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Hugh Terry, The Digital Insurer
LIMRA / LOMA Conference : Distribution Strategies in a Digital World
7th November 2014, Shangri-La Hotel, Singapore
DIGITAL THINKING TO TRANSFORM INSURANCE IN ASIA
Discussion agenda
1 Digital trends & the case for change
2 The Digital Advisor – transforming face-to-
face insurance Q&A Session 1
3 New digital models – what’s coming?
Q&A Session 2
2
5 Personal conference objectives
1 Make a positive case for change
3
2 Stimulate debate and discussion
3 Share some perspectives & experience
4 Hopefully help to enhance your thinking
5 Learn more from you – Q&A
Digital trends and the case for change
4
LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore
1
The Digital Revolution: “It will not be televised”
DIGITAL
CONVENIENCE
DIGITAL
CONNECTIVITY
DIGITAL
EXPECTATIONS
Always on
Always there
Universal
Almost free
Access to information
(Google)
Access to each other
(Facebook)
Access through
devices (Apple)
Location-agnostic
(cloud services)
Data “on demand”
Desire for clarity
& simplicity
Dialogue not
monologue
Easy to promote a
product .. And
complain
5
Change, Change, Change….
Two digital “Mega” trends: forces beyond our control
Changing consumer behaviour –
they are more demanding and
looking for a different experience
2
Technology is cheaper and easier to
implement than ever – it is the fulcrum
to meet consumer needs, reduce
operating costs and to change your
culture
1
6
77
A different world
A real-time and rapid
fundamental change in the
way we live
Our Digital World in 2014: every 60 seconds we…
Source: blog.Qmee.com
888
3. Less Trust
in Financial
Services
brands
2. Multi-
channel service
1 Research on-line
and purchase
anywhere
3 changes in customer behaviour: Transforming our industry
Around the world 69% of the online population
researches on-line before purchasing a product or service
15%
8%
19%
27%
23% research online / purchase online 46% research online /purchase offline
Global- % of purchasers who did research online
only before purchasing online
Global- % of purchasers who did research both
online and offline before purchasing online
Base : People who purchased the product / service and are part of the online population
Global- % of purchasers who did research
online only before purchasing online
Global- % of purchasers who did research both
online and offline before purchasing offline
Consumer’s research on-line: …& then purchase anywhere
All Products
Source : www.consumerbarometer2013.com.
10
Is Financial Services different? Not really
Global- % of purchasers who did research online
only before purchasing online
Global- % of purchasers who did research both
online and offline before purchasing online
Global- % of purchasers who did research
online only before purchasing offline
Global- % of purchasers who did research both
online and offline before purchasing offline
14%
6%
25%22%
Source : www.consumerbarometer2013.com. 10
Finance and Real Estate
For Finance and Real Estate it is 67% around the world
11
11
Is Asia different? Not really
In India it is 65% and in China it is 74% for Finance and Real Estate. However, a higher % of
purchases are currently made offline (>2/3rds reflecting face-to-face channel dominance).
Source : www.consumerbarometer2013.com. 11
17% 12%
4%4%
9%
41%
17%
35%
China- % of purchasers who did research online only before
purchasing online
China- % of purchasers who did research both online and offline
before purchasing online
China- % of purchasers who did research online only before
purchasing offline
China- % of purchasers who did research both online and offline
before purchasing online
India- % of purchasers who did research online only before
purchasing online
India- % of purchasers who did research both online and offline
before purchasing online
India- % of purchasers who did research online only before
purchasing offline
India- % of purchasers who did research both online and offline
before purchasing online
Finance & Real Estate
12
12
Multiple sources of information: but digital has won
Source: Swiss Re Sigma 02/14 12
Sources of advice on insurance
Percent of survey respondents
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8
Emerging AsiaDeveloped Asia
Legend:
1. Internet
2. Family friends and colleagues
3. Insurance agent
4. TV
5. Bank
6. Independent financial adviser
7. Internet enabled mobile
phone
8. Social media
13
Welcome to digital customers:
“they are multi-channel”
13
Myth #1: Digital is a new distribution channel
Reality : Digital enables customer (& distributor) engagement
Online
Face To Face
Phone
The multi-channel customer is…
Better informed
More demanding
Uses multiple customer touch
points for both sales & services
Will jump channels at any point –
catch them if you can!
