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Capturing the insurance customer of tomorrow

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Capturing the insurance customer of tomorrow

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Learn how digital capabilities can help insurers adapt to changing customer expectations in this new "always on", personalized environment. To learn more visit: www.accenture.com/insurancecustomeroftomorrow

Learn how digital capabilities can help insurers adapt to changing customer expectations in this new "always on", personalized environment. To learn more visit: www.accenture.com/insurancecustomeroftomorrow

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Capturing the insurance customer of tomorrow

  1. 1. Three key questions to guide success Capturing the insurance customer of tomorrow
  2. 2. Copyright © 2015 Accenture All rights reserved. 2 Today’s insurance customer More empowered More social Higher expectations Significantly different buying habits
  3. 3. Copyright © 2015 Accenture All rights reserved. 3 Impact of new customer profile Accenture Research Loyalty has declined Likelihood of switching providers has risen Huge switching economy has emerged • Only 29% of customers highly satisfied with providers • Only 15% sure to buy more from incumbent providers • $470 billion of personal-lines life and P&C premiums in play worldwide in 2014
  4. 4. Copyright © 2015 Accenture All rights reserved. 4 Winners in the new switching economy Companies that exploit digital technologies and convert innovation into: Customer insight Mass personalization Hyperscale Interconnectedness Operational efficiency Agility
  5. 5. Copyright © 2015 Accenture All rights reserved. 5 Stark choice for insurers Embrace digital technology and customer-centricity Move out of distribution to focus on manufacturing Maintain the status quo—the least likely option to succeed
  6. 6. Copyright © 2015 Accenture All rights reserved. 6 Formidable challenges lie ahead Three key questions can guide insurers to success as they adapt to changing customers, an evolving competitive landscape and transformative technologies: How far and how fast should they proceed to customer-centricity? What does it take to become a Digital Transformer? What role can they play in a larger service ecosystem? Q.1 Q.2 Q.3
  7. 7. 7 QUESTION 1: HOW FAR AND HOW FAST SHOULD INSURERS PROCEED TO CUSTOMER-CENTRICITY?
  8. 8. Copyright © 2015 Accenture All rights reserved. 8 How far and how fast should insurers proceed to customer-centricity? of P&C insurance customers believe most carriers’ products and services are the same Q.1 A 7% increase in one year Helps explain why price is the main reason customers switch carriers 48% included pricing in top three reasons they switch 21% Value for money ranked second 38% included it in top three reasons they switch
  9. 9. Copyright © 2015 Accenture All rights reserved. 9 How far and how fast should insurers proceed to customer-centricity? Digital Transformers—a minority of insurers— put customers at the center of their business Q.1 Only 56% of Digital Followers have taken the same measures 82% of Digital Transformers: – Invest in digital channels & technology for customer-centricity – Provide tailored offerings
  10. 10. Copyright © 2015 Accenture All rights reserved. 10 How far and how fast should insurers proceed to customer-centricity? Most carriers know they need to improve: Q.1 • Look at partnering with companies outside the insurance industry • Form or join an ecosystem • Offer a broader range of products & services • Customer understanding & segmentation • Tailored propositions to various segments • Strength of their multi-channel capabilities To provide what customers value they should:
  11. 11. Copyright © 2015 Accenture All rights reserved. 11 How far and how fast should insurers proceed to customer-centricity?Q.1 But only 27% of consumers have a high estimation of insurers’ trustworthiness • Build customer trust by: – Providing added value – Communicating regularly
  12. 12. 12 QUESTION 2: WHAT DOES IT TAKE TO BECOME A DIGITAL TRANSFORMER?
  13. 13. Copyright © 2015 Accenture All rights reserved. 13 What does it take to become a Digital Transformer?Q.2 ANSWER: A holistic approach to digital transformation that looks: • Beyond insurance • Outside of the enterprise
  14. 14. Copyright © 2015 Accenture All rights reserved. 14 What does it take to become a Digital Transformer?Q.2 23% 47% 15% of customers would buy insurance online want more online interactions with insurers Are satisfied with their provider’s digital experience
  15. 15. Copyright © 2015 Accenture All rights reserved. 15 What does it take to become a Digital Transformer?Q.2 83% 59% 57% of insurers believe digital technologies will transform their customer interactions expect challenges from online service providers expect challenges from aggregators
  16. 16. Copyright © 2015 Accenture All rights reserved. 16 What does it take to become a digital transformer?Q.2 The sweet spot where customer and business value intersect Where Digital Transformers focus their digital investments
  17. 17. Copyright © 2015 Accenture All rights reserved. 17 What does it take to become a Digital Transformer?Q.2 Three characteristics of a Digital Transformer VIEW DIGITAL TECHNOLOGY AS A CATALYST FOR TRANSFORMATION • Not only for doing the same things better • An avenue to new sources of customer value CREATE DIGITAL VALUE PROPOSITIONS • Often part of a larger ecosystem • Used to strengthen various relationships ESTABLISH A HOLISTIC BUSINESS STRATEGY • Digital strategy spans the insurance value chain • All digital technology explored to emulate successful online giants
  18. 18. 18 QUESTION 3: What role can you play in a larger service ecosystem?
  19. 19. Copyright © 2015 Accenture All rights reserved. 19 What role can you play in a larger service ecosystem?Q.3 Create an ecosystem? -OR- Take a supporting role? Insurer is better placed to secure a leading role for itself A supporting role in an established, stronger ecosystem might yield better results for the insurer and its customers But the more sophisticated an insurer’s digital capabilities are, the stronger its position will be in any ecosystem
  20. 20. Copyright © 2015 Accenture All rights reserved. 20 • 49% of P&C customers worldwide purchased coverage online – 41% used mobile devices • 59% of emerging-market customers purchased online – 69% used mobile devices • 72% of insurers have formed or plan a new distribution partnership soon What role can you play in a larger service ecosystem?Q.3 Three factors reinforce an insurer’s ecosystem role 1. Improving distribution capabilities
  21. 21. Copyright © 2015 Accenture All rights reserved. 21 • Create customized offerings • Provide seamless, omni-channel marketing, sales & service experiences • Tie it all together with digital technology • 61% of insurers exploring possibilities within an ecosystem What role can you play in a larger service ecosystem?Q.3 Three factors reinforce an insurer’s ecosystem role 2. Offering adjacent non-insurance products & services
  22. 22. Copyright © 2015 Accenture All rights reserved. 22 • A skilled insurance workforce, aware of customer needs, drives satisfaction • Digital technology already meets simple customer needs • The bar is higher for meeting more complex customer needs • 43% of insurers have acquired or plan acquisitions to build new digital capabilities What role can you play in a larger service ecosystem?Q.3 Three factors reinforce an insurer’s ecosystem role 3. Introducing new skills
  23. 23. www.accenture.com/insurancecustomeroftomorrow For more information visit:

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