Other parts of this series:
- Digital insurance distribution key to new growth for carriers
- Digital insurance distribution model supports shift to customer-needs selling
- Insurers tapping cross-industry ecosystems in shift to customer-needs selling
- Aggregators play important role in insurance distribution channel mix
- Agents refocused on customer relationships in digital insurance distribution model
A major benefit of adopting a digital insurance distribution model is that it supports property/casualty insurers’ efforts to move from a product-focused sales process to selling based on customers’ needs. That shift in the sales process is very important to insurers around the world. A new Accenture survey, Reimagining Insurance Distribution, finds that 63 percent of more than 400 surveyed insurers in North America, Latin America, Europe and the Asia/Pacific region are prioritizing a move to a more customer-centric model.
Insight on customers’ needs and expectations will be important to make that shift effective, so data will be king for carriers. As carriers have learned from the industry’s digital disrupters, mastering customer data is critical to providing customers a relevant and personalized experience. Forty-eight percent of the surveyed insurers already have or plan to build a customer-centric hub using data for a better service experience, with 58 percent prioritizing the use of customer data analytics at the point of sale. Meanwhile, 41 percent rank improving their data and analytics capability as their top distribution technology investment priority.
Mastering data and analytics is critical to sales and marketing optimization. That necessitates understanding the potential value of individual customers, the right channels to reach them, the right time to engage them, the right offers to make and the right messages to send. For example, among the survey’s respondents, 60 percent are prioritizing the creation and extension of omni-channel capabilities in the next three years to improve their sales and distribution processes, thereby eliminating the lone agent or broker channel experience for customers.
To learn more about the study, download Reimagining Insurance Distribution.
Next time: Ecosystems and the Internet of Things.