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Insurance As A Living Business - Infographic

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Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. Read more: https://www.accenture.com/ca-en/insights/insurance/living-business

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Insurance As A Living Business - Infographic

  1. 1. INSURANCEASA LIVING BUSINESS Insurance carriers can no longer rely on the same methods they used before to attract customers. Instead, they must become living businesses—delivering consistently fast, personalized, and hyper-relevant customer experiences. ACHIEVINGSUSTAINABLE GROWTHTHROUGH HYPER-RELEVANCE Insurers need fluidity and agility to continuously accommodate customers’ ever-evolving needs and circumstances. Our research finds that leaders in sustainable growth are different from their peers in that they: • Have a better understanding of the changing digital needs of customers; • Pivot growth strategies to profitable areas beyond their core business; • Fund new growth by optimizing costs elsewhere. 64% 78% 62% 50% of the times that customers switch brands it’s to seek a more relevant product of consumers would be willing to engage with digital natives for their insurance and banking needs Relevance: an understanding of the dynamic customer context, the provision of innovative products and services that are continually redesigned, and the provision of transformative experiences that reshape the customer’s way of life. $168bn The revenue P&C insurers lost to competitors in 2017 by not being relevant enough in the moment The instances when customers switch from one insurer to another that are driven by a lack of relevance About the 2018 Living Business Survey Research findings based on a survey of more than 1,000 companies across 28 countries, including 137 insurance carriers. CAPABILITIES OF A LIVING BUSINESS LIVING BUSINESSES ARE POSITIONED TO SURVIVE DISRUPTION 3x• Target new opportunities: Launch core and disruptive growth initiatives • Design for customers: Create products and services as hyper-relevant platforms • Build engagement: Develop intelligent marketing and sales experiences • Scale with partners: Expand operations with a broad and new set of ecosystem alliances • Rewire culture: Renovate the workforce with a customer-first mindset The path to continuous growth depends on developing five interdependent sets of capabilities: more likely to achieve above-average revenue and profit growth Living businesses are: more likely to report readiness to weather business cycles and disruption

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