There’s just no getting away from it—our customers are becoming more digital. Yes, it’s true that traditional distribution channels (such as agents and brokers) remain important, but there is increasing evidence that what’s important is a multi-channel customer experience. Customers’ channel preferences depend on what it is they are trying to do with their carrier. The Customer-Driven Innovation research makes this very clear (see the figure below).
And, for the first time, we are seeing the emergence of a demographic profile that is not age-based. The Digital Generation, Accenture’s Generation D, includes Millennials, Generation X-ers and Baby-Boomers. (I am a member of Generation D, so are you if you’re reading this, in all probability, no matter how old you happen to be.)
Our research bears this out: 71 percent of consumers are willing to purchase insurance products online, and 48 percent see comments and recommendations on social media as important factors in the choice of an insurance provider.
In the following few blogs, I’d like to explore further what this research suggests about how insurers can rise to the customer challenge, and start playing to win.