For the past month, I’ve been sharing concepts based on the findings of Accenture’s Digital Innovation Survey, focusing on how insurers can target growth in a digital world. Drawing on our research, and summing up all we’ve looked at over the past several weeks, I’ve managed to boil down the main takeaways into these five key action items for insurers that want to lead the pack as Digital Transformers:
- Start building capabilities to collect data that can be turned into actionable insights. Insurers responding to our Digital Innovation Survey called data and analytics the most important component of their overall digital strategy because it helps you understand your customers’ wants and how to respond to them better than your competitors.
- Adopt a solution-based approach to embed your business into your customers’ lives. Digital Disrupters don’t just unilaterally push their products and services; they use customer data and input to provide true customized solutions to their needs.
- Think about developing new partnerships and ecosystems that will help your business best deliver those solutions. Don’t just think in terms of distribution channels; shift your focus from sales to the customer’s journey, and beyond insurance products to the ultimate customer need.
- When weighing digital business strategy, shoot for the “sweet spot” where customer and business value intersect. Hitting this target is a win-win for both insurer and customer.
- Create an outcomes-based digital business strategy built on an “outside-in” foundation that blends customer needs with your business’s internal resources and ecosystem capabilities.
Insurers that keep these points in mind when developing their digital strategy will be well on the way to becoming Digital Transformers instead of Digital Followers—and their customers will be happier for it.
To download the report and explore the full set of data with our interactive data tool, visit: www.accenture.com/digitalinnovationsurvey , or watch my video series on YouTube. And if you’d like to share your thoughts and ideas about how the digital world is changing insurance, please feel free to contact me.