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Go stronger and more competitive from the recession



Insurers continue to face revenue and cost pressures related to COVID-19 but this is not all gloomy news. Let us remember that he is an economic crisis not an economic crown.

Although the insurance industry is financially sound the current economic challenges will require insurance to meet by finding new revenue opportunities and smart ways to reduce costs [1

9659002]. As we note in our report, Strategic games for recovery from recession the most likely scenarios would have this recession anywhere from 8 to 24 months.

Retain customers to increase revenue

Many insurance companies are now trying to increase revenue by rolling ing -out new products and services [19659002] and relocation of exploration and sales to digital channels. Among these shifts, in t it is crucial that insurance companies focus on their unique areas of competitive advantage and on retaining its existing customer s .

On the personal line 's page, existing customers represent the vast majority of business for most insurance companies . These customers expect experiences that make innovative al simple and seamless . A clumsy customer experience can send those who are looking for a more satisfying experience elsewhere.

The best insurers will also look ing for ways to signal to their customers that they understand the battles that many continue to face. Providing customer-friendly offers, such as discounts to those who drive less, can help with customer retention and defend the insurer's first income .

Control costs through structural changes

When economic news looks bad, the answer is often to reduce costs quickly and deeply without considering long-term effects [19659002]. Instead of insurers will want to look at structural cost reduction levers such as third-party expenses, elimination of older technical liabilities and organizational and operational model changed [19659003].

Pandemic forced huge and sudden operational changes when companies went to remote labor operations . M all insurers experienced difficulties with used operational configurations in e process . As a result operational risk and resilience has become major in cost reduction conversations with our insurance customers . [19659008]

No matter what cost control approach an insurance company may take it must be implemented without sacrificing customer experience and compromising customer retention. In digital channels, ompetitors will offer a more seamless and satisfying digital experience just a swipe away.

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Disclaimer: This document is for informational purposes only and does not take into account the reader's specific circumstances and may not reflect recent developments. Accenture disclaims, to the extent permitted by applicable law, any responsibility for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, auditing or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed personnel.


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