Recently, several members of the Accenture Digital Insurer Network—23 insurance executives from 11 countries—came together to explore the revolution that digital is driving in insurance.
Meeting participants considered market activity and rapid trends already impacting how people buy and sell insurance. For example, in the past twelve months, online agent PolicyGenius launched its Insurance Checkup Tool that provides personalized advice and quotes for life and other types of insurance. MetLife began a pilot project at Wal-Mart stores that uses touch-screen-equipped kiosks to connect with and sell to middle-class consumers in new ways. By 2020, it is estimated there will be 4.2 connected devices for every person on the planet, the wearables industry will be worth $11.61 billion and 20 percent of the FTSE 100 will be made up of companies that don’t yet exist.
After a packed two days, participants concluded on a few key insights that insurers should consider in making or accelerating their shift to becoming a Digital Insurer:
- From ego-systems (me) to eco-systems (we), understanding that going it alone is now a weaker position. Look for opportunities to develop partnerships, such as linking products together to close any gaps in the current customer journey. Find and choose partners that have problems you can solve. Iron out who owns the customer.
- From competitive advantage to collaborative advantage, looking for the win-win in better understanding and operating in a complex business environment. Insurers can create collaborative value, for example, by serving as a facilitator of peer-to-peer networks. Co-operative domains require new business models that embrace open standard data, rapid development of disruptive solutions and greater trust between partners and with customers.
- From touch-points to trust-points, creating valuable trust connections by better predicting customer needs, protecting data, providing customers access to and control of their data, and educating consumers on data privacy.
Life insurers should look to orchestrate more of the daily needs of trusting customers through the channels that customers prefer at a level that yields growth and profitability.
To learn more about the Digital Insurer Network, visit our website.