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 . . .
Posted on March 6, 2014 by Mark Halverson
This is the last in my series of blog posts that examines what life insurers need to do to position themselves as the preferred advisor and service provider for consumers who are preparing for their retirement.
It should be clear, by now, that most carriers have failed to adapt adequately to all the changes that are happening around them. As a result, consumers are looking for alternative ways of . . .
Posted on March 5, 2014 by Thomas Meyer
One of the main points I’ve tried to argue in this series of posts is that while small-ticket insurance in mature markets and microinsurance in emerging markets is different in many respects, the key to success is recognizing and capitalizing on the similarities. These, as I mentioned before are:
In both cases, the products need to be simple.
While the customers may be different, the need to unde . . .