Advertisement

http://insurancethoughtleadership.com/wp-content/uploads/2014/04/bg-h1.png

Facebooktwitterredditpinterestlinkedinmail

October 4, 2016

5 Stages on Journey to Personalized Insurance

Summary:

77% of customers are willing to provide usage and behavior data in exchange for lower premiums or tailored coverage recommendations.

Photo Courtesy of

How well do insurers know their customers? Consider Maria, a 30-something woman living in a large city with her fiancé and his two children. Their household income is between $50,000 and $75,000, and they own one vehicle and a three-bedroom townhouse.

Historically, this could have been enough information for an insurer to provide adequate customer service. However, digital disruption has changed many customers’ expectations and how they interact with service providers. Maria and her family would likely respond more favorably to an insurer that knows that her route to work is less dangerous than the average commute, that she is a safe driver who rarely speeds and that the family never leaves the house without setting the alarm.

See also: The Case for Personalization  

Accenture research found that 77% of customers are willing to provide usage and behavior data in exchange for lower premiums, quicker claims settlement or tailored coverage recommendations.

Watch this Insurance Insight of the Week video to learn why it is imperative for insurers to offer a personalized experience.

Five stages to offering more personalized insurance experiences

Leading insurers are beginning to take this approach to deliver more personalized insurance experiences. One major insurer is combining customer profiles, transaction histories and social media data to generate a personalized experience via mobile app. Another is leveraging customer data to create customer microsegments to fine-tune customer retention and cross-selling campaigns.

This much is clear: Existing and emerging digital capabilities will only bolster the push to personalization, and insurers cannot afford to ignore the opportunities provided by personalized services.

Learn more:

description_here

About the Author

Michael Costonis is Accenture’s global insurance lead. He manages the insurance practice across P&C and life, helping clients chart a course through digital disruption and capitalize on the opportunities of a rapidly changing marketplace.

+ READ MORE about this author ...

Like this Post? Share it!

Add a Comment or Ask a Question

blog comments powered by Disqus
Do NOT follow this link or you will be banned from the site!