As I stressed last week, there’s no place for silos in the connected-everything age. There is an opportunity now for insurers to operate in an integrated way, delivering superior customer value while driving efficiency and growth.
So, how can insurers begin the transformation toward seamless integration? After defining the vision and goals, Accenture recommends five areas of focus:
- Establish a customer-centric strategy;
- Create the operating model and governance that link the business internally and to its customers;
- Dismantle operational silos so everyone at the insurer works together under a redefined operating model;
- Become digitally and analytically mature; and
- Deploy integrated, multi-function shared services where applicable across the business.
New operating models and technologies are available and continue emerging to enable whole-enterprise, integrated strategies. Insurers that make the shift to an integrated business will serve customers distinctively and stand out from the competition.
Read our latest thinking on Customer-Centricity