Where does the broker fit in the future of insurance?

Insurance brokers that stubbornly hold onto traditional business models could face being left behind. Profitable growth in the brokerage business is stagnating after 10 consecutive quarters of underlying P&C commercial insurance price declines. Emerging disruptive technologies are changing the way customers interact with insurance, including cutting out the middlemen. Some insurers are already reaping the benefits of this digital transformation. What does the future have in store for brokers?

Continue readingWhere does the broker fit in the future of insurance?

Insurance CMOs need to consider integration of marketing efforts

According to a new Accenture survey, a growing number of insurance chief marketing officers (CMOs) feel they are falling short of meeting their carriers’ growth objectives. Only 53 percent of insurance marketing executives—less than in any other surveyed industry—felt assured they could meet the performance objectives of their organizations.

Continue readingInsurance CMOs need to consider integration of marketing efforts

Focusing on the customer in small commercial insurance

Over the course of this blog series, I’ve examined how experiential research and design thinking can enable insurance carriers to build better customer experiences. I also discussed how our own experiential research, conducted with Fjord, shows that direct carriers are not currently giving small commercial customers what they need and want.

Continue readingFocusing on the customer in small commercial insurance

Human-centered design is the competitive edge in small commercial insurance

In the first two posts in this blog series, I discussed some experiential research from Accenture and Fjord that offers unique insights into the small commercial insurance market. This time, I’ll delve into the methodology we followed to find out from small business owners why they don’t buy commercial cover online.

Continue readingHuman-centered design is the competitive edge in small commercial insurance