14
14
Source: Swiss Re Sigma 02/14 14
The cross channel journey
”mono” communication channels are going the way of the dinosaur
Online
search
Compare
quotes Browse
reviews
Targeted
advert
Receive quote Check with
friends
Buy online
Text/email
confirmation
Online customer
survey
Fill out on-line
claim request
Post rating and
review
Tweet
review
Like
Renewal
notification
Tweet
review
Referrals to
family/friends
Follow-up call
Buy through
agent
Approach
agent
Product
related call
Request further
information
Report claim
Gather
Information
Seek advise Purchase policy
After sales
service
Make claim
Internet
Mobile
Social media
Agent/broker
Call center
Retail
branch/bank
Note: The red line shows an example buying journey initiated by a mobile advert, and the blue line a purchase experience via
online search.
15
15
15%
By Letter
7%
By Text/SMS
1%
Other
32%
By Phone
24%
In Person
21%
Online/Web
Source ; Ernst & Young Voice of the Insurance Customer – Asia Pacific 2012
Customers are already using multiple touch points
What would be your preferred means of contact from your provider?
Multi-channel service is here today…
16
16Source : McKinsey Study
Customers prefer digital customer service: Telco example
The more digital the journey, the higher the satisfaction (and the lower expenses are)
Channels Customer service journey1 Share of
transactions
Customer
satisfaction,2 %
Traditional
Phone
Vendor
Mail/fax
E-mail
Click to call
Starts Ends
57
Digital
E-chat
Forum
FAQ
Personal account
Virtual assistant
Social media
Traditional
Only
11%
Digital to
Traditional
Traditional
to digital
41%
41%
Digital Only 15%
61
76
62
Digitalonly=+33%overtraditionalonly
1Telecom example, Western Europe; 4 service journeys were identified based on an analysis of 11 touch points spanning traditional and digital channels. For
traditional-to-digital journeys (and voice versa), the first channel switch was used to allocate the journey.
2Respondents who ranked their satisfaction in the top 3 on a 7-point scale, where 7 = most satisfied.
Also > 25% cheaper
Source : MetLife employee benefits trends study (1,400 employee interviews)
Digital demand: across all age groups
Employee interest in
employer providing Gen Y Gen X
Younger
Boomers
Older
Boomers
Online tools 70% 69% 58% 53%
A financial advisor sponsored
by my employer
65% 62% 48% 47%
Financial planning/retirement
webinars via the internet
59% 55% 47% 42%
Advice and guidance from an
expert via telephone
52% 41% 28% 38%
Age definitions: Gen Y :<31,Gen X :32-47,Younger Boomers: 48-56,Older Boomers 57-66
17
1
2
3
4
Source : Edelman 2014 Trust barometer
71% would rather go to the dentist than listen to
what their banks are saying to them
Source: survey by Viacom
We have a Trust
Challenge
18
Trust is at the heart of financial services: and…
78%
69% 67% 64% 64% 61% 59% 55% 55% 52% 49% 48% 48%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Tech Co.1 Pharma
Co.1
Tech Co.2 Food &
Bev Co.1
Food &
Bev Co.2
Energy
Co.1
Energy
Co.2
Food &
Bev Co.3
Pharma
Co.2
Tech Co.3 Food &
Bev Co.4
Pharma
Co.3
Financial
services
industry
Pharma
Co.4
48%
52% 52%
47%
46%
42%
44%
46%
48%
50%
52%
54%
Financial services industry Banks Credit/Payments Insurance Financial advisory/asset
management
3 core strategies
Transform existing face-to-
face models
2
Create or participate in
new models
3
Manage existing models for
profit
1
19
The Digital Advisor: transforming face-to-face
Policy Systems
Advisor
PortalLead/Prospect Management
The Digital Advisor
Business Model
Tablet
LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore
Sales
Opportunities
20
2
Customer Portal / App
Trust is at the
heart of
insurance
Rely on agent relationships
Insurance brand is a hygiene
factor in the sales process
As customer research on-line trust
will need to be developed and
leveraged on-line
Trust must be earned & reinforced at
every interaction/touch point
Great insurance
advisors - always
in demand
Lack of standardization in training,
performance management & coaching
Result : variable quality of advice and
low productivity resulting in high agent
turnover, low policy persistency
When customers research online they
will research their advisors as well….
