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The Customer-centric Insurer in the Digital Era – Accenture

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Article Synopsis :

Insurers have started to acknowledge that product innovation alone is not enough to spur growth and that it needs to be combined with building new customer-centric strategies around high value digital customers.

 The Digital Insurer reviews Accenture’s Report on The Customer-centric Insurer in the Digital Era

The customer-centric insurer must understand their customers and deliver solutions to match their needs

In the research report “The Customer-centric Insurer in the Digital Era”, Accenture present an approach to planning and executing a successful customer-centric journey for insurers.  They argue customer-centricity is an iterative journey that may have significant impacts on the entire organisation, including its culture and DNA. The report lists the new emerging technology trends that are enabling new consumption models resulting in a new race to customer-centricity:

  • Digital Evolution (Digital Marketing, Social Media, Mobility)
  • Analytics Revolution
  • Cloud Computing
  • Social to Share, to Know and to Co-create
  • Multi-channel Customer Experience (Mobile, Web, Physical)
  • High Demand for Customization

According to Accenture, each customer-centric journey is grounded on five “pillars” and five “digital enablers”. The five pillars are:

  1. Customer listening and understanding
  2. Customer-oriented offering
  3. Multi-modal interaction management
  4. Customer-experience management
  5. Organization redesign and change management

Accenture also highlight that each pillar of the customer-centric journey can be strengthened by new capabilities and the introduction and orchestration of “digital enablers”. These are:

  1. Analytics
  2. Digital marketing
  3. Mobility
  4. Social media
  5. Digital foundations

Digital Insurer's Comments

Customer-centricity in the digital world is synonymous with understanding the changing role of omni-channel customers and responding with digital initiatives based on high-value insight about their behaviour. Today’s customers expect their insurer to be available at all  times, at all  places and across multiple channels and devices.  In light of this new reality, it’s crucial for insurers to evaluate and map customer journeys  and its key components.  There is no doubt that technology will drive delivery and experience, but to achieve true customer-centricity insurers need to have a clear understanding of  customer behaviours and the expectation they have while transacting with them.  While insurers devise their digital transformation strategy, the complexity involved can easily turn their focus away from customers.  Instead, insurers must find a way to integrate digital into every phase of the customer journey or they risk being left behind the competitive curve.

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