Most CMOs at insurance companies today understand that digital channels and technologies are pivotal to how they compete, innovate and enhance the customer experience. But what sets high-performing insurers apart from the rest with respect to how they think about and use digital technologies for marketing?
The 2014 Accenture Interactive CMO Insights survey sheds some light. Among the insurance respondents – 38 life insurance CMOs and 49 property & casualty insurance CMOs from North and South America, Europe and the Pacific Rim – high-growth companies give analytics and digital channels a significantly higher importance rating than those that are achieving low growth.
While the numbers reveal that many high performers find it easier to succeed in these areas than they did two years ago – the rewards of more intense investment and resourcing – the fact remains that as many if not more are still struggling to master the technologies that are transforming marketing. Among low-growth carriers, fewer than one in three marketers say it is easier than before to succeed in these areas.
CMOs in low-growth insurance companies should take note of the areas their better-performing colleagues rate as important to their success. Gaps of between 15 and 35 points are reported in the very areas that help marketing perform better – analytics, digital channels and technology, for example.
As high-growth carriers demonstrate, digital’s potential stretches way beyond a new distribution channel. Every insurer has the opportunity to become a digital insurer. This requires a digital orientation, meaning a digital focus that spans business processes and functions.
My colleague, Jean-François Gasc, has also been exploring this research in some blog posts. Read his thoughts here.
Explore the data with our interactive data tool and, for more information, register to download: CMOs: Time for digital transformation.