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The Insurance C-suite Needs a Make-over

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The insurance industry is being disrupted by new technologies and new competitors. This should be a time for innovative thinking in response to those threats, but that’s a challenge for many insurers. The talent pools, competencies and ideas in their organizations often look much the same now as they did when today’s C-level leaders entered the workforce.

Future success requires solutions that appeal to the needs of a changing customer base. This is easier with a broad mix of backgrounds, ideas and experiences—starting with the C-suite.

Learn how the insurance c-suite can refresh talent strategies, create new ways of working and reshape culture to unlock innovation at www.accenture.com/InsuranceMakeover.

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The Insurance C-suite Needs a Make-over

  1. 1. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
  2. 2. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. The insurance industry is being disrupted by new technologies and new competitors. This should be a time for innovative thinking in response to these threats, but that’s a challenge for many insurers. INSURERS ARE STUCK IN NEUTRAL
  3. 3. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. Customers are comparing their interactions and experiences not just with other insurers, but every kind of company with which they do business. Insurers are struggling to adapt. INSURANCE CUSTOMERS ARE SPEEDING AHEAD • 96% of insurers indicate that a personalized customer experience is one of their top-five organizational priorities. • Yet, 71% report that, despite an increase in the amount of customer data and insights available, their organizations struggle to fully understand customers’ needs and goals.
  4. 4. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. A LOOK IN THE MIRROR In part, this is because the talent pools, competencies and ideas in their organizations often look much the same now as they did when today’s C-level leaders entered the workforce. That is not a formula for growth.
  5. 5. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. OVERCOMING OBSTACLES TO GROWTH Accenture Strategy believes that a path to stronger innovation and growth starts with the C-suite. • The C-suite remains stubbornly homogeneous. The expectations of insurance customers are changing rapidly and insurers need to adapt. But it’s hard to develop new, personalized experiences for customers when decision makers don’t identify with an increasingly broad and diverse costumer demographic. • Time for change. Until recently, insurers risk-averse culture had served them well. But weighed down by historical processes, lack of knowledge about customers’ desires and a shortage of skills needed for future success, many insurers are slow to respond to rising customer expectations. • A closer look at innovation. Accenture research found that 80% of insurance executives say their company must innovate at a rapid pace to maintain a competitive edge. Yet many executives don’t appreciate that getting innovation past the day-to-day bureaucracy of an organization can be an uphill battle.
  6. 6. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. GETTING SERIOUS ABOUT INNOVATION — AND GROWTH Leading insurers are taking practical steps to infuse diverse ideas and skills throughout their organizations: Build a diverse leadership team. Create an executive team with diverse backgrounds and experiences and review the composition of the board, too. Look through the lens of customer experience. Challenge current processes by looking through the lens of customer experience and value creation. 1 2
  7. 7. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. GETTING SERIOUS ABOUT INNOVATION — AND GROWTH Leading insurers are taking practical steps to infuse diverse ideas and skills throughout their organizations: Make innovation core to the enterprise. Foster an innovative culture with events, processes and actions designed to attract and reinforce diverse thinking. Remove the hurdles to progress. Empower the workforce to learn new skills and adapt so people can embrace innovation and not fear it. 3 4 GETTING SERIOUS ABOUT INNOVATION — AND GROWTH
  8. 8. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. Learn more about making a commitment to a diversity of ideas, experiences and capabilities with our full report: @AccentureStrat Follow us on LinkedIn THE INSURANCE C-SUITE NEEDS A MAKEOVER JOIN THE CONVERSATION:

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