Less time face-to-face – but no less
important (probably more so)
Insurance advisors need to be more
mobile (digitally & physically)
Digital will transform & standardize key
management processes
Customer
service matters
Nearly 100% reliant on the
advisor
Back office is … back office
Mobile technology provides
opportunities for cost effective
customer service differentiation
Push based communications can be
used to reconnect with customers
Myth #2: Digital changes the way insurance is sold
Reality: Digital strategies must incorporate the fundamentals
Current Agency Paradigm Digital impacts
Back to basics: Digital Advisor strategies need to leverage
insurance fundamentals
21
Customer Portal / App
Policy Systems
Advisor
PortalLead/Prospect Management
Sales
Opportunities
The Digital Advisor
Business Model
Tablet
22
Digital Transformation of face-to face
Digital Opportunities
1. More Leads
2. Better service
3. Better selling
Lead/Prospect Management
Sales
Opportunities
More leads
Managing the sales funnel
Co-partnership models for lead generation
Apps to generate leads from the “digital cafes”
Analytics has an enormous role to play
Get the lead to the right person at the right
time
Lead management systems to manage multiple
leads , measure ROI and promote better
practices
Business outcome:
• More leads
• Better quality leads
23
1
Better customer service
Customer portal/app: An on-line marketing capability for
customer engagement leading to cross sell / up
sell opportunities
1
Build a digital “eco-system” around legacy policy systems to treat customers like customers
2 Customer experience centre: Multi channel customer
support to connect customer interactions – a digitally
assisted customer service revolution (the engine room for
converting “data into business”)
3 Advisor portal: Customer data and advisor performance
at your finger tips
Business outcome:
Building deeper, richer and better relationships with
customers and advisors
Facilitate and co-partners the advisors to better
meet customer needs
Allow “farming” as well as “hunting”
Customer Portal / App
Customer Experience Centre
Policy Systems
Advisor
Portal
24
2
Tablet
Customer Portal / App
Policy Systems
Advisor
PortalLead/Prospect Management
Sales
Opportunities
Tablet
Improved selling
3. “connecting
the eco system”
25
3
Present credentials (materials)
Identify needs
Produce quotes and help to close
Easy proposal submission
Tablet Functionality:
Should be focused on the customer
Must be designed for advisors to connect with
customers
Easy to use with a “wow” factor that encourages
use with clients
Great usability is critical: engage/delight customers
& advisors
Usability is the Key Success Factor
POS Tablet sales toolkits:
“business as usual” in most markets within 53 years?
26
1. Enable lead management & analytics / Predictive
analysis
2. Improved compliance to sales best practice (&
regulatory requirements)
3. Back office productivity from digital proposals
7 OTHER BENEFITS AFTER SUCCESS
POS tablet sales toolkit: easy business case
PRIMARY BENEFIT
Improved Sales effectiveness
through a better customer
experience
MEASURED BY:
High tablet usage from Advisors
Increased sales productivity
per month
• More efficient
• Faster & more accurate (clean policies in a day)
4. Reduced overheads: premises & technology costs
5. Business intelligence
6. Recruitment training (and hiring) tool
7. Platform for more automated underwriting
• Benchmarking data
• Usage data
• “Bigger” data
27
Digital Advisor model:
designed for the multi-channel customer
Online
Multi-Device
Access
“Digitally enhanced”
Insurance
Advisors
Customer Experience
Centre
Face
To
Face
Phone
DIGITALCUSTOMER
ENGAGEMENT
Customer Portal/App
Self - Service
Referrals
Corporate Website
Direct purchase
Support Requests
Digital eco-system
Engaging content
Research tools
DIGITAL
ADVISORS
Customer Facing : Tablet POS Toolkit
Sales Intro & Fact Find
Quote & application
Internal : Advisor Portal
Performance & compensation
Customer data & e-comms
DIGITAL
CUSTOMERSERVICE
Multi-access customer experience centre
Voice/chat/text queries & escalation
Direct Sales : content & calls
Analytics engine room
Lead engine roomSales / Service
Opportunities
28
Leads
50% of leads from digital
engagement activities
Twice as many leads per advisor
Agency KPIs for 2018
The Digital Advisor:
Where should you be 5 years from now?
