The need for speed in product rollouts (Part 1 of 2)
There is a positive correlation between product innovation that quickens speed to market and top-line growth. Based on Accenture analysis of carrier product development from 2008 to 2012 (figure 1),...
View ArticleWhat can insurers do to improve product speed to market? (Part 2 of 2)
Accenture’s recent survey of 559 insurance underwriters and product managers highlights the need for insurers to improve product speed to market in ways that drive top-line growth—a point I raised in...
View ArticleLong reign the Independent Agency…with a bit of help (Part 1 of 3)
The independent agency (IA) channel still reigns as the dominant distribution channel in insurance. Accenture’s recent survey of US consumers shows that despite growing interest in digital and other...
View ArticleBecome a preferred carrier (Part 2 of 3)
In my last blog, I identified two important approaches carriers can take to keep the independent agency (IA) channel a viable source of short- and long-term benefit. This blog discusses the first one:...
View ArticleBuild a high-performance agency network (Part 3 of 3)
Along with becoming a preferred carrier (an option I discussed last week), insurers can also create more value in their independent agency (IA) channel by building a high-performance agency network....
View ArticleCritical connection points of the silo-free insurer (Part 1 of 2)
For many years insurance companies have operated as companies within companies, each with its own databases, functions and processes. Such organizational silos no longer serve insurers, particularly in...
View ArticleFocus areas for enhancing business integration (Part 2 of 2)
As I stressed last week, there’s no place for silos in the connected-everything age. There is an opportunity now for insurers to operate in an integrated way, delivering superior customer value while...
View ArticleFour high-potential growth segments for life insurers, Part 1: Baby boomers
To achieve meaningful and expected long-term returns on equity, life insurers in North America would do well to target four key segments that—if given the right focus—can provide substantial growth...
View ArticleHigh-potential growth segments for life insurers, Part 2: Middle market
Similar to the aging population discussed in my last blog post, the middle market is ripe to return growth for insurers that pursue it strategically. Life insurers know the potential of the middle...
View ArticleHigh-potential growth segments for life insurers, Part 3: Millennials
Contrary to popular perception, the more than 80 million Millennials in the US are keen on building and protecting their wealth, and learning how to better position themselves for the future. Recent...
View ArticleHigh-potential growth segments for life insurers, Part 4: Small business...
More than 40 million people work for small businesses—those with less than 100 employees. Yet, only 41 percent of small businesses offer life insurance. Less than 30 percent of small business employees...
View ArticleTuning up the back office
As I discussed in a recent blog series on industry growth, optimizing operating platforms is one of the main hurdles North American life insurers face as they pursue high-potential growth segments....
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