Disruption caused by the emergence of new business models enabled by digital technologies threatens the insurance status quo. Here’s how CMOs can help drive the change to customer-first insurance.
- Forge closer working relationships with the rest of the C-suite. While insurance marketers are just as likely as those in other industries to feel they need to work closely with the customer services organizations, the COO and the CIO are lower on their list of priorities. Fixing this will allow you to play a more central role in your company’s digital transformation.
- Transform the marketing role as a digital perspective transforms the enterprise. Set your sights on an enterprise-wide digital ecosystem and the role of marketing within it. Aim to create multi-channel, personalized experiences for each customer across the brand. Select a few channels now, offer more than one experience and begin to test and learn. The key is to start now, collaborate across the business and keep at it.
- Embrace the full omni-channel customer experience. Just 46 percent of insurance CMOs agree that “marketing owns the customer experience”. Among high-growth companies across all industries that number jumps to 59 percent.
- Integrate channels with real-time analytics and then act on the insights. Capturing channel analytics and presenting them in dashboards is no longer enough. Apply your hard-earned insights to multi-channel experiences and ongoing experience management in flexible and powerful ways.
- Invest in agile technologies and cloud-based services. Today’s technology–like today’s customers–is non-stop. “Test, learn and earn” is the new maxim.
- Focus on the winnable battles in the war for talent. Few insurers will be able to develop the in-house marketing competencies to outperform external service providers in every marketing discipline and service. You need to think carefully and strategically about which services your organization will handle in-house and which it will outsource to third-party agencies and technology providers.
- Reorient the marketing operating model and integrate new talent to harness digital innovation. As you hire talent with skills in analytics, mobile and digital, empower it to work together across the organization in new operating models that recognize the primacy of digital marketing and the importance of customer experience.
In a world where the customer truly is king or queen, it makes sense for marketing to lead. Insurance CMOs have a key role to play in helping their firms meet the challenge of the future.