Posted on January 30, 2015 by Brian DeMaster
As competition remains high in the wealth management industry, so does the need for growth. While many companies focus on expansion strategies, there is one area they may be overlooking: Onboarding. Historically referred to as New Account Opening (NAO), this area has traditionally been siloed from the rest of the organization. It often requires repetitive data entry and endless paperwork that add . . .
Posted on January 30, 2015 by AccentureINS
In a market where every percentage point of growth has to be fought for tooth and nail, customer retention is a key priority. Insurers have always known that the claim is their defining moment, and many have invested significantly in improving the claims experience.
Accenture’s Claims Customer Survey reveals that—at least in one respect—insurers have succeeded: only 14 percent of customers are dis . . .
Posted on January 29, 2015 by Erik J. Sandquist
The insurance industry has always had to adapt to new technologies, but today’s digital revolution requires insurers to go beyond tweaking their digital strategies—rather, they must innovate and transform their entire business.
There are two similar-sounding, but quite different words used to describe digital improvements. Notably, there is a difference between digitization and digitalization:
Di . . .
Posted on January 29, 2015 by Michelle Krause
Insurers have their eyes on growth. They face significant challenges, as I’ve detailed previously, but many of them have the right strategies in mind, including integration of risk and finance functions.
The scenario is positive, but insurance providers can do more if they look outward at new opportunities presented by technology. Investing in cloud and big data both can bring solid gains for insu . . .
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 . . .