Posted on January 28, 2015 by Thomas Meyer
Last week we examined Accenture’s quarterly Digital Innovation Tracker, focusing on specific examples of what P&C insurers worldwide are doing in the areas of mobile and telematics. This week we will take a look at how digital innovators are rethinking their products and distribution by applying the lessons they’ve learned in the digitalization process.
Along with the increased use of mobility . . .
Posted on January 28, 2015 by Cindy De Armond
From a policy administration perspective, it’s interesting to see how insurers participating in our Digital Innovation study viewed the barriers posed by legacy systems. When it comes to digital innovation, we found a big gap between what insurers know should be done and what they are doing.
This could be due to the difficulty in making a sufficiently compelling business case for innovation. Or, . . .
Posted on January 28, 2015 by Erik J. Sandquist
As part of the Accenture 2014 Independent Agent Survey, IAs ranked digital capabilities fifth out of 12 priority areas, with the most interest in web-based service, claims and quoting. Web-based services are viewed as key differentiators, supporting customer acquisition and retention. This finding reveals the need for tight and effective integration between an agency’s and their carriers’ systems. . . .
Posted on January 28, 2015 by Eva Dewor
I look at findings five and six of the insurance version of Accenture’s 2014 High Performance Finance Study in my concluding post in this series.
An encouraging finding this year is that insurers are maintaining a strong focus on growth. Over the past two years, surveyed insurance companies have had a strong focus on cost reduction. When asked about the initiatives that they had implemented over t . . .
Posted on January 27, 2015 by Darcy Dague
One of the biggest surprises from the 2014 Accenture Claims Customer Survey was the finding that customers who have filed a claim are nearly twice as likely to switch insurance providers than customers who haven’t. Whether satisfied or dissatisfied with their claims experience, it seems that the mere act of filing a claim makes a customer significantly more likely to defect.
The logical conclusion . . .