Over the past few weeks, I’ve been discussing how customer centricity can help insurers create a competitive advantage. If you’ve missed my previous posts, you may want to read them first:
- Part One: Consumers in a state of flux.
- Part Two: The mobile channel in insurance.
- Part Three: Innovation accelerates the journey to customer centricity.
So now that you’re armed with knowledge about consumer behavior, the mobile channel and innovation in insurance, how can you achieve customer centricity?
Essential steps to achieving customer centricity
At Accenture, we believe that the key to achieving high performance lies in creating a competitive advantage based on customer centricity, not products and pricing. We believe that insurers must create a tailored, branded, scalable multichannel experience, with the following areas of focus:
- Segmentation. Analytics and segmentation enables insurers to provide the tailored experience that customers seek.
- Creating an experience. Insurers must create offers that evoke positive responses from their target customer segments.
- Operating model and technology. Insurers must separate product manufacturing and distribution, and review technology needs.
- Talent. Sales and service personnel must be aligned to customer segments, rather than products and services.
- Measurement. Only by measuring and analyzing customer responses can insurers truly understand and refine their approach.
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