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Insurers to invest in improving distribution strategy – Accenture |
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A global survey of 125 insurers by technology and outsourcing company Accenture has found that insurers plan to invest $84 million, on average, over the next three years to improve their multi-channel distribution strategies.  The survey, Accenture says, indicates that insurers will shift investment priorities to mobile technologies, digital marketing, including social media such as Facebook, and channel integration over the next three years. While a limited number of insurers said their current investments are focused on creating mobile capabilities (19%), improving digital marketing (34%), and integrating channels (36%), a much higher %age of insurers are planning or considering investments in creation of mobile capabilities (62%), digital marketing (49%) and integrating channels (44%).Mobile capabilities take advantage of the growing popularity of smart phones, while digital marketing creates opportunities to influence customer choice. Serge Callet, global managing director of Accenture's Insurance practice says that these, though necessary, are not sufficient in today's environment, since consumers are not simply replacing one channel with another, but are diversifying and using more channels than ever for all of their needs. Callet says the challenge facing insurers is to develop a distribution strategy that capitalizes on the strengths of each channel, which will allow them to match the right customers with the right products and services, at the right price, through the right channels. The survey covered senior executives at 125 major insurance companies around the world, equally from life and property and casualty carriers, spanning 25 countries. The telephone survey was designed by Accenture and was conducted by Kadence Ltd. Between December 2009 and April 2010. According to the survey, insurers will increasingly tailor their marketing strategy to specific customer segments, with over a quarter (26%) saying that they will customize their products, promotions, channels, services, and pricing strategies to specific customer segments in the next three years. Only 14 % currently tailor all of these activities by customer segment. "Potential buyers of insurance are changing in numerous ways and their expectations of their providers are increasing steadily, as consumer-service leaders such as Amazon and Apple raise the bar for everyone," said Michael Costonis, executive director of Accenture's Insurance practice in North America. "Insurers are starting to realize that their products should be bought and not just sold. To do this they need to truly understand their customers, and to achieve a level of segmentation that is indispensable for moving from a product-centric to a solution-centric business model. The objective is to create a unique customer experience across all channels." Other interesting findings of the survey are:
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