Insurance
advisors
At least 2-3 times more
productive
50% fewer advisors
100% tablet usage for all new
advisors – core tool for sales
Customer
service
matters
50% reduction in back office staff
But at least a corresponding
increase in customer facing staff
supporting digital service, sales
and lead processes
Digital will transform
agency operating models
29
Digital face-to-face transformation: how to succeed?
Strategic Alignment New Implementation approach
Digital as a transformation opportunity Customer centric (outside in)
The importance of tablet POS toolkits Fast pilot (AGILE)
Comprehensive business case approved Explicit change management
Resources dedicated Distribution owned (?)
Advice: Think about tablet POS toolkits as the “pivot” for your change strategy
Reality: Digital should challenge, and transform, your organisational structure
30
Q&A Session 1
Questions on:
• Digital Transformation of face-to-face insurance
• The trends in this new digital world we live in
• Anything else that is vaguely digital
Q&A Session 1
What characterizes
the difference
between success
and failure for a
Point of Sales Tablet
toolkit
POS tablet Toolkits
How can we
transform
customer service?
Customer service
What is it ? How
will it help
insurers?
Big data
Backup Questions!
32
“New” digital models –what’s coming?
LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore
33
3
Would a new insurer establish a distribution centric model?
Agency Channel
Incumbents have scale
Operations are complex and inefficient
Models don’t deliver value to the consumer on the investment component
Part-time sellers – very hard to manage
Low productivity
Product range is too narrow
Bancassurance
Has a lot of advantages but….
Banks have consistently chosen $$ over customer centricity
Lacks the personal touch on servicing
Technology hard to deploy in banking environment
Agency is a cash cow that needs renewal
Bancassurance is an increasingly expensive game – and banking is going digital
Existing models are ripe for disruption:
A personal view for life insurance industry In Asia
34
There are untapped opportunities
Seriously shopped but didn’t buy life
insurance (10%)
Didn't shop for life insurance (78%)
Seriously shopped and bought life insurance
(12%)
Figure 6
Buyers and non-buyers of life insurance, US households(%), 2011
Can digital Strategies change the paradigm that “life
insurance is sold not bought”?
Source : To Buy not to buy life insurance, LIMRA 2011
Extracted from Swiss Re Sigma 06/13
35
78%
12%
10%
POS Tablet Toolkit drives
agency renewal
10 million connections
on Line
Content anchored on
health & wellness
MULAN mobile
customer service
Direct model exploiting
Airline affinity
Asia’s first dedicated
direct channel
iGenius
content strategy
Digital worksite /
flexible benefits
On-line Life insurance Aggregator model
36
Digital business models: moving beyond theory
7 operating models for Asia: breaking down the value chain
37
Acquire New Customers Selling to Customers Servicing Customers Taking Product Risk
2. Bancassurance InsurerBank
1. Traditional Agency Insurer
3. Digital / Direct Insurer
4. Digital Managing Agents Single Insurer
5. Price Comparison Sites Multiple Insurers
6. Digital IFA Multiple Insurers
7. Digital Affinity Marketing Co. OR
Brand Financial Service Co e.g. TESCO Bank
Multiple ProvidersAffinity Partner
NOWEMERGINGINASIA
Digital / Direct Insurers
Direct Asia
Direct Line
38
3
Life Net
Esurance (All State)
Digital Managing Agents
Beagle Street
Pet Sure
39
4
Mobile Cover
Australian Seniors
Price Comparison Sites
iMoney
Money Supermarket
40
5
Brokerfish
Ins Web
Digital IFA
Life Broker
Unbiased.co.uk
41
6
Cycle Sure
Wealth Wizards
Digital Affinity
Airlines: AirAsia / Tune Insurance
Telco: BIMA
42
7
Worksite: CX Asia
Supermarkets: Coles
Health insurance
Engagement
Higher Relevance
A thought: is life insurance enough in a digital world?
