As insurance customers become more empowered, more demanding and more likely to switch providers, marketing will play a critical role in helping insurers attain their ambitions for growth. However, insurance chief marketing officers need to extend their vision of marketing and its scope, particularly with respect to digital transformation.
Recent survey research conducted by Accenture among chief marketing officers found that many insurance CMOs are facing a crisis of confidence. Facing a volatile market where competition is coming from new rivals, new customers are scarce, and existing customers are increasingly fickle, insurance marketing executives see their marketing functions as ill-equipped to deliver the performance expected of them. Only 53% of respondents are confident that they can meet the performance objectives of their organizations. This was the lowest level of confidence of any of the industries surveyed.
These executives also appear to be challenged to embrace digital transformation: Only 19% believe that their companies will be viewed as digital businesses five years from now.
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