A recent survey carried out by Accenture has revealed that the insurance industry could tap into huge revenue potential only through a deliberate transformation and positioning of the sector.
The survey tagged: Consumer Innovation Survey on Insurance, demonstrated convincingly that insurance customers want relevant, convenient and cost-efficient products that address their buyer values and needs.
The survey showed that the predominant insurance product uptake by 1.5 per cent of the population that is insured is motor value insurance.
Another survey across several geographies indicateed that 67 per cent of customers would consider buying insurance from organisations other than traditional insurance companies, while indicating that insurers must take the offensive, make some bets and take some calculated risks to attract and acquire new customers and to retain the customers they already have.
According to the survey, “The revenue potential that is at play for the insurance industry is significant but will only be realised through deliberate transformation and positioning that enhances all channels and experiences.
“Companies that transform their technologies as well as underlying business models will be equipped to deliver the experiences that customers will increasingly expect and demand. Only true digital transformation at a strategic level will let customers define their own experiences rather than simply provide products for them to buy.”
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