Enthusiastic about insurance coverage personalization? Work with Accenture

The Accenture Genome affords insurers a method to construct residing buyer profiles that evolve in actual time.

Over this collection, we’ve talked about constructing a enterprise case for insurance coverage personalization and the way the GDPR impacts customized companies. We’ve checked out insurers which might be delighting their prospects with customized experiences and different progressive companies insurers might present throughout all strains and throughout the worth chain. We’ve additionally mentioned why carriers must look past an omnichannel method and the significance of evolution and enrichment to a personalization technique. On this final publish within the collection, we’ll discover how Accenture can assist insurers on their personalization journey.

Construct residing buyer profiles that evolve in actual time

Our analysis exhibits that prospects wish to be handled as distinctive people. Which means insurers must know extra about their prospects than ever earlier than. However how? The Accenture Genome can assist. It’s a platform that permits insurers to create differentiated experiences primarily based on the wants and expectations of particular person prospects. All buyer interactions (comparable to cellular app utilization, e mail responses, social interactions, ballot submissions, in-person occasions attended and extra) include descriptive attributes that make clear prospects’ distinctive preferences, motivations and passions—all of that are used within the creation of a residing profile of a buyer that evolves in actual time.

By combining these residing profiles with superior analytics and AI-enabled instruments, the genome serves as a centralized buyer intelligence to assist drive an orchestrated expertise throughout all personalization platforms, together with advice engines, information administration platforms, guidelines engines, marketing campaign administration platforms and expertise optimization instruments. By way of clever service design the genome also can function the spine for a buyer’s private assistant, private concierge or private shopper, bringing companies that was once a privilege of the rich to each buyer.

Construct a workforce with the best expertise to fulfill buyer expectations

One other problem for insurers desirous to discover customized companies is discovering the best expertise to gather the info, analyze it and develop choices and companies to fulfill buyer wants. At Accenture we provide a variety of consulting and know-how companies by a world community of facilities of excellence—we've hundreds of expert professionals and the flexibility to scale our companies up and down in order that insurers don’t have to rent everlasting workers with extremely specialised expertise.

We helped a European insurer supply customized recommendation—common insurance coverage info, customized suggestions and proactive recommendation triggered by life conditions—through a digital assistant. Accenture created two personas and constructed as-is journeys of a number of life occasions, together with beginning, marriage and job searches, the place insurance coverage turns into most related. The provider’s loyalty and profitability per buyer have improved, leading to an annual bottom-line achieve of 15 % and counting. We additionally helped a big UK insurer use machine studying and analytics to outline pricing and form e mail and outbound therapy methods for a pre-renewal marketing campaign, with a aim of unlocking over £10 million a yr.

Clients need customized insurance coverage. Development-setting insurers are already onboard, understanding that prospects count on to be handled as people with distinctive motivations and wishes, and delighting them with progressive services and products. Insurers that don't embrace personalization danger being left behind.

In case you’re to be taught extra about how Accenture can assist you attain your insurance coverage personalization objectives, please be at liberty to succeed in out to me straight.