Only 53 percent of insurance CMOs feel that they can meet the performance objectives of their organizations—fewer than their peers in any other surveyed industry.
Data from the 2014 Accenture Interactive CMO Insights survey shows a clear gap between CMOs’ awareness of the growing importance of their role, and their ability to perform it.
Particular concerns expressed by insurance CMOs are related to their ability to perform adequately across five key dimensions of marketing: customer analytics, customer experience, digital orientation, marketing operations and offering innovation. Many assess their marketing organization’s current performance level as “average” or even “below average” in several of these areas.
Another concern is that most of them seem to have no clear vision of what their organizations will look like if they embrace digital transformation. Only 19 percent believe that their organizations will be seen as truly digital in five years’ time.
This belief seems to indicate strong doubts about their organizations’ ability to cope with the expected entry of customer-savvy and highly digitalized competitors into the insurance arena. Similarly, just 13 percent of insurance marketers say their online and offline analytic capabilities are completely integrated while retail industry marketers lead the pack with a score of 35 percent on the same indicator.
The survey results also show that high-growth insurers are giving analytics and digital channels much more attention than those experiencing low growth. Eighty-three percent of high-growth insurers are using data and analytics to improve marketing impact versus 73 percent of laggards, while 76 percent of high-growth insurers are making more or better use of digital channels as compared with 40 percent of low-growth firms.
In short, these high-growth companies see that digital platforms and technologies represent a potential that exceeds distribution, one that includes new business models. Every insurer is now a digital insurer… or will soon be out of business.
Next time, I’ll conclude with seven ways in which CMOs can claim their rightful leadership role in helping insurers truly digitalize.