Non - life
Smaller ticket
First to go on-line
Customer acquisition
Customer cross sell
Other
Banking products – credit cards, savings, loans
(reverse bancassurance !)
Loyalty programmes
Customers don’t think about industry structures when they buy on-line
43
The trend to
choice
Digital = customer centricity
The educated consumer
The world of “more perfect” information
How can insurers
react?
Be the best choice
Buy choice based models
Manage choice
Defend existing models
Do we think we can deny customer choice ?
Do we think we can deliver poor value products?
44
Another thought:
embrace customer choice or baton down the hatches?
Recap: which one can you afford to ignore?
Transform existing face-to-
face models
2
45
Create or participate in new
models
3
Manage existing models for
profit
1
46
Concluding:
“business as usual” is the most dangerous path
Be radical
Now is the time to embrace change and start building digital models.
Be cautious
You don’t need to “bet the bank”. Learn from fast and strategically well thought our pilot
projects. Find people with the skills to transform.
Beware
If you don’t utilise digital thinking, plenty of others will continue to do so.
47
Q&A Session 2
How do insurers
need to reorganise
to meet the
challenges of the
digital world?
Org design
Who are the new
entrants to be
most afraid of?
New
entrants
Agility and
insurance don’t
fit well together.
How can that be
changed?
Agility
Backup Questions!
484848
1. Internal demand for a face-to-face makeover: Do you agency and banc sales team recognise the
need to create a new digital face-to-face model
2. Playing as a team: Are all business heads prepared to move from a hierarchical approach to a team
approach?
3. Customers first: Can you align your business around your customers instead of your distributors?
4. Skills deficit acknowledged: Do you recognise you don’t have the skills available internally?
5. Investment in people: are you prepared to invest in new roles?
– Chief content officer
– Chief customer officer
– Distribution technology head
– Head of digital centre of excellence
6. Modern tech: Are you prepared to challenge the Technology status quo?
7. License to innovate: Are your incentives aligned to allow your to build new business models – or are
you tied to short-term targets?
A ready reckoner for change: 7 questions
49
About The Digital Insurer
Contact The Digital Insurer: hugh.terry@the-digital-insurer.com 49
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Digital thinking to transform insurance in Asia by Hugh Terry

  • 1. Hugh Terry, The Digital Insurer LIMRA / LOMA Conference : Distribution Strategies in a Digital World 7th November 2014, Shangri-La Hotel, Singapore DIGITAL THINKING TO TRANSFORM INSURANCE IN ASIA
  • 2. Discussion agenda 1 Digital trends & the case for change 2 The Digital Advisor – transforming face-to- face insurance Q&A Session 1 3 New digital models – what’s coming? Q&A Session 2 2
  • 3. 5 Personal conference objectives 1 Make a positive case for change 3 2 Stimulate debate and discussion 3 Share some perspectives & experience 4 Hopefully help to enhance your thinking 5 Learn more from you – Q&A
  • 4. Digital trends and the case for change 4 LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore 1
  • 5. The Digital Revolution: “It will not be televised” DIGITAL CONVENIENCE DIGITAL CONNECTIVITY DIGITAL EXPECTATIONS Always on Always there Universal Almost free Access to information (Google) Access to each other (Facebook) Access through devices (Apple) Location-agnostic (cloud services) Data “on demand” Desire for clarity & simplicity Dialogue not monologue Easy to promote a product .. And complain 5 Change, Change, Change….
  • 6. Two digital “Mega” trends: forces beyond our control Changing consumer behaviour – they are more demanding and looking for a different experience 2 Technology is cheaper and easier to implement than ever – it is the fulcrum to meet consumer needs, reduce operating costs and to change your culture 1 6
  • 7. 77 A different world A real-time and rapid fundamental change in the way we live Our Digital World in 2014: every 60 seconds we… Source: blog.Qmee.com
  • 8. 888 3. Less Trust in Financial Services brands 2. Multi- channel service 1 Research on-line and purchase anywhere 3 changes in customer behaviour: Transforming our industry
  • 9. Around the world 69% of the online population researches on-line before purchasing a product or service 15% 8% 19% 27% 23% research online / purchase online 46% research online /purchase offline Global- % of purchasers who did research online only before purchasing online Global- % of purchasers who did research both online and offline before purchasing online Base : People who purchased the product / service and are part of the online population Global- % of purchasers who did research online only before purchasing online Global- % of purchasers who did research both online and offline before purchasing offline Consumer’s research on-line: …& then purchase anywhere All Products Source : www.consumerbarometer2013.com.
