Accenture’s Technology Trends in Life Insurance series looks today’s life insurance market, and how insurers can use technology to overcome challenges and capitalize on opportunities.

Support for multichannel access

Today’s customers expect a seamless, multichannel experience. They want information across multiple devices and platforms, anytime and anywhere. Accenture research found that:

  • 84 percent of consumers expect insurers to provide multi-channel access.
  • More than 40 percent of customers in 2010 would choose to do so online.

Simply put, insurers that aren’t prepared to meet these customer expectations are at a severe disadvantage. It’s more critical than ever for customers, vendors and insurance professionals to work together to process insurance seamlessly and efficiently.

Support for advanced analytics

If insurers are tasked with delivering effective multichannel experiences, then they must have capabilities for advanced analytics. By being able to unlock the insight in robust data, they can access predictive models, forecasting and statistical analysis—all important capabilities that can improve customer experiences, enhance business decisions and drive profitable growth.

Support for better customer segmentation

We expect that growth in the insurance industry will be built on a deeper understanding of customers and their needs. This can be done through effective customer segmentation, whether by behavior, needs, preferences or their value to the business. Improving in this area requires a multi-pronged approach that includes strategy, as well as software and technology capabilities.

Most important is an understanding of which customer segments are the most profitable, and an understanding of the root causes of that profitability, enabling insurers the ability to find potentially profitable customers in other segments.

Next week, I’ll focus on how software can help life insurers simplify IT infrastructure, improve data capture and create a more agile organization.

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