When rock band Queen penned the lyrics “I want it all and I want it now” it is unlikely they had insurance on their minds—or had any idea that that this would become the mantra of consumerism 25 years on. Today, insurance consumers waiting for a quote or wanting to find out if they can drive down a premium expect the answers to be both fast and convenient.
In a digital economy, where the need for speed and agility is putting traditional industries under pressure, insurers need to be fast and first. But according to a recent survey conducted by the Economist Intelligence Unit that evaluates the differences between industries with respect to digital transformation, insurance is only one step from being bottom of the list. Among more than 1,000 C-suite executives, only 40 percent of insurance leaders are focusing their businesses on transformation for growth—just one percent more than the lowest ranking utilities industry and a 23 percent shortfall from the leading industry (unsurprisingly, electronics and high tech).
Unfortunately, this is not the only opinion poll that sees insurers lagging behind. In its 15th annual trust and credibility survey, the 2014 Edelman Trust Barometer ranks Financial Services the least trusted service globally (while Technology leads the field as the most trusted). And Insurance was only one percentage point above financial advisory or asset management in terms of being the least trusted industry within the financial services sector. According to Jonathan Evans, Chairman All Party Parliamentary Group for Insurance and Financial Services, the industry’s Achilles heel may be regulation. But, as reported in the paper “Protecting the public through general insurance,” there is a question mark over whether regulation by itself can deliver better experiences and outcomes for consumers.
Simon Green, Head of General Insurance and Protection at the FCA believes the power is in insurers’ hands. “By putting more responsibility on providers to ensure that products only reach the customers they were designed for—and that they function as expected—there should be fewer incidents of major customer harm,” says Green.
It is an area where Accenture Duck Creek Suite can help insurers deliver. Able to make changes swiftly and with a configurable product definition which enables any line of business to be implemented, our software is helping the insurance industry to transform the customer experience.
If you think your customers may want it all and want it now, you might also agree with the rest of the sentiment in Queen’s hit: “Gotta find me a future, move out of my way.”
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 Digital Double-Down: How Far Will Leaders Leap Ahead? Accenture 2015