  • 10. 10 Is Financial Services different? Not really Global- % of purchasers who did research online only before purchasing online Global- % of purchasers who did research both online and offline before purchasing online Global- % of purchasers who did research online only before purchasing offline Global- % of purchasers who did research both online and offline before purchasing offline 14% 6% 25%22% Source : www.consumerbarometer2013.com. 10 Finance and Real Estate For Finance and Real Estate it is 67% around the world
  • 11. 11 11 Is Asia different? Not really In India it is 65% and in China it is 74% for Finance and Real Estate. However, a higher % of purchases are currently made offline (>2/3rds reflecting face-to-face channel dominance). Source : www.consumerbarometer2013.com. 11 17% 12% 4%4% 9% 41% 17% 35% China- % of purchasers who did research online only before purchasing online China- % of purchasers who did research both online and offline before purchasing online China- % of purchasers who did research online only before purchasing offline China- % of purchasers who did research both online and offline before purchasing online India- % of purchasers who did research online only before purchasing online India- % of purchasers who did research both online and offline before purchasing online India- % of purchasers who did research online only before purchasing offline India- % of purchasers who did research both online and offline before purchasing online Finance & Real Estate
  • 12. 12 12 Multiple sources of information: but digital has won Source: Swiss Re Sigma 02/14 12 Sources of advice on insurance Percent of survey respondents 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 Emerging AsiaDeveloped Asia Legend: 1. Internet 2. Family friends and colleagues 3. Insurance agent 4. TV 5. Bank 6. Independent financial adviser 7. Internet enabled mobile phone 8. Social media
  • 13. 13 Welcome to digital customers: “they are multi-channel” 13 Myth #1: Digital is a new distribution channel Reality : Digital enables customer (& distributor) engagement Online Face To Face Phone The multi-channel customer is… Better informed More demanding Uses multiple customer touch points for both sales & services Will jump channels at any point – catch them if you can!
  • 14. 14 14 Source: Swiss Re Sigma 02/14 14 The cross channel journey ”mono” communication channels are going the way of the dinosaur Online search Compare quotes Browse reviews Targeted advert Receive quote Check with friends Buy online Text/email confirmation Online customer survey Fill out on-line claim request Post rating and review Tweet review Like Renewal notification Tweet review Referrals to family/friends Follow-up call Buy through agent Approach agent Product related call Request further information Report claim Gather Information Seek advise Purchase policy After sales service Make claim Internet Mobile Social media Agent/broker Call center Retail branch/bank Note: The red line shows an example buying journey initiated by a mobile advert, and the blue line a purchase experience via online search.
