Other parts of this series:
- A powerful business case for personalized insurance services
- How does GDPR impact personalized insurance services?
- Five insurers delighting customers with personalized experiences
- Innovative personalized insurance services of the future
- What approach will you take to insurance personalization?
- Excited about insurance personalization? Work with Accenture
The Accenture Genome offers insurers a way to build living customer profiles that evolve in real time.
Over this series, we’ve talked about building a business case for insurance personalization and how the GDPR impacts personalized services. We’ve looked at insurers that are delighting their customers with personalized experiences and other innovative services insurers could provide across all lines and across the value chain. We’ve also discussed why carriers need to look beyond an omnichannel approach and the importance of evolution and enrichment to a personalization strategy. In this last post in the series, we’ll explore how Accenture can help insurers on their personalization journey.
Build living customer profiles that evolve in real time
Our research shows that customers want to be treated as unique individuals. That means insurers need to know more about their customers than ever before. But how? The Accenture Genome can help. It’s a platform that enables insurers to create differentiated experiences based on the needs and expectations of individual customers. All customer interactions (such as mobile app usage, email responses, social interactions, poll submissions, in-person events attended and more) contain descriptive attributes that shed light on customers’ unique preferences, motivations and passions—all of which are used in the creation of a living profile of a customer that evolves in real time.
By combining these living profiles with advanced analytics and AI-enabled tools, the genome serves as a centralized customer intelligence to help drive an orchestrated experience across all personalization platforms, including recommendation engines, data management platforms, rules engines, campaign management platforms and experience optimization tools. Through intelligent service design the genome can also serve as the backbone for a customer’s personal assistant, personal concierge or personal shopper, bringing services that used to be a privilege of the wealthy to every customer.
Build a workforce with the right skills to meet customer expectations
Another challenge for insurers wanting to explore personalized services is finding the right talent to collect the data, analyze it and develop offerings and services to meet customer needs. At Accenture we offer a wide range of consulting and technology services through a global network of centers of excellence—we have thousands of skilled professionals and the ability to scale our services up and down so that insurers don’t have to hire permanent staff with highly specialized skills.
We helped a European insurer offer personalized advice—general insurance information, personalized recommendations and proactive advice triggered by life situations—via a virtual assistant. Accenture created two personas and built as-is journeys of several life events, including birth, marriage and job searches, where insurance becomes most relevant. The carrier’s loyalty and profitability per customer have improved, resulting in an annual bottom-line gain of 15 percent and counting. We also helped a large UK insurer use machine learning and analytics to define pricing and shape email and outbound treatment strategies for a pre-renewal campaign, with a goal of unlocking over £10 million a year.
Customers want personalized insurance. Trend-setting insurers are already onboard, understanding that customers expect to be treated as individuals with unique motivations and needs, and delighting them with innovative products and services. Insurers that do not embrace personalization risk being left behind.
If you’re interested to learn more about how Accenture can help you reach your insurance personalization goals, please feel free to reach out to me directly.