Eighty-two percent of insurance CMOs say it’s essential or very important to deliver an effective customer experience—but only 67 percent believe they’re doing a good job of it. That’s a key finding of the Accenture CMO Insights Survey, which found that while most insurers are earnestly pursuing a customer-centric strategic and operational model, many are struggling to deliver an end-to-end branded customer experience.
Success with creating that customer experience seems to fall into two camps. In one camp, 44 percent of survey respondents cited major barriers to building lasting relationships with customers—especially inefficient business practices, lack of integration with other business functions, and challenges with technology or tools. In the other camp, 34 percent believe it’s getting easier to manage the end-to-end customer experience across marketing, sales and service.
These two camps align with our finding that high-growth insurers are more focused on customer experience than their low-growth counterparts. For example, 97 percent of marketers within high-growth insurers are focused on defining, designing and delivering a branded experience, compared with 73 percent of than those in low-growth companies.
Critically, customers’ purchasing path used to be linear as they moved down a funnel through discovery, consideration, evaluation, purchase and use. Today, the customer journey is more complex, dynamic and accessible. It leverages external and internal channels, as well as open and branded content.
This new model is forcing marketers to reimagine the customer experience. Marketers must embrace the new model to effectively manage the end-to-end branded customer experience—one that continuously reinforces the brand’s proposition and promise.
To help insurance CMOs navigate this new model of customer experience, my colleague Julio Rivera has helped develop the Accenture Insurance CMO Agenda for Marketing Transformation. I encourage you to learn more about it and how it can help CMOs shape digital strategy within their organizations.
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