  • 15. 15 15 15% By Letter 7% By Text/SMS 1% Other 32% By Phone 24% In Person 21% Online/Web Source ; Ernst & Young Voice of the Insurance Customer – Asia Pacific 2012 Customers are already using multiple touch points What would be your preferred means of contact from your provider? Multi-channel service is here today…
  • 16. 16 16Source : McKinsey Study Customers prefer digital customer service: Telco example The more digital the journey, the higher the satisfaction (and the lower expenses are) Channels Customer service journey1 Share of transactions Customer satisfaction,2 % Traditional Phone Vendor Mail/fax E-mail Click to call Starts Ends 57 Digital E-chat Forum FAQ Personal account Virtual assistant Social media Traditional Only 11% Digital to Traditional Traditional to digital 41% 41% Digital Only 15% 61 76 62 Digitalonly=+33%overtraditionalonly 1Telecom example, Western Europe; 4 service journeys were identified based on an analysis of 11 touch points spanning traditional and digital channels. For traditional-to-digital journeys (and voice versa), the first channel switch was used to allocate the journey. 2Respondents who ranked their satisfaction in the top 3 on a 7-point scale, where 7 = most satisfied. Also > 25% cheaper
  • 17. Source : MetLife employee benefits trends study (1,400 employee interviews) Digital demand: across all age groups Employee interest in employer providing Gen Y Gen X Younger Boomers Older Boomers Online tools 70% 69% 58% 53% A financial advisor sponsored by my employer 65% 62% 48% 47% Financial planning/retirement webinars via the internet 59% 55% 47% 42% Advice and guidance from an expert via telephone 52% 41% 28% 38% Age definitions: Gen Y :<31,Gen X :32-47,Younger Boomers: 48-56,Older Boomers 57-66 17 1 2 3 4
  • 18. Source : Edelman 2014 Trust barometer 71% would rather go to the dentist than listen to what their banks are saying to them Source: survey by Viacom We have a Trust Challenge 18 Trust is at the heart of financial services: and… 78% 69% 67% 64% 64% 61% 59% 55% 55% 52% 49% 48% 48% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Tech Co.1 Pharma Co.1 Tech Co.2 Food & Bev Co.1 Food & Bev Co.2 Energy Co.1 Energy Co.2 Food & Bev Co.3 Pharma Co.2 Tech Co.3 Food & Bev Co.4 Pharma Co.3 Financial services industry Pharma Co.4 48% 52% 52% 47% 46% 42% 44% 46% 48% 50% 52% 54% Financial services industry Banks Credit/Payments Insurance Financial advisory/asset management
  • 19. 3 core strategies Transform existing face-to- face models 2 Create or participate in new models 3 Manage existing models for profit 1 19
  • 20. The Digital Advisor: transforming face-to-face Policy Systems Advisor PortalLead/Prospect Management The Digital Advisor Business Model Tablet LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore Sales Opportunities 20 2 Customer Portal / App
  • 21. Trust is at the heart of insurance Rely on agent relationships Insurance brand is a hygiene factor in the sales process As customer research on-line trust will need to be developed and leveraged on-line Trust must be earned & reinforced at every interaction/touch point Great insurance advisors - always in demand Lack of standardization in training, performance management & coaching Result : variable quality of advice and low productivity resulting in high agent turnover, low policy persistency When customers research online they will research their advisors as well…. Less time face-to-face – but no less important (probably more so) Insurance advisors need to be more mobile (digitally & physically) Digital will transform & standardize key management processes Customer service matters Nearly 100% reliant on the advisor Back office is … back office Mobile technology provides opportunities for cost effective customer service differentiation Push based communications can be used to reconnect with customers Myth #2: Digital changes the way insurance is sold Reality: Digital strategies must incorporate the fundamentals Current Agency Paradigm Digital impacts Back to basics: Digital Advisor strategies need to leverage insurance fundamentals 21
  • 22. Customer Portal / App Policy Systems Advisor PortalLead/Prospect Management Sales Opportunities The Digital Advisor Business Model Tablet 22 Digital Transformation of face-to face Digital Opportunities 1. More Leads 2. Better service 3. Better selling
  • 23. Lead/Prospect Management Sales Opportunities More leads Managing the sales funnel Co-partnership models for lead generation Apps to generate leads from the “digital cafes” Analytics has an enormous role to play Get the lead to the right person at the right time Lead management systems to manage multiple leads , measure ROI and promote better practices Business outcome: • More leads • Better quality leads 23 1
