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The Digital Insurer How Insurers Can Unlock the Digital’s PotentialMay 1, 2014
Big Bang Disruption 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 Copyright © 2014 Accenture All rights reserved. 2
Customers’ are willing to adopt of new channels for interacting with their insurersWhen 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% Independent agent/ broker Your employer <2 years ago >2 years ago Copyright © 2014 Accenture All rights reserved.
The ‘switching’ economy for insurance is estimated at $400 billion in premiumThe size of the switching economy is estimated as the total of personal-lines property and casualty and life insurance premiums written in a 12-month period multiplied by the percentage of customers who reported they are likely to switch providers in “the next 12 months.” For P&C insurance the definition of switching is cancelling or not renewing a contract with one provider and initiating a new contract with another. For life insurance the definition is cancelling or stopping contributions to a contract with one provider and initiating a new contract with another provider. Investment policies held with life insurers are excluded from the calculation. 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 BusinessRevenue Being Digital Combining new technology with new operations New & New Feeling Digital Applying new technology to old operations Digital Business Today New & Old Digitize Processes Cost/Margin Copyright © 2014 Accenture All rights reserved.
Insurers are in the middle of the pack in terms of digital investments and resultsResults/Benefits 3.4 3.3 3.2 3.1 3.0 2.9 2.8 2.7 2.6 2.5 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 1.5 Communications Life Sciences Government Banking Utilities E&HT AF&TLS Chemicals Industrial Equipment Health I&TS Automotive CG&S Capital Markets Energy Insurance Retail M&E Natural Resources FY13-17 CAGR at or above average of 14.2% FY13-17 CAGR below average of 14.2% Defense 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 Investments Copyright © 2014 Accenture All rights reserved.
Digital high performers in financial services industry outcompete their peers over timeDigital Maturity High 8. Very Large Asset Mgmt. Company 3. 1. Large P&C Company 6. 2. Large P&C Company 4. Low -40% A number of digital high performers have improved their market share 10% - 40% Some financial services providers with lagging digital maturity have experienced 10% to 20% declines in market share -30% -20% -10% 10% 20% 30% 40% 5. 14. Large Life Insurance Company 10. 13. Large Life Insurance Company 7. Market Share % Improvement ( ) Copyright © 2014 Accenture All rights reserved.
Its time for a different definition of DigitalCopyright © 2014 Accenture All rights reserved.
Human Ability x Capability^InformationDigital technology provides savvy executives with the means to turn technology into business results, innovation and value Human Ability x Capability^Information Technology 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. Copyright © 2014 Accenture All rights reserved.
The challenge is to invent products and services so beloved by customers that they will pay more for them Companies that lead in customer satisfaction: Design from the customer’s 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 Copyright © 2014 Accenture All rights reserved.
Digital business principles and imperativesPut Outcomes over Processes Start and Finish Outside-In Build Platforms Organize for Change Customer Experience Cross Channel Excellence Operational Simplicity Execution Agility Copyright © 2014 Accenture All rights reserved.
A Roadmap for the Digital InsurerCustomer Centricity Cross Channel Excellence Operational Simplify Superior Execution Agility Standalone Multi-channel Connected Interactive Digital Claims Underwriting Product Manufacturing Marketing Distribution Policy & Contract Mgmt Do the business right Innovative and Transformative Customer Experience Copyright © 2014 Accenture All rights reserved.
Becoming a Digital Business is different from doing digitized marketing or digitized operationsInternal Focus External Focus Digitize Processes Revenue Profit Margin Digitize Channels Digitize Marketing Digitalize Operations Digital Business Digital Transformation Copyright © 2014 Accenture All rights reserved.
Three recipes for digital business successWhere 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.
Accenture Thought LeadershipThe 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 Copyright © 2014 Accenture All rights reserved.
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