We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byAubrey Dutt
Modified over 2 years ago
The Digital Insurer How Insurers Can Unlock the Digitals Potential May 1, 2014
Copyright © 2014 Accenture All rights reserved. 2 Big Bang Disruption 2Copyright © 2014 Accenture All rights reserved. Disruptive technological innovations have historically started out cheap and simple, gradually improving until they challenged incumbents Today, new products are perfected with a few trial users and then embraced quickly by the market, wiping out incumbents in a flash Regulated industries are especially vulnerable -When the law limits competition, businesses have little incentive to innovate -Once the disrupter finds a way in, the collapse is much more sudden
Customers are willing to adopt of new channels for interacting with their insurers When did you first purchase insurance through the following channels? Channels used for over 2 years Most recent channels 62% Online 38% 60% Retailer 40% 57% Insurance company telephone service 43% 52% Bank 48% 39% Insurance agent 61% 39% Independent agent/ broker 61% 38% Your employer 62% <2 years ago >2 years ago Copyright © 2014 Accenture All rights reserved. 3
The switching economy for insurance is estimated at $400 billion in premium 4 Personal-lines P&C and life insurance worldwide, 2013 Total premiums multiplied by the switching factor Copyright © 2014 Accenture All rights reserved. 4
Digital Business vs. Digitizing the Business Cost/Margin Revenue Today New & New Digitize Processes New & Old Digital Business Feeling Digital Applying new technology to old operations Being Digital Combining new technology with new operations Copyright © 2014 Accenture All rights reserved. 5
Insurers are in the middle of the pack in terms of digital investments and results Results/Benefits Investments Defense Natural Resources Utilities Energy Automotive M&E Retail CG&S Insurance Capital Markets Industrial Equipment Banking AF&TLS Health I&TS Chemicals E&HT Life Sciences Government FY13-17 CAGR at or above average of 14.2% FY13-17 CAGR below average of 14.2% Communications Copyright © 2014 Accenture All rights reserved. 6
Digital high performers in financial services industry outcompete their peers over time 2. Large P&C Company Digital Maturity 8. Very Large Asset Mgmt. Company Market Share % Improvement ( ) Large P&C Company -10%-20%-30%-40%40%10%30%20% High Low Copyright © 2014 Accenture All rights reserved Large Life Insurance Company 14. Large Life Insurance Company
Its time for a different definition of Digital Copyright © 2014 Accenture All rights reserved. 8
Digital technology provides savvy executives with the means to turn technology into business results, innovation and value Digital (adj.): increasing information intensity and connectedness of customer and business resources. Digitize (verb): applying technology to customer and business resources. Digital Business (noun): an organization that incorporates digital technology to create revenue and results via innovative strategies, products, processes and experiences. Human Ability x Capability ^ Information Technology Copyright © 2014 Accenture All rights reserved. 9
Design from the customers perspective outside-in Integrate all channels and customer touch points Execute flawlessly and consistently across touch points Continuously upgrade products and services Make digital core to the business model The challenge is to invent products and services so beloved by customers that they will pay more for them Copyright © 2014 Accenture All rights reserved. 10 Companies that lead in customer satisfaction:
Digital business principles and imperatives Put Outcomes over Processes Start and Finish Outside-In Build Platforms Organize for Change Customer Experience Cross Channel Excellence Operational Simplicity Execution Agility PrinciplesImperatives Copyright © 2014 Accenture All rights reserved. 11
A Roadmap for the Digital Insurer Do the business right Innovative and Transformative Customer Experience Customer Centricity Cross Channel Excellence Operational Simplify Superior Execution Agility Standalone Multi-channel Connected Interactive Digital Claims Underwriting Product Manufacturing Marketing Distribution Policy & Contract Mgmt Copyright © 2014 Accenture All rights reserved. 12
Becoming a Digital Business is different from doing digitized marketing or digitized operations Internal Focus External Focus Digitize Processes Revenue Profit Margin Digitize Channels Digitize Marketing Digitalize Operations Digital Business Digital Transformation Copyright © 2014 Accenture All rights reserved. 13
Three recipes for digital business success Where will organizations write their digital future? Product + Connections = Service Service + Information = Experience Experience + Platform = Outcomes Blackboard: Digitizing Internal Operations Whiteboard: Digitizing External Marketing Tablet: Creating New Value Propositions Copyright © 2014 Accenture All rights reserved. 14
The Digital Insurer: Delivering Exceptional Customer Experiences The Digital Insurer: What does it take to be a Digital Insurer? The Digital Insurer: Accenture 2013 Consumer- Driven Innovation Survey Accenture Thought Leadership Copyright © 2014 Accenture All rights reserved. 15
Supply Chain Management Workshop Buenos Aires, 13 de Agosto de 2004.
