Business Models: High Performance in Insurance (Accenture)
Sunday, 22 May, 2011 Leave a comment
I care about the insurance industry…sad but true!
But, as an industry, it is its own worst enemy. Simultaneously too stupid and too smart for its own good; great at dishing-out advice but not at taking it; far better at talking than at listening. Problem is that the time to listen to customers, commentators and consultants is passing much more quickly than any elements of their “demands” are being applied and meaningful change initiated. So what’s the problem?
It isn’t a lack of financial or human resources and, let’s face it, creating and deploying a credible strategy to rebuild trust has got W-I-N-N-E-R written all over it. Trouble is that, despite the potential rewards, CULTURE REMAINS A MAJOR OBSTACLE TO INNOVATION & MAXIMISING “SOCIAL BUSINESS” OPPORTUNITIES.
...insurers now must blend mature and emerging markets in ways that can optimize their growth and overall performance, and they must incorporate mobile communications and social media into their operations to stay close to customers and protect their brands. Social media, in particular, poses risks, as does entry into emerging markets, aging workforces and increasing volumes of business conducted online. Yet consumers increasingly are demanding online services, as they become more complex and diverse, forcing insurers to develop more actionable segmentation strategies. Intensifying all of this is a competitive landscape in flux, from the return of brokers to the rise of aggregators to more joint ventures and service-based differentiation.