Like operators in many other industries, insurance companies are feeling economic pain. And they are looking for better ways to market and deliver their services. In large part, insurance companies across the globe are planning to move more operations online.
Insurance companies are responding to the general shift of consumer engagement with the Internet. However, Serge Callet, global managing director of Accenture's Insurance practice cautions that “[c]onsumers are not simply replacing one channel with another, but are diversifying and using more channels than ever for all of their needs.” So insurers need to be cautious with the changes they are making to their business models.
The recently published Accenture study found that insurers will make the following changes in the next few years:
- Make quoting, underwriting, billing, claims and account management available online: 63%
- Develop relationships with independent agents and brokers: 75%
- Develop specialized tools and sales support: 73%
In addition to changing distribution models, these companies are also looking at increasing their investment in mobile commerce. Specifically, insurers expect to:
- Create mobile capabilities 19%
- Improve digital marketing: 34%
- Integrate channels: 36%
Accenture’s findings also indicate that insurers plan to take advantage of the latest technology to market to unique customer segments. About 14% of insurers currently engage in this type of targeting but up to 26% will improve their target marketing capability within the next three years.[Source: Accenture Global Survey Finds Insurers Will Invest $84 Million, on Average, Over the Next Three Years To Improve Distribution Strategy. Accenture. 24 May 2010. Web. 14 Jun. 2010]