This document discusses how insurance companies can leverage analytics to improve distribution management and gain a competitive advantage. It notes that competition is intensifying in the insurance industry, forcing companies to strengthen distribution channels. Analytics can optimize distribution efficiency and effectiveness, delivering benefits like increased sales, customer retention, and market growth. The document advocates that insurance firms strategically apply analytics across distribution to modernize channels and create engaging customer experiences.
In producing this research whitepaper Target Group asked 100 marketing
professionals at middle manager level and above working in the insurance
industry (i.e. insurers, underwriters, aggregators and distributors) what
their hopes, plans, fears were for the industry in the future. It became clear
that most felt that an ‘innovation wave’ driven by the four D’s of dynamic
products, distribution patterns, data and disruptive new technology was
on its way and that it would have a signifi cant impact on the future
direction of insurance when it comes to providers, products and routes to
market.
Target’s survey shows that while almost all insurers continue to develop
new products and services, just one in five (19%) consistently bring them
to market quickly enough to keep pace with market change. This is a
dangerous position for an industry on the crest of an “innovation wave”
that could rival that brought by the adoption of the computer in the 1960s.
Telematics, wearable devices, big data, car collision sensors, the Internet
of things: these developments are fundamentally altering the market’s
future. The question is whether they will be led by the existing players in the
industry, or by industry challengers.
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
Marketing Analytics: A Smarter Way for Auto and Home Insurers to Gain Competi...Cognizant
For personal lines carriers, defensive marketing strategies are no longer enough to win and retain customers. Given the industry's questionable returns from past marketing efforts, insurance companies will have to invest wisely and work smarter to take advantage of today's advanced marketing analytics capabilities.
In producing this research whitepaper Target Group asked 100 marketing
professionals at middle manager level and above working in the insurance
industry (i.e. insurers, underwriters, aggregators and distributors) what
their hopes, plans, fears were for the industry in the future. It became clear
that most felt that an ‘innovation wave’ driven by the four D’s of dynamic
products, distribution patterns, data and disruptive new technology was
on its way and that it would have a signifi cant impact on the future
direction of insurance when it comes to providers, products and routes to
market.
Target’s survey shows that while almost all insurers continue to develop
new products and services, just one in five (19%) consistently bring them
to market quickly enough to keep pace with market change. This is a
dangerous position for an industry on the crest of an “innovation wave”
that could rival that brought by the adoption of the computer in the 1960s.
Telematics, wearable devices, big data, car collision sensors, the Internet
of things: these developments are fundamentally altering the market’s
future. The question is whether they will be led by the existing players in the
industry, or by industry challengers.
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
Marketing Analytics: A Smarter Way for Auto and Home Insurers to Gain Competi...Cognizant
For personal lines carriers, defensive marketing strategies are no longer enough to win and retain customers. Given the industry's questionable returns from past marketing efforts, insurance companies will have to invest wisely and work smarter to take advantage of today's advanced marketing analytics capabilities.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
What the hotel industry can teach insurance companies about creating brand loyalty.
For more white papers and webinars, go to http://www.sldesignlounge.com
Or visit us at http://www.sld.com
The economist intelligence unit: Voice of the customer, whose job is it, anywayAidelisa Gutierrez
In what areas should marketing focus investments in order to contribute most to your business in 3 years?
#1 Customer Analytic
#2 Customer Relationship Management
#3 Social Media
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
Mergers & Acquisitions: What Winners Do to Beat the OddsL.E.K. Consulting
Activity in M&A often comes in bursts. As of the second quarter of 2013, the scent is in the air. Company management is flush with cash, bolstered by buoyant share prices, and face slow prospects for organic growth.
But capturing value by creating a whole that is greater than the sum of its parts is risky. Recently, L.E.K. Consulting analyzed the performance of more than 2,500 M&As between 1993 and 2010 – a period that included two boom and bust economic cycles. L.E.K. found that nearly 60% of companies destroyed shareholder value after the deal closed.
In this new Executive Insights, L.E.K. shares how management can overcome common pitfalls to beat the long odds of creating value through mergers and acquisitions. From identifying the right target to synergy valuation to post-merger integration, winners have shown that with the right approach, value through M&A can be found and captured.
Discover how emerging technology themes, enabled by the Internet of Things, are slowly transforming customer lives and allowing insurers to measure and control risks with the World Insurance Report 2016. Using data from over 15,000 customers worldwide, and over 180 executive interviews, the report also reveals that Gen Y customers, with their high digital expectations have held the overall customer experience down.
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
What the hotel industry can teach insurance companies about creating brand loyalty.
For more white papers and webinars, go to http://www.sldesignlounge.com
Or visit us at http://www.sld.com
The economist intelligence unit: Voice of the customer, whose job is it, anywayAidelisa Gutierrez
In what areas should marketing focus investments in order to contribute most to your business in 3 years?
#1 Customer Analytic
#2 Customer Relationship Management
#3 Social Media
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
Mergers & Acquisitions: What Winners Do to Beat the OddsL.E.K. Consulting
Activity in M&A often comes in bursts. As of the second quarter of 2013, the scent is in the air. Company management is flush with cash, bolstered by buoyant share prices, and face slow prospects for organic growth.
But capturing value by creating a whole that is greater than the sum of its parts is risky. Recently, L.E.K. Consulting analyzed the performance of more than 2,500 M&As between 1993 and 2010 – a period that included two boom and bust economic cycles. L.E.K. found that nearly 60% of companies destroyed shareholder value after the deal closed.
In this new Executive Insights, L.E.K. shares how management can overcome common pitfalls to beat the long odds of creating value through mergers and acquisitions. From identifying the right target to synergy valuation to post-merger integration, winners have shown that with the right approach, value through M&A can be found and captured.
Discover how emerging technology themes, enabled by the Internet of Things, are slowly transforming customer lives and allowing insurers to measure and control risks with the World Insurance Report 2016. Using data from over 15,000 customers worldwide, and over 180 executive interviews, the report also reveals that Gen Y customers, with their high digital expectations have held the overall customer experience down.
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Insuring the insurance business with actionable analyticsWNS Global Services
The Insurance Industry is faced with a myriad of challenges such as a need to manage costs better, keep update with stringent regulations and the ever increasing demands from consumers. Analytics can play a vital role in assisting Insurance Executives navigate the technical and operational complexities to accelerate the growth of the industry.
Covering key aspects like Reporting, Descriptive or the advanced Predictive and Prescriptive analytics, this Whitepaper “Insuring the Insurance Business with Actionable Analytics” examines a complete view on how analytics can transform the insurance business to create value for all stakeholders.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
everis 2016 InsurTech study - executive summaryDirk Croenen
everis comprehensive InsurTech study and the role of tech giants, insurance companies & startups. It's all about transforming client's experiences and implementing new disruptive business models, NOT about integrating new tech into existing organizations!
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
The Growth Engine: Superior Customer Experience in InsuranceAlex Singla
A strong customer experience gives insurers a new way to distinguish their brands in competitive markets. But it takes more than developing a mobile app or adding call center staff. It requires significant investments, relentless improvements and collaboration across customer channels and business functions, from distribution and underwriting to claims handling.
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm