The Accenture 2014 CMO Insights Survey identified three differences between high- and low-performing insurers. In this Insurance Chart of the Week, we discuss how digital mastery can help high performers harness their potential.

High-growth insurers see the value of analytics and digital channels

High-growth insurers see the value of analytics and digital channels
Click the image above for a large version of the Insurance Chart of the Week (opens in a new window).

Digital channels and technologies are proving pivotal to how an entire insurance organization competes, innovates and enhances the customer experience. And with their deep understanding of their organization’s brand, customers, products and services, and customer interactions, insurance CMOs are perfectly positioned to be change agents for digital transformation.

Register to download The Digital Insurer: 2014 Insurance CMO Insights Survey to learn more about how CMOs can help drive digital transformation.

Learn more:

2 responses:

  1. I’d be interested in hearing about how the insurance agency is able to scale acquisition strategies around general insurance products like home and auto. In my experience, selling the prospect of paying for acquisition is something that has not quite caught on in this industry as of yet.

    Also, do you feel like “digital transformation” is really just semantics for what would be considered digital marketing and digital strategy? The actual term doesn’t carry much search volume and it seems still relatively undefined with regards to an actual process. Thoughts?

    1. Hi Jason, thank you for your comment. I’d agree that in general, the insurance industry is not paying for acquisition–and certainly, the results of our Independent Agent Survey found that independent agents (who are the dominant distribution channel for P&C insurance in the United States) are focused more on customer retention than acquisition.

      As to the term “digital transformation,” it does refer to more than digital marketing or strategy. At Accenture, we believe that digital offers insurers the opportunity to go beyond delivering incremental efficiency gains, to using innovative strategies, products, processes and experiences to create new revenue. It’s all about finding new ways to generate customer value, often outside the confines of the traditional business model, customer experience and industry norms. Accenture has published several recent reports exploring this topic further: notably, Seizing the opportunities of digital transformation (reporting the results of our Digital Innovation Survey) and the Accenture Technology Vision for Insurance 2015—both great reads!

      If you have other questions, feel free to contact me directly: http://ins.accenture.com/ContactPage_Costonis.html

Submit a Comment

Your email address will not be published. Required fields are marked *