If you’ve ever watched the popular TV program “Mythbusters,” you know the premise: Two guys try to debunk some of the most popular and pernicious myths by actually field-testing them with a team of experts.
Well, there are plenty of myths surrounding the digital experience, too; you might even believe some of them yourself.
Here are a few:
- Only the Gen X and Millennial demographics care about the digital experience.
- Digital is really only relevant for personal lines insurers.
- Businesses that digitalize risk attracting more customers who are only interested in paying less for your products.
- Digital is only relevant in developed markets.
Are any of these true? In our Consumer-driven Innovation Survey, Accenture plays “mythbuster” by tackling some of those long-standing misconceptions about the digital world with facts instead of conjecture. Here’s what we discovered:
- If you think Gen X and Millennials have the market cornered on digital, here’s a surprise: our survey found that 50 percent of insurance customers over age 55 prefer to get a quote online, and 58 percent are willing to buy coverage online.
- While digital’s fundamentally personal nature makes it a great match with personal lines, it’s also compelling for small to mid-sized businesses, where insurers can develop tighter relationships with business owners.
- It’s true that digital can draw price-driven buyers when it’s strictly applied to marketing and sales. But a digital strategy that spans the insurance value chain can help find new connections between customer value and company revenue—a strategy that trumps commoditization.
- If you still believe digital is a tool for developed markets only, consider the global penetration of the mobile phone. Most microinsurance products in emerging markets have operating models that are heavily dependent on digital technologies. And emerging markets have the advantage of becoming truly digital because they don’t have large, aging legacy systems and operations to weigh them down.
To find out more about digital mythbusting, download the Accenture Digital Innovation Survey and access our data visualization tool, and follow our video series on YouTube. You can also stay up to date on the findings by following me on Twitter @JohnMCusano.