Like their counterparts in other industries, marketing executives in the insurance industry generally value people who are focused on understanding customers’ needs and expectations and who excel at applying technology to marketing.
For that reason, senior marketers in insurance have succeeded in hiring more talent with digital, analytical and technical skills. But the 2014 Accenture Interactive CMO Insights Survey finds that the impact on the performance of these internal resources varies widely between different marketing capabilities.
The insurance respondents—38 life insurance CMOs and 49 property & casualty insurance CMOs from North and South America, Europe and the Pacific Rim—are not entirely satisfied with the results they’re getting from their internal marketing capabilities.
In customer and digital analytics, where insurers are making more extensive use of internal resources, 39 percent of insurance marketing executives declare themselves to be fairly or completely satisfied.
In content management capabilities, where insurers report more use of external capabilities, 55 percent are satisfied. And when it comes to the customer experience, where insurers are making less use of external resources, 53 percent say they are satisfied.
Insurers are unlikely to achieve complete mastery of every marketing discipline within their own enterprises. They must bear in mind that they are involved in a war for talent—especially for data scientists and analytics experts—with companies both in their own and other industries. Their plans to build and grow internal marketing resources and capabilities must be based on a realistic appraisal of the challenges of attracting and retaining these rare marketing skills.
My colleague, Jean-François Gasc, has also been exploring this research in some blog posts. Read his thoughts here.
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