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Insurance, what’s next?
June 2015
Agenda
1. Introduction
2. Move to digital
3. Broker social
4. The challenges
5. More than price
6. Innovation
7. Roadmap
2
3
Introduction
4
HeathWallace
Creative and user centric cross
channel solutions
Effective use of technology to
empower clients
Highly scalable and robust
delivery methods
Expertise in financial services
______________________
Founded in 2001
Create solutions that offer their
customers an immersive, rich
and rewarding experience
Joined WPP in 2008
150 people, 8 offices,
£12.5million annual turnover
4
5
Move to digital
Share of individuals who
purchased insurance policies
or shares online in Great Britain
in 2014, by age and gender
Source: Office for National Statistics (UK)
25%
18%
13%
28%
29%
28%
21%
9%
0.0% 10.0% 20.0% 30.0% 40.0%
Men
Women
16-24
25-34
35-44
45-54
55-64
65+
Share of respondents
6
7
Move to digital
• By 2020 Millennials will be the majority generation in the workforce.
• They are incredibly digital averaging 96 hours per week online.
• “Why can’t I just do this online.”
• The challenge will be moving them from the research phase (browsing) into
purchase.
• Millennials are prepared to be involved and make an experience work better
for them.
8
Leading Sources that
Influence Insurance
Purchasing Decisions Among
UK Millennial Internet Users,
March 2015
Note: ages 18-34 who have purchased or plan to
purchase insurance
Source: Pegasystems and Capgemini, ‘’Born
Yesterday: Will Millennials Disrupt the Insurance
Industry?’’ conducted by Decode, May 14, 2015
51%
48%
27%
24%
Comparison website
Searching online
Word-of-mouth from friends
Parents' recommendations
% of respondents
9
Important Factors When Selecting Insurance Among UK
Millennial Internet Users, March 2015
Note: ages 18-34 who have purchased or plan to purchase insurance
Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Milennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015
70%
46%
40%
25%
21%
19%
Cost
Reputation
Ease of purchase
Availability of real people to talk to at an Insurer
Brand
Quality of digital services
% of respondents
To hear more, please contact marketing at
Kelly.harris@heathwallace.com
10
Thank you
www.heathwallace.comp @heathwallace

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Digital innovation in the insurance sector

  • 2. Agenda 1. Introduction 2. Move to digital 3. Broker social 4. The challenges 5. More than price 6. Innovation 7. Roadmap 2
  • 4. 4 HeathWallace Creative and user centric cross channel solutions Effective use of technology to empower clients Highly scalable and robust delivery methods Expertise in financial services ______________________ Founded in 2001 Create solutions that offer their customers an immersive, rich and rewarding experience Joined WPP in 2008 150 people, 8 offices, £12.5million annual turnover 4
  • 6. Share of individuals who purchased insurance policies or shares online in Great Britain in 2014, by age and gender Source: Office for National Statistics (UK) 25% 18% 13% 28% 29% 28% 21% 9% 0.0% 10.0% 20.0% 30.0% 40.0% Men Women 16-24 25-34 35-44 45-54 55-64 65+ Share of respondents 6
  • 7. 7 Move to digital • By 2020 Millennials will be the majority generation in the workforce. • They are incredibly digital averaging 96 hours per week online. • “Why can’t I just do this online.” • The challenge will be moving them from the research phase (browsing) into purchase. • Millennials are prepared to be involved and make an experience work better for them.
  • 8. 8 Leading Sources that Influence Insurance Purchasing Decisions Among UK Millennial Internet Users, March 2015 Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Millennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015 51% 48% 27% 24% Comparison website Searching online Word-of-mouth from friends Parents' recommendations % of respondents
  • 9. 9 Important Factors When Selecting Insurance Among UK Millennial Internet Users, March 2015 Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Milennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015 70% 46% 40% 25% 21% 19% Cost Reputation Ease of purchase Availability of real people to talk to at an Insurer Brand Quality of digital services % of respondents
  • 10. To hear more, please contact marketing at Kelly.harris@heathwallace.com 10

Notes de l'éditeur

  1. Move to digital – audiences increasingly purchasing insurance online, watch out for the Millennial! The marketing challenge – compliance & legal, innovation, UX initiatives… More than price – the landscape is still dominated by price, and its often the only thing we give a consumer to go on. How can we change this paradigm? How should we shift the relationship model? Broker social – brokers are embracing social media, where’s this heading? Innovation – this has been key in other sectors opening up new value streams and sometimes creating new service paradigms. Roadmap – what’s the best path for insurance businesses to take?