Article Synopsis :
The insurance industry is going through profound change as insurers have to match the expectation of informed, empowered and dynamic customers. Cutting edge communication technologies and the explosion of information is affecting every facet of business. As high standards of customer service are being set outside insurance sector, customers expect anytime, anywhere, accurate and personalized service getting delivered through multiple channels.
Accenture in its strategic report on digitisation outlines challenges in the path of digitisation and identifies four capabilities insurers will need in order to capitalize on the digital way of doing business:
1. Insurers must achieve cross-channel excellence
2. Insurers must become customer- centric, with the ability to personalize interactions
3. Insurers must strive for operational simplicity
4. Insurers must ensure superior execution combined with agility
The report also presents the roadmap to digital excellence as a four stage process shown below:
Standalone insurer -> Connected insurer -> Interactive insurer -> Holistic multi-channel insurer
Digital Insurer's CommentsInsurers are not equipped yet to respond to the digital challenge, hence opportunities are aplenty for doing business the digital way.
The four capabilities discussed in the report provide a good framework for developing strategy for transformation.
Accenture, in common with most commentators, are emphasising that now is the time for action.
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