Digital Insurer: 2014 Insurance CMO Insights Survey – Accenture

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?


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


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


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


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


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


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

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Invest in agile technologies and cloud-based services

Embrace the full omni-channel customer experience

3 7

Digital Insurer: 2014 Insurance CMO Insights Survey – Accenture

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