Customers want the same level of personalization, convenience and transparency for their insurance needs as they get from customer experience leaders across a variety of industries. Emerging insurance distribution models are addressing customer needs in novel ways.

Customers have always had different preferences, wants and needs, but their expectations were limited by available choices. Now, however, advances in digital technologies are opening up new opportunities for insurers to refine their market segmentation, offerings and distribution models. In an age when demand for insurance remains subdued, and consumers are more and more often dictating how their providers should meet their needs, these advances also create the opportunity for carriers to enhance their relevance and value by engaging more frequently with more personalized services.

To learn more about changing customer attitudes and what they mean for insurers, Accenture gathered the views of 32,715 insurance customers across 18 markets. The research provides valuable insights about how customers want to interact with their insurers across the consumer journey—and where increased digital connectivity and cognitive computing can add value that stretches well beyond the traditional insurance value proposition, which centers upon risk indemnification.

Competition is heating up

New distribution models continue to emerge, but there is no single model that will effectively serve every customer, and there are ample opportunities for mature insurers to secure their place in this new digital landscape. Accenture has identified five emerging distribution models that appeal to different customers, and I will describe each of them over the next few weeks. These models are complementary, and we anticipate insurers will combine some of them in unique and creative ways to reach and engage customers.

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