Other parts of this series:
The Internet of Things, sharing economy and mobile technology are transforming the world of life insurance—and agents are on the front lines of that change.
This month, Accenture released the results of its Distribution and Agency Management Survey, an examination of what life, P&C and multiline carriers are doing to adapt to higher service standards, rising customer expectations, continuous digital innovation and a wealth of emerging growth opportunities.
We polled more than 400 senior executives at large and midsized insurers–27 percent of them with life insurers–in Europe, North America, Asia Pacific and Latin America.
These insurers recognized that the distribution system is transforming at an accelerating pace: more than half of all carriers expect their sales to be fully digitized within the next few years. Driving this change is the recognition of rapid, disruptive change that is putting pressure on insurers’ traditional business and operating models.
For example, 45 percent of carriers recognize that the Internet of Things will be a driver of revenue growth in the next three years, and have introduced products, services and pilots over the last year that will respond to IoT opportunities.
The rapid evolution of these and other trends means that carriers must make urgent, critical decisions about their future, such as:
- How to differentiate themselves
- How they will meet customers’ changing needs and preferences
- Where they will find profitable growth
- How they will partner with others, and
- What tools and technology they need to succeed.
Next week I’ll take a closer look at how life insurers are responding to this shift in insurance distribution.