Capturing-Insurance-Customer-of-Tomorrow-Final-POV

Capturing-Insurance-Customer-of-Tomorrow-Final-POV -...

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Capturing the insurance customer of tomorrow Three key questions to guide success
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2 Keeping pace as customer expectations transform Today’s insurance customer is different from his predecessors. He is more empowered and more social. He has higher expectations of his providers. And the way he buys is significantly different. Largely because of these changes, loyalty has declined and the likelihood of switching is rising. Accenture’s recent Global Consumer Pulse Research (see About the Research) found that only 29 percent of insurance customers are satisfied with their current providers, and as few as 16 percent are sure to buy more from them. 1 This has created a huge “switching economy” in which, we calculate, up to $470 billion in personal-lines life and P&C premiums were at play in 2014 (see About the Switching Economy). The big question is: who will be the winners in the switching economy, and who the losers? As digital technologies continue to evolve, the companies that are most successful at exploiting them are likely to have the advantage. Unfortunately for insurers, it’s those in other industries that have led the way in converting digital innovation into customer insight, mass personalization, hyperscale, interconnectedness, operational efficiency and agility—all the things that define an efficient, customer-centric provider. And a number of these outsiders have already thrown their hat into the insurance ring. Carriers face a stark reality: to embrace digital and customer-centricity or move out of distribution to focus on a manufacturing role. Maintaining the status quo is no longer an option. Most insurers can confirm: customers want more, and more of what they want is digital. To sustain relevance in this new environment, carriers need nothing less than a holistic digital business strategy that encompasses the entire enterprise. But what are the priorities? Extensive Accenture analysis has determined that there are three key questions, the answers to which will help them become successful digital insurers.
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3 Meeting the challenges of becoming a digital insurer Insurers that choose to adapt to the needs of a changing customer and a competitive landscape, harnessing new transformative technologies, face significant challenges. Answering three critical questions will help carriers determine their path. ALLIANZ Allianz’s free mobile app, Ma sécurité, provides users with information on the risks they face in their current location and allows them to plan to keep their families and property safe. With this service, Allianz is positioning itself as a trusted and concerned source of assistance. QUESTION 1 In transitioning away from being a product-centric insurer, how far—and how fast—should we proceed toward customer-centricity?
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