This series has touched on a lot of topics that North American insurance providers need to consider if they want to succeed in an environment where more than three quarters of customers plan to purchase or renew a major insurance product in the next 12 months and about 1 in 4 people report that they are likely to change providers.
Going forward, customers will expect their insurer to adopt an authentic customer-centric approach, and as we have seen from the research, many customers are willing to pay more for a personalized and customized experience.
For insurers, playing to win in this environment means:
- Considering that products and services that take advantage of online, mobile and social-media channels will be key contributors to revenue and profit in the near future. if they aren’t already.
- Making insurance and related services available to customers where they are and when they want it.
- Implementing flexible business and operating models.
- Differentiating themselves from the competition with their digital strategy and the quality of their customer experiences.
These strategies will help insurance providers take advantage of the switching economy, enabling them to defend their existing, profitable customer base, as well as position themselves to attract new customers.
To learn more, download: Accenture 2013 Consumer-Driven Innovation Survey: Playing to Win (PDF, opens in a new window) or take a look at our data visualization tool, which allows you to tailor the survey results by line of business, age and/or country.
To read other parts of this series, visit:
- Playing to win in a “switching economy” (Part 1 of 6)
- A new strategy for dealing with declining customer loyalty (Part 2 of 6)
- A new business model for the customer-centric digital insurer (Part 3 of 6)
- Going digital on the road to customer-centricity (Part 4 of 6)
- What do younger customers want? (Part 5 of 6)