Firms must align their insurance technology and marketing strategies

Steps must be taken to align insurance technology and marketing strategies, according to Accenture's insurance lead for the EMEA region Thomas Meyer.

Research by his management consultancy has revealed only 10% of marketing and IT executives believe collaboration is at the right level. Meyer claims that if insurers are to become more customer-centric, however, these functions needed to work much closer together.

Meyer argues a significant transformation exercise will be required to move organisations forward as most insurers are not set up to deliver the segmented tailored experience required by  customers.

“In a world in which everything truly revolves around the customer, the CMO’s voice needs to have more weight,” said Meyer.

“Even more important, the CMO and the CIO need to work much more closely together. If it’s true that every business is now a digital business, and if it’s true that digital insurance is all about greater customer-centricity, then the person handling the technology and the person handling the interface with customer had better be joined at the hip. Everything that marketing does nowadays, from next-generation segmentation to interacting on social platforms, relies heavily on technology.”

In a separate study, Gartner has projected that marketing departments will be spending more on technology and analytics than CIOs by 2017.