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IIS 50 th Annual Seminar Research Panel: The Digital Insurer www.pwc.com/insurance June 2014.

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Presentation on theme: "IIS 50 th Annual Seminar Research Panel: The Digital Insurer www.pwc.com/insurance June 2014."— Presentation transcript:

1 IIS 50 th Annual Seminar Research Panel: The Digital Insurer June 2014

2 Introduction & Welcome David Law PwC Global Leader - Insurance Slide 2 June 2014

3 PwC The future isn’t what it used to be The environment in which executives have spent most, if not all, of their careers is changing Slide 3 June 2014 Future of Insurance 2020

4 PwC Change can be assessed across five key factors… STEEP drivers Slide 4 June 2014 Future of Insurance 2020

5 PwC Insurance 2020 : The digital prize - taking customer connection to a new level 5 June 2014 …across a range of ages, genders and income groups across the G7 and E7 economies 9, …to understand changing attitudes and expectations customers countries Future of Insurance 2020

6 Introducing The Panel Slide 6 June 2014

7 PwC Introducing The Panel Future of Insurance Paul Jardine Chief Operating Officer Catlin Danny van der Eijk Executive Board Member Eureko Stephen Pendry Senior Director – Financial Services Industry Salesforce.com Michael Spiteri Partner PwC

8 79% Of smartphone users are using devices to shop at least once a month CMOs will spend more money on technology than CIOs. By 2017 Predicted number of connected devices by the year Billion higher revenue growth forecast for companies who prioritize innovation to a greater extent than their peers. 10 % Behind every device every app every sensor is a customer

9 PwC We have observed a rapid shift in customer expectations for some time now …. 9 64% of shoppers read customer reviews always or most of the time before making a purchase decision Easy access to research and data will expose efforts to mislead and enable comparison to your competitors; transparency and authenticity are required 50% of UK mass market, wealth and private banking clients use social media at least once a day Vehicles for communicating experiences with your brand – both good and bad – are ubiquitous and free, and your customers are not shy about voicing them 90% of consumers trust recommendations from people they know 71% of consumers would pay more for good customer service 85% of UK shoppers would go out of their way to use a company that offered better service Brand loyalty has been replaced by peer conversations and other social media interactions; those who fail to participate risk being sidelined Undifferentiated products and services, lack of loyalty, easy access to alternatives and low barriers to defection mandate extra effort to retain your customers Expectations are being shaped by experiences outside of your industry, where content, interactions and features may be much richer and more compelling Brand loyalty has been replaced by peer conversations and other social media interactions; those who fail to participate risk being sidelined Undifferentiated products and services, lack of loyalty, easy access to alternatives and low barriers to defection mandate extra effort to retain your customers... trust their peers... are informed... have choices... have a voice... expect more

10 PwC New and different types of customer behaviours are here to stay – A decade of disruption Traditional consumer TransitionalsDigital Natives

11 PwC Digital as the disruptor and driver …. 11 Drive deeper, longer lasting and contextualised relationships Winning by offering added value services and products and disrupting the increasing competition Greater trust and confidence though pro-active customer and data management

12 PwC Using the customer research to identify what to do next …. 12 How you can get up to speed? What’s holding businesses back? How to add value? Where is it all headed?

13 PwC Panel Discussion: 1.The insurance market is becoming more digitally mature yet only 26% policies are purchased online. What are the main obstacles to increasing this figure? 13

14 PwC Panel Discussion: 2.Customers demand greater levels of access, a more personalised service and greater online access. What are the main obstacles to insurance players meeting these growing customer demands? 14

15 PwC Panel Discussion: 3.How can insurers build trust with customers and encourage them to provide additional data that deepens the relationship between the insurer and the insured? 15

16 PwC Panel Discussion: 4.Your fiercest competitor of the future may not just be the traditional insurance players. How disruptive do you view the threat of new market entrants? 16

17 Q&A Slide 17 June 2014 PwC

18 In Summary – 5 things to remember….. Future of Insurance )No one knows what the winning bets are so learn fast 2) Fail quickly, fail cheaply 3) ‘Test and refine’ is more important than ‘plan and design’ 4) Do something different – you’ve not got long! 5) Focus on the customer…

19 Thank you Slide 19 June 2014 PwC

20 PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See for more information. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2014 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or PwCIL in any way.HB8763


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