In my previous blog post titled ‘Insurers’ need for Consumer-Focused Innovation’ I discussed that traditionally conservative insurers are having to come to terms with two powerful, inter-related trends: ‘Changes in consumer attitudes, perceptions & behavior regarding insurance’ and ‘The rapid emergence & adoption of new technologies which affect insurance’. Together these are forcing insurers to develop new approaches to growth – in particular, to customer acquisition & retention.
Recently the second part of Accenture’s Consumer-Driven Innovation Insurance Survey 2011 was conducted and confirms that many insurers are already experiencing that loyalty has weakened, expectations have risen, and growing numbers of customers expect to switch provider to find what they are looking for.
Loading ...
For decades insurers cherished their reputation for conservatism because individual and corporate customers demanded solidity and constancy from the recipients of their premiums and investments. But things have changed. Today, the more conservative insurers are under threat, and innovation has emerged as the key to future success.
