This is the last in a four-part series on personal-lines insurance. If you’re just joining us, you’ll want to catch up on the first part of this series:
- Read the Part One: A changing industry requires changing strategies
- Read the Part Two: Keeping up with customer preferences
- Read the Part Three: The online direct model
Diversification is great—but not when it comes to business models. A diversified strategy prevents an insurer from concentrating on its strengths. Accenture’s survey of 4,000 US personal-lines customers has convinced us that insurers need to focus on one of two business models: the online model or the integrated agent model.
In my last post, I explained the capabilities and priorities of the online direct model. This week, I’ll take a closer look at the integrated agent model.
Connecting with customers in new ways
Although there is a strong trend toward direct online sales, the majority of consumers still prefer to deal with agents—but they don’t want to interact with agents the way their parents do. Which means, carriers that wish to compete with an integrated agent model must:
- Drive traffic through their website and social media channels, ultimately connecting digital leads to agents.
- Effectively aggregate and share customer and prospect data to drive a single view of the customer across channels and products, resulting in more sophisticated customer segmentation and the development and implementation of data-driven results.
- Segment their agent base to match agents optimally with customer segments, and train agents to become experts at using online tools and digital media.
- Support the agent channel with an integrated multi-channel communication and interaction strategy that improves agents’ reach and productivity.
Carriers that fail to concentrate their efforts on a primary sales channel will have limited success. But those that have a clear focus and implement decisive measures to support the chosen sales channel will be rewarded with high performance.
To learn more, download Accenture US Personal-Lines Insurance Consumer Survey: What high performance insurers are doing to achieve growth in a dormant market (pdf; opens in a new window).