According to a recent Accenture study assessing consumer views about the financial services industry, personalization is a critical success differentiator for insurers. This trend toward personalization is replacing the traditional and ineffective way of providing consumers with too many product options and rates.
Traditionally, consumers have had to decide the level of coverage needed, their risk appetite and then assess the adequacy of the rate for each insurance offer all on their own. In the sea of options, consumers have become more receptive to insurance carriers that direct them toward a select number of product offerings and rates responsive to their needs, preferences and financial circumstances.