Other parts of this series:
Aggregators can be a valuable distribution channel for insurers. Erik Sandquist shares four building blocks to help insurers grow profitably and competitively in the aggregator channel.
When it comes to aggregators, Accenture recommends that insurers consider them as another distribution channel—one with its own unique characteristics—that can be optimized and targeted like any other. But to grow profitably in a crowded, price-sensitive environment, insurers will need a plan to meet the expectations of an increasingly demanding, digitally savvy customer base.
Accenture recommends four key building blocks to compete effectively in the aggregator channel:
- A differentiated customer proposition. Insurers must offer a clear value proposition that is simple, easily accessible and easily understood. It should focus on the customer’s needs and how to deliver long-term value.
- Tight market segmentation supported by sophisticated analysis. One-size-fits-all doesn’t work with an aggregator model, so insurers will need good segmentation in order to enable aggressive lead generation, branding and pricing—crucial capabilities to winning market share in their target markets.
- A compelling digital offering. Regardless of channel, insurers should have the capabilities to optimize performance in real-time, such as personalizing their value proposition and the user experience. They should have the capability to provide immediate feedback on what does and does not appeal to a customer.
- Lean and agile operations. A low-cost, configurable technology platform can make it possible for insurers to change course rapidly, as well as develop and introduce new products and modifications as needed. In addition, an iterative, collaborative approach to change management is necessary.
For more information on how to develop an aggregator strategy, register to download Coming to Terms with Insurance Aggregators: Global lessons for carriers
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- Email me to discuss how Accenture can help you develop the capabilities to excel in the aggregator channel.