Select the precise digital investments for the most effective return
Lots of Insurance manager we talk to wants to know Which of your digital investments deliver a return-and Which are not. Find out, Accenture analyzed public innovation announcements in the past five years of the summit 30 insurers according to total premium volume in all major markets worldwide.
Our analysis found a high correlation between insurer with strong performance in terms of sales, net income and market valuation and this who has invested in two Types of innovations:
- distribution:: D.digitization, automation or capability Innovations when selling insurance products through direct channels, intermediaries or ecosystem partners.
- Customer experience:: D.digitization, automation or capability Innovations in Customer communications, Quoting and concluding a contract (e.g., Price transparency, automated offer, seamless contract conclusion), policy management and payment (e.g., Policy portals, omni-channel payment infrastructure), incident support infrastructure (24-hour emergency services and network functions) and claims.
The Impact of Innovations in Customer Experiences was the Most pronounced in North America, a highly consolidated market in which the top 10 private insurers hold 70 percent of Market share. In this Surroundingsif you want to sit down a part, insurer Got to Gain customer trust and offer a consistently good customer experience Every step of the way, from the first customer contact to the Expectations handling. You also need to expand sales to new markets and about new Channels.
Why do we think insurers should focus on investing? authorize Insurance agents
While there is innumerable Ways to packe Sales and the customer experience with innovation investments, we think Insurers should focus first her Investments when activating trapped and independent insurance Agents in digital Age.
Even with the rise in direct selling aGentlemen play a role role as the main business driver of the insurance companyand we don’t see that change anytime soon. she build personal relationships with customers that build trust, you are expected deliver above– –notch Customer experiences and you are excited about Expand sales in untapped markets. But to meet their true potential– –especially amid the COVID-19 pandemic, With virtual selling a necessity– –Agents need insurer to Invest in digital innovations that will help them do what they do best.
above Agents integrate four dimensions into their work:
- Growth seeker
authorization Agents about the four Dimensions will Help she to better serve the business and its customers. And it will Boost insurer‘ Profitability and performance.
In the following posts we have‘I’ll check out each of them agent Dimensions in turn to see where digital investments can add the most value.
In the meantime, if you want to learn more about our research on digital innovation, check out our report: Whalsois this pAyback up digital Innovation in Insurance?