Posted on March 12, 2014 by Brian DeMaster
In my earlier posts in this series I talked about the challenges facing life insurers—challenges that are forcing insurers to re-think their approach to the market—and the three key areas they need to focus on to return to profitable growth.
When it comes to customers, the dual forces of the economic downturn and the technology boom have created consumers who are price conscious yet sophisticated . . .
Posted on March 12, 2014 by Thomas Meyer
All my recent thinking on microinsurance has prompted another train of thought—or, rather, has given me a new angle on a broader challenge that the insurance industry faces. The challenge is to avoid being commoditized, to fight off new competitors from outside the industry and to improve margins.
The only way insurers can do all this is to become more and more customer-centric, integrating themse . . .
Posted on March 11, 2014 by Jean-François Gasc
The research we’ve been looking at makes a strong case for change, and our analysis has mapped the five elements that should form part of the revamped customer experiences that insurers must now begin to provide if they are to be winners. But the digital transformation that will be needed is profound.
It’s a move from being a creator and seller of products to a deliverer of customer-relevant solut . . .
Posted on March 10, 2014 by Michael Costonis
By its very nature, insurance is a collaborative undertaking that relies upon a consistent flow of information. Customers, agents and claim adjusters are required to communicate with each other in order to maintain efficient management on the one hand, and provide effective service on the other.
Yet, while technological advances have made it easier for people to work together in other industries, . . .
Posted on March 7, 2014 by Erik J. Sandquist
Accenture’s 2013 Consumer-Driven Innovation Insurance Survey highlights the vast number of customers planning to purchase or renew a major insurance product in the next 12 months—72 percent of customers globally, 78 percent of customers in Canada and 82 percent of customers in the United States.
What does this mean for North American insurance providers?
Potentially, the insurance customer base wi . . .