Today I’m wrapping up our look at Accenture’s L&H Innovation Tracker by sharing some specific examples of how Digital Innovators are finding new ways to connect with consumers and communicate their brand.
When you think of digitalization, often the first thing that comes to mind is the changes in how businesses and consumers communicate with each other. This is very evident in how L&H insurers are strengthening their company’s brand image and promoting offers through new channels and approaches, with an emphasis on taking a more emotional and personal approach.
But the branding and communication examples spotlighted in the Innovation Tracker go far beyond what most of us think of as typical.
Take a look at these examples:
- In the U.S., MassMutual has built a data science pipeline to offer top talent from colleges in the area an enticing opportunity for professional development and real-world work. Although insurers of all sizes are enhancing their data and analytics capabilities, the industry struggles to attract the best data scientists. Working with Amherst College, Hampshire College, Mount Holyoke and others, MassMutual created a professional development curriculum combined with a full-time-salaried position in the company’s analytics department, targeting graduates of the computer science, physics, statistics, and data science programs. The first class of seven graduates began working last year on projects related to machine learning, lead scoring, and natural language processing.
- In Singapore, MetLife established an innovation center called futureLab, which will serve as an incubator to launch new MetLife businesses and partner with regional organizations and academics to identify new business opportunities. Housed at the National University of Singapore (NUS), futureLab will anticipate the needs of Asian consumers. The continent is expected to account for approximately half of the insurance industry’s growth in the next decade, particularly in health, retirement, and high-net-worth market segments.
As we can see from these examples, and the previous case studies we cited, the leading L&H insurers are using digitalization to completely rethink how to reach customers and other constituents, such as prospective employees.
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