and the kind of customer experiences they will provide.
These critical decisions relate to 6 key issues:
INSIGHT-DRIVEN CUSTOMER EXPERIENCES
To an increasing degree, insurers are moving from a product-focused sales process to one that is intimately grounded in the needs of the customer. Real-time data at the point of sale, enabling needs-based selling, is a growing priority.
CHANGING ROLE OF THE AGENT
Insurers are refocusing their agents’ efforts to where they can add the most value, and are redesigning their remuneration models to incentivize the change.
THE FUTURE USE OF AGGREGATORS
Aggregators are expected to be an increasingly important channel for many insurers, though they will need to tailor their products for them, and master dynamic pricing, to secure the customers they want.
Carriers expect the use of aggregators to rise, especially in the early stages of the sales cycle.Insurers’ customer and business activities with aggregators, currently and expected in three years’ time
THE ROLE OF ECOSYSTEMS
Insurance is being integrated into a more end-to-end buying experience that is blurring industry boundaries, highlighting the growing importance of new ecosystems.
High priority initiatives to improve the insurance operating model
THE INTERNET OF THINGS
There is an acceleration in the pace at which insurers are leveraging the Internet of Things as a driver of growth, not only in the more mature auto telematics sphere but also in home and buildings, health and fitness and wearables. By enabling a new category of services the IoT is expanding the insurance offering beyond indemnification to real-time risk protection.
EXECUTION IS EVERYTHING
Insurers need to move swiftly & assertively, examining the 6 key issues & adopting a clear position on each.
FIND OUT MORE
Erik Sandquist
Global
Managing Director and North America Distribution & Marketing Services lead, Accenture Insurance
Jean-Francois Gasc
Europe, Africa & Latin America
Managing Director and EALA Distribution & Marketing Services lead, Accenture Strategy
Robert Sollman
North America
Principal Director and Global Group Benefits lead, Accenture Life Industry Consulting
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