Insurers wanting to deliver an exceptional customer experience—and if that doesn’t include your company, then it’s very likely your long-term prospects aren’t too good—face some fairly daunting challenges. These include changing customer demographics and expectations, expanding distribution channels, an operational model that is focused on creating products (and not delivering experiences), and a lack of resources to execute the new strategy.
It’s a veritable elephant to eat, but take heart. Every journey begins with one step, and help is at hand! Building on our years of experience, Accenture has developed a three-pronged approach to help insurers overcome the challenges in an effective, affordable way:
- Create a customer-centric road map. During this phase, we help assess the insurer’s current client-centric approach, define the target operating model and then create a road map based on a pragmatic set of initiatives aimed at generating business value. As part of this process, it’s usually necessary to align metrics used for performance management with metrics used to measure customer experience, and identify changes in corporate culture that will be required.
- Implement customer-centric “must do” capabilities. To become customer-centric, it’s essential to have certain key capabilities in place. These include the ability to obtain a unified view of each customer, customer analytics to generate insights and a hub for managing customer experience. This hub will be responsible for creating a targeted customer experience and making it operational.
- Deliver customer transformation. Each company’s transformation road map will be unique, but key transformation levers will often include organizational alignment, new customer-centric key performance indicators and decision engines, and the implementation of seamless customer transaction across all channels. In all cases, successful transformation will be value-driven, based on well-defined value propositions supported by an execution playbook.
Of course, this whole process needs to be underpinned by a concerted change management program—getting a profound change in mindset like this accepted is very, very difficult. One thing is certain: the ability to create and deliver a customer experience is growing in importance and will soon be the focus of most insurers. This just isn’t the time to be standing still.
Read Delivering exceptional customer experiences for more detail on this three-pronged model.