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 . . .
Posted on March 7, 2014 by Andrew Parton
A storm is about to hit Australian insurance companies—one that packs the punch of intensifying competition and changing consumer behaviors. But, even though the forecast looks ominous and the implications will be significant, forward-thinking insurers can heed the warning signs now by taking this opportunity to prepare their businesses for the emerging conditions.
Our research suggests that succ . . .
Posted on March 6, 2014 by Brian DeMaster
In my previous post I talked about how low interest rates, new regulatory initiatives, changing customer behaviors and other factors are forcing life insurers to re-think their approach to the market.
In facing these challenges, I think insurers need to focus on three key areas:
Reducing general expenses.
Growing top-line premiums.
Our research shows that by addressing th . . .