Digitalization can increase sales by as much as 10 to 15 percent.
Our research identified a number of areas in which digital technologies can increase sales. Some of these are depicted in the table below. We then developed a key performance indicator (KPI) for each—the table lists KPIs for the French market.
Our overall conclusion is that by combining all the drivers, digital transformation can increase sales by 10 percent and even more. The most important drivers are cross-channel conversion rates and cross- or up-selling from those traditional channels that represent most of the sales volume.
Increases of this magnitude are made possible by the beneficial compound effect of three associated initiatives to increase customer focus:
- Leveraging technology to allow the insurer to be present at the “moment of truth” when a customer experiences a need.
- Optimizing the dynamic sales process, particularly by using call centers to convert digital sales leads.
- Optimizing sales by using new analytics-based, multi-variable testing technologies to create, among other things, a seamless multi-channel experience and to sell new digital services.
Next time: how does digital transformation help improve profitability?
For more information, download our recent paper, Double the profits: How insurers can create business value from digital transformation.
For more on the case for digital transformation, read the Accenture 2013 Consumer-Driven Innovation Survey. You might also find Four capabilities insurers need on the journey to digital mastery and high performance useful background reading.
Digital levers to increase sales
For more detailed information and key performance indicators (KPIs) for other countries, please contact me.