  • 24. Better customer service Customer portal/app: An on-line marketing capability for customer engagement leading to cross sell / up sell opportunities 1 Build a digital “eco-system” around legacy policy systems to treat customers like customers 2 Customer experience centre: Multi channel customer support to connect customer interactions – a digitally assisted customer service revolution (the engine room for converting “data into business”) 3 Advisor portal: Customer data and advisor performance at your finger tips Business outcome: Building deeper, richer and better relationships with customers and advisors Facilitate and co-partners the advisors to better meet customer needs Allow “farming” as well as “hunting” Customer Portal / App Customer Experience Centre Policy Systems Advisor Portal 24 2 Tablet
  • 25. Customer Portal / App Policy Systems Advisor PortalLead/Prospect Management Sales Opportunities Tablet Improved selling 3. “connecting the eco system” 25 3
  • 26. Present credentials (materials) Identify needs Produce quotes and help to close Easy proposal submission Tablet Functionality: Should be focused on the customer Must be designed for advisors to connect with customers Easy to use with a “wow” factor that encourages use with clients Great usability is critical: engage/delight customers & advisors Usability is the Key Success Factor POS Tablet sales toolkits: “business as usual” in most markets within 53 years? 26
  • 27. 1. Enable lead management & analytics / Predictive analysis 2. Improved compliance to sales best practice (& regulatory requirements) 3. Back office productivity from digital proposals 7 OTHER BENEFITS AFTER SUCCESS POS tablet sales toolkit: easy business case PRIMARY BENEFIT Improved Sales effectiveness through a better customer experience MEASURED BY: High tablet usage from Advisors Increased sales productivity per month • More efficient • Faster & more accurate (clean policies in a day) 4. Reduced overheads: premises & technology costs 5. Business intelligence 6. Recruitment training (and hiring) tool 7. Platform for more automated underwriting • Benchmarking data • Usage data • “Bigger” data 27
  • 28. Digital Advisor model: designed for the multi-channel customer Online Multi-Device Access “Digitally enhanced” Insurance Advisors Customer Experience Centre Face To Face Phone DIGITALCUSTOMER ENGAGEMENT Customer Portal/App Self - Service Referrals Corporate Website Direct purchase Support Requests Digital eco-system Engaging content Research tools DIGITAL ADVISORS Customer Facing : Tablet POS Toolkit Sales Intro & Fact Find Quote & application Internal : Advisor Portal Performance & compensation Customer data & e-comms DIGITAL CUSTOMERSERVICE Multi-access customer experience centre Voice/chat/text queries & escalation Direct Sales : content & calls Analytics engine room Lead engine roomSales / Service Opportunities 28
  • 29. Leads 50% of leads from digital engagement activities Twice as many leads per advisor Agency KPIs for 2018 The Digital Advisor: Where should you be 5 years from now? Insurance advisors At least 2-3 times more productive 50% fewer advisors 100% tablet usage for all new advisors – core tool for sales Customer service matters 50% reduction in back office staff But at least a corresponding increase in customer facing staff supporting digital service, sales and lead processes Digital will transform agency operating models 29
  • 30. Digital face-to-face transformation: how to succeed? Strategic Alignment New Implementation approach Digital as a transformation opportunity Customer centric (outside in) The importance of tablet POS toolkits Fast pilot (AGILE) Comprehensive business case approved Explicit change management Resources dedicated Distribution owned (?) Advice: Think about tablet POS toolkits as the “pivot” for your change strategy Reality: Digital should challenge, and transform, your organisational structure 30
  • 31. Q&A Session 1 Questions on: • Digital Transformation of face-to-face insurance • The trends in this new digital world we live in • Anything else that is vaguely digital
  • 32. Q&A Session 1 What characterizes the difference between success and failure for a Point of Sales Tablet toolkit POS tablet Toolkits How can we transform customer service? Customer service What is it ? How will it help insurers? Big data Backup Questions! 32
  • 33. “New” digital models –what’s coming? LIMRA / LOMA Conference: Distribution Strategies in a Digital World 7th November 2014, Shangri-La, Singapore 33 3
  • 34. Would a new insurer establish a distribution centric model? Agency Channel Incumbents have scale Operations are complex and inefficient Models don’t deliver value to the consumer on the investment component Part-time sellers – very hard to manage Low productivity Product range is too narrow Bancassurance Has a lot of advantages but…. Banks have consistently chosen $$ over customer centricity Lacks the personal touch on servicing Technology hard to deploy in banking environment Agency is a cash cow that needs renewal Bancassurance is an increasingly expensive game – and banking is going digital Existing models are ripe for disruption: A personal view for life insurance industry In Asia 34
  • 35. There are untapped opportunities Seriously shopped but didn’t buy life insurance (10%) Didn't shop for life insurance (78%) Seriously shopped and bought life insurance (12%) Figure 6 Buyers and non-buyers of life insurance, US households(%), 2011 Can digital Strategies change the paradigