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This Time It’s Personal: A human approach to profitable growth for insurers

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Article Synopsis :

Customers want to receive a personalised service from their Insurer, just as they have become used to from other providers.

But insurers are struggling to adapt to the changing market conditions and address customers’ expectations while managing high operating costs, legacy systems infrastructure and traditional distribution models, says this paper from Accenture.

 The Digital Insurer reviews Accenture’s Report on This Time It's Personal, A human approach to profitable growth for insurers

Living businesses will outgrow traditional business models 

Forget the old ways

Technology that creates a singular experience for the digital customer, driven by recommendations from artificial intelligence (AI) will create individualised – if not personal – relationships.

This will make insurers more relevant to their customers to deliver more tailored products that meet a client’s specific needs.

Loyalty is dead, trust is low

However, there isn’t the time to build these relationships as in the past. Insurers could rely on customer loyalty slowly – or inertia, take your pick – but now the sector is becoming commoditised and customers seek the lowest price, whether its the right product or not.

Customer loyalty is correspondingly low and more of them are switching more frequently.

Trust is another matter insurers must grapple with.

As shown in the image insurers are trusted by only 29% of UK consumers, though even fewer (21%) trust brokers. Banks have garnered considerably more trust, at 40%.

This is problematic, as knowing and trusting the brand is the single biggest reason a customer takes a purchase.

To rebuild trust and retain customers, insurers must take a customer-centric and data-driven approach to better understand the consumer’s individual needs.

Get capable and get ahead of the pack

Accenture identifies five capability sets that insurers need to become a what it refers to as a ‘living business’. These make an organisation more adaptable to changing market conditions, better able to address customer needs on a personalised basis, and have greater agility to pivot and pursue new growth opportunities

If living business status is achieved, your organisation will outstrip competitors who have been slow to adapt, grow revenue and market share.

Difficult to reach market segments will open up through new digital channels; developing innovative products to address new risks  – these could be from cyber security to increased longevity – and by offering value added solutions, including advisory services, that help customers to manage and reduce their risks.

Digital Insurer's Comments

Much like the Tällt paper in this month’s library [ https://www.the-digital-insurer.com/?post_type=library&p=145205&preview=true], this spells out the need for insurers to move ahead with their digital transformation or else they will be left behind.

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