digital insurer: 2014 insurance cmo insights survey – accenture
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The Accenture Interactive CMO Insights Survey for 2014 explores the issues insurance CMOs face in an environment of non-stop digital disruption. To learn more visit: www.accenture.com/insurancecmoinsightsTRANSCRIPT
Insurance CMOs: Time for digital transformation or risk being left on the sidelinesHighlights from the Accenture Interactive 2014 Insurance CMO Insights Survey
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About the research
Copyright © 2014 Accenture All rights reserved.
Senior Marketers Includes 38 life insurance and 49
P&C insurance CMOs
Countries Industries
581 11 10
33% Europe, Africa,and Latin America (EALA)
36%North America
31% Asia PacificCountries (APAC)
Global respondent distribution: Countries include:
Australia Brazil Canada China France Germany
Italy Japan Singapore UnitedKingdom
UnitedStates
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Digital Disruption is here and CMOs know it –but are they selling themselves short?
Copyright © 2014 Accenture All rights reserved.
84%
19%
Only
of insurance CMOs believe marketing will undergo fundamental change over the next 5 years, driven by analytics, digital and mobile technologies
of insurance CMOs believe their company will be known as a digital business in 5 years
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A crisis of confidence
Copyright © 2014 Accenture All rights reserved.
Only 53% feel assured that they can meet the performance objectives of their organization,
fewer than their peers in any other surveyed
industry
53% 49%
Mobile is a game-changer: 49% percent of insurance CMOs feel they are using
mobile effectively
Digital budgets will account for more than
75% of insurance marketing budgets in the
next 5 years
75%
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High performers harness digital potential
Copyright © 2014 Accenture All rights reserved.
High performers place great importance on data and analytics:
83% vs. 73%
High-growth insurers find it easier to succeed with digital channels:
41% vs. 27%
High performers believe it’s essential to respond to the changing consumer:
83% vs. 47%
83% 41% 83%
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But customer experience across channels lags behind
Copyright © 2014 Accenture All rights reserved.
74% of insurance CMOs say it’s essential/very important to deliver an effective customer experience but...
35% of the C-suite say the CEO drives digital innovation; 23% the CTO; 22% the CIO; only 1% say it's the CMO
...only 64% think they're doing a good job*
74%
64%
35%
1%* From the EIU survey
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Biggest barriers to digital integration:technology & talent
Copyright © 2014 Accenture All rights reserved.
Insurance marketers’satisfaction with theperformance of theiranalytics capabilities
is only 39%
39%CMOs (across all industries) cite a lack of critical technology or tools1/4
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Digital transformation check list for insurance CMOs
Copyright © 2014 Accenture All rights reserved.
Integrate channels with real-time analytics and then act on insights
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Forge closer working relationships with the rest of the C-suite
Focus on winnable battles in the war on talent1 5
Transform the marketing role as a digital perspective transforms the enterprise
Reorient the marketing operating model and integrate new talent to harness digital innovation
2 6
Invest in agile technologies and cloud-based services
Embrace the full omni-channel customer experience
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