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
Copyright © Action Works 2008 All Rights Reserved - Photos by David D. Kempster 1.
×1= 9 4 1×1= 1 5 8×1= 8 6 7×1= 7 7 8×3= 24.
CALENDAR NEW CALENDAR
I 1. can 2 see 3 A 4 to 5 come 6 my 7 the 8.
TCCI Barometer March “Establishing a reliable tool for monitoring the financial, business and social activity in the Prefecture of Thessaloniki”
Copyright © 2012, Elsevier Inc. All rights Reserved. 1 Chapter 7 Modeling Structure with Blocks.
+21 Economic Expectations Europe December 2013 Indicator > +20 Indicator 0 to +20 Indicator 0 to -20 Indicator < -20 European Union total: +14 Indicator.
Adding Up In Chunks. Category 1 Adding multiples of ten to any number.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY L (exp0711) Overview Mexico India Australia U.K. Study Methodology Overview.
EuroCondens SGB E. Elementy obudowy kotła
B2B Solutions Study Summary Charts June – September 2013.
Simulations The basics for simulations. Simulation is a way to model random events, such that simulated outcomes closely match real-world outcomes. By.
Solving a Sudoku Puzzle By Marlene Walther ATeacherFirst.com.
©2004 by Pearson Education11-1 R.C. Hibbeler Resistência dos Materiais, 5ª ed. 11 – Projetos de Vigas e Eixos.
MaK_Full ahead loaded 1 Alarm Page Directory (F11)
David Burdett May 11, 2004 Package Binding for WS CDL.
C Copyright © 2005, Oracle. All rights reserved. Practice Solutions.
1 Budapest University of Technology and Economics, BME, 1872 Budapest University of Technology and Economics, BME, 1872 Happy New Year 2012.
1 Before Between After 2 What comes before. _____ 10 _____
Unit I Topic 2-7 MAC Protocols for Ad Hoc Wireless Networks Department of Computer Science and Engineering Kalasalingam University 1 CSE 6007 Mobile Ad.
TCCI Barometer September “Establishing a reliable tool for monitoring the financial, business and social activity in the Prefecture of Thessaloniki”
1 of 42 MCQ Chapter of 42 1) The average monthly balance in Tony ʹ s bank account is $650. Tony spends the same amount of money each day during.
Bell Busters! Unit 1 #1-61. Purposes of Government 1. Purposes of government 2. Preamble to the Constitution 3. Domestic tranquility 4. Common defense.
Chapter 11 A Real Intertemporal Model with Investment Copyright © 2014 Pearson Education, Inc.
Lial/Hungerford/Holcomb/Mullins: Mathematics with Applications 11e Finite Mathematics with Applications 11e Copyright ©2015 Pearson Education, Inc. All.
Introduction 1 The Cost of Occupational Fraud 2.
Copyright © 2013 Pearson Education, Inc. All rights reserved Chapter 11 Simple Linear Regression.
Align Business and Information Technology – with SOA Pradeep Nair Director – Software Group (IBM India/SA)
1 INSTALLING "WINDOWS 8.." SO THAT IT CREATES A LOCAL USER ACCOUNT.
Números. Practicar 1,2,3,4,5,6,7,8,9,10 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21 2, 4, 6, 8, 10, 12, 14, 16, 18, 20.
DLMSO Classroom Timer Select a time to count down from the clock above 60 min 45 min 30 min 20 min 15 min 10 min 5 min or less.
Break Time Remaining 10:00. Break Time Remaining 9:59.
1 DIGITAL INTERACTIVE MEDIA Wednesday, October 28, 2009.
Trade Promotion Management Study Summary Charts
PP Test Review Sections 6-1 to 6-6 Mrs. Rivas 1. 2.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 10 A Monetary Intertemporal Model: Money, Prices, and Monetary Policy.
Biology 2 Plant Kingdom Identification Test Review.
BMU – KI III 1 Development of renewable energy sources in Germany in
Chapter 14 Energy Generation in Mitochondria and Chlorplasts Essential Cell Biology Third Edition Copyright © Garland Science 2010.
© Copyright IBM Corporation 2009 IBM Global Business Services Innovation driving strategic choices for P2P Saul Berman Global & Americas Leader, IBM Strategy.
1 Non Deterministic Automata. 2 Alphabet = Nondeterministic Finite Accepter (NFA)
Society of Actuaries Life & Health Insurance Spring Meetings 2003 Individual Disability Insurance Opportunities for Life Insurers Steve Miller Vice President.
Time and Labor Processing Day 1. Exercise #1a. Enter Time – Positive.
1A B C1A B C 2A B C2A B C 3A B C3A B C 4A B C4A B C 5A B C5A B C 6A B C6A B C 7A B C7A B C 8A B C8A B C 9A B C9A B C 10 AA B CBC 11 AA B CBC 12 AA B CBC.
Time for a BREAK! You have 45 Minutes. Time Left 44.
Schutzvermerk nach DIN 34 beachten 05/04/15 Seite 1 Training EPAM and CANopen Basic Solution: Password * * Level 1 Level 2 * Level 3 Password2 IP-Adr.
Charging at 120 and 240 Volts 120-Volt Portable Vehicle Charge Cord 240-Volt Home Charge Unit.
© 2017 SlidePlayer.com Inc. All rights reserved.