Posted on August 27, 2014 by Cindy DeArmond
From a lower return on equity to unacceptable retention rates, market pundits recommend a single action: Grow.
However, growth without a solid strategy and the organizational and technical infrastructure to support it can lead to a disaster. Think about the insurer that expands its customer base only to find that the new additions do not have enough loyalty to justify the acquisition and underwrit . . .
Posted on August 26, 2014 by Tim Jones
Hi, and welcome to my first blog post on the Accenture Insurance blog.
Over the months to come, I’m looking forward to using this space to talk about some of the biggest challenges and opportunities we see for P&C insurers in the UK and Europe. I’m going to kick off with one of the thorniest issues facing many P&C insurers: retaining customers and increasing their lifetime value.
Consumers . . .
Posted on August 26, 2014 by Roy Jubraj
Telematics—Obstacles to Mainstream Adoption
In my previous post in this series I explored the factors that could drive widespread adoption of telematics in the motor industry. As of now, it accounts for a tiny part of motor insurance policies, even in the markets where it has gained the most traction.
In the UK—one of the more developed telematics markets with around 20 different offerings—telemat . . .
Posted on August 22, 2014 by Simon Russell
The other key is identifying the risks that are keeping people awake.
As I noted in my previous blog, Africa is only just emerging as a market for insurance—but a very specific type of insurance. Let’s try and create an identikit:
Cost has to be very low. Given that incomes are in the range of US$2 to $8 a day, prices have to be really, really low.
Products have to be simple. The imperative for . . .
Posted on August 21, 2014 by Erik J. Sandquist
Like their counterparts in other industries, marketing executives in the insurance industry generally value people who are focused on understanding customers’ needs and expectations and who excel at applying technology to marketing.
For that reason, senior marketers in insurance have succeeded in hiring more talent with digital, analytical and technical skills. But the 2014 Accenture Interactive C . . .