Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. Read more: https://www.accenture.com/ca-en/insights/insurance/living-business

1. INSURANCEASA
LIVING
BUSINESS
Insurance carriers can no longer rely on the same methods they used before to attract
customers. Instead, they must become living businesses—delivering consistently fast,
personalized, and hyper-relevant customer experiences.
ACHIEVINGSUSTAINABLE
GROWTHTHROUGH
HYPER-RELEVANCE
Insurers need fluidity and agility to continuously
accommodate customers’ ever-evolving needs
and circumstances. Our research finds that
leaders in sustainable growth are different from
their peers in that they:
• Have a better understanding of the changing
digital needs of customers;
• Pivot growth strategies to profitable areas
beyond their core business;
• Fund new growth by optimizing costs elsewhere.
64% 78%
62%
50%
of the times that
customers switch
brands it’s to seek a
more relevant product
of consumers would be
willing to engage with digital
natives for their insurance
and banking needs
Relevance: an understanding
of the dynamic customer
context, the provision of
innovative products and
services that are continually
redesigned, and the
provision of transformative
experiences that reshape the
customer’s way of life.
$168bn
The revenue P&C insurers
lost to competitors in
2017 by not being relevant
enough in the moment
The instances when
customers switch from one
insurer to another that are
driven by a lack of relevance
About the 2018 Living Business Survey
Research findings based on a survey of more than 1,000 companies across 28 countries, including 137 insurance carriers.
CAPABILITIES OF A
LIVING BUSINESS
LIVING BUSINESSES ARE
POSITIONED TO SURVIVE
DISRUPTION
3x• Target new opportunities: Launch core
and disruptive growth initiatives
• Design for customers: Create products
and services as hyper-relevant platforms
• Build engagement: Develop intelligent
marketing and sales experiences
• Scale with partners: Expand operations with
a broad and new set of ecosystem alliances
• Rewire culture: Renovate the workforce
with a customer-first mindset
The path to continuous growth
depends on developing five
interdependent sets of capabilities:
more likely to achieve
above-average revenue
and profit growth
Living businesses are:
more likely to report readiness
to weather business cycles
and disruption