Each year, Accenture Technology Labs and Accenture Research collaborate with business and technology specialists to identify the trends that will have the greatest business impact over the next three to five years.
Today, I’d like to focus on the trend that has far-reaching implications for the insurance marketing and distribution function in particular: the Internet of Me.
The Internet of Me
Conceptually, the “Internet of Me” concerns placing the end user at the center of every digital experience. The Internet and the growing role of digital channels have enabled us to personalize our lives—from newsfeeds to movie recommendations, we expect tailored, relevant interactions.
Personalized service from insurers can have many facets: personalized offers based on customer needs, and products they already own; messages that build on previous interactions; and pricing that considers consumers’ behaviors, usage and measures to prevent loss.
The proliferation of connected devices only adds to the push for personalization. Connected devices can enable insurers to understand their customers’ preferences, habits and contexts—what their daily lives look like, and by extension, the types of insurance and related services and products that fit their lives. Tailored, relevant marketing communications can also help change the perception that insurance is a commodity product, and reposition it as part of a hub of services that assists people with their day-to-day lives.
Further, the Accenture Digital Innovation Survey found that 61 percent of insurers have added, or are considering adding non-insurance products to their customer offerings, including loyalty rewards (66 percent), home services (63 percent), lifestyle-based services (56 percent) and services related to motoring needs (53 percent). The goal: to get to know customers better, create more value for them and earn greater loyalty.
To help insurers harness the power of the Internet of Me, our report outlines several steps for a 100-day plan and a one-year plan. Register to download Accenture Technology Vision 2015 for Insurance (PDF).