1 E-Strategy, Internet Communities, and Global EC.
The B2B Digital Marketing Shift (Presentation of results for a commissioned study conducted by Forrester Consulting on behalf of American Business Media)
CHAPTER 5 THE FIVE GENERIC COMPETITIVE STRATEGIES: WHICH ONE TO EMPLOY?
1 Best Value Business Model W W W. P B S R G. C O M 2 Who we are: PBSRG Overview Established in 1994 to assist clients in improving the.
1 Management must consider both financial and operational performance measures Measures should be linked with company goals and strategy Financial measures.
1 TOURISM AS AN INNOVATION BASED INDUSTRY Abraham Pizam Rosen College of Hospitality Management University of Central Florida Orlando, Florida, USA.
McGraw-Hill/Irwin Copyright © 2008, The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Copyright © 2008 by The McGraw-Hill Companies,
Quality Management and Measurement Multimedia Slides by: Gail A. Mestas, MAcc, New Mexico State University Chapter 11.
1 WIPO - CEDA Sub-regional Symposium on Intellectual Property (IP) For SMEs Suriname - July 18 and 19, 2005 St. Lucia - July 22 and 23, 2005 Jamaica -
Information Systems, Organizations, and Strategy Chapter 1 VIDEO CASES Case 1: National Basketball Association: Competing on Global Delivery with Akamai.
©2006 Barbara C. McNurlin. Published by Pearson Education. 2-1 The Top IS Job Chapter 2 Information Systems Management In Practice 7E McNurlin & Sprague.
1 AMT Presents: Survival and Sustainability Through Customer Service in Unprecedented Times 11:00am May 8, 2009.
Chapter Four Thinking E-Business Design: More Than Technology.
1 Chapter 13 Information Technology Economics. 2 Learning Objectives Identify the major aspects of the economics of information technology. Explain the.
Managing Organizational Structure and Culture McGraw-Hill/Irwin Contemporary Management, 5/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights.
The Role of Relative Valuation Stu Linde November 1, 2006.
The Manager as a Planner and Strategist McGraw-Hill/Irwin Contemporary Management, 5/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved.
Information Systems Planning Chapter 4 Information Systems Management In Practice 7E McNurlin & Sprague PowerPoints prepared by Michael Matthew Visiting.
COPE Update The Pricing Journey Supporting 2014 Strategy through the Transformation Program Kellee Irwin- VP Underwriting October 22,
Chapter 8 Order Management and Customer Service Learning Objectives After reading this chapter, you should be able to do the following: Understand the.
Building Government IT in Northern Ireland LCIOC, London Paul Wickens 05 December 2013.
McGraw-Hill/Irwin Copyright © 2008, The McGraw-Hill Companies, Inc. All rights reserved.
1 Costing 1 Dr. Clive Vlieland-Boddy FCA FCCA MBA.
1 ICS 462 Information Systems Strategy & Implementation 2.1 Analytical Tools in Strategic Management: Strategic Analysis.
Using Advanced Information Technology to Increase Performance McGraw-Hill/Irwin Contemporary Management, 5/e Copyright © 2008 The McGraw-Hill Companies,
BUSINESS SENSITIVE 1 1 Battelle Technology Partnership Practice August 29, 2011 Ohio Third Frontier: Targeting Growth Opportunities for the Next 3 to 5.
© 2016 SlidePlayer.com Inc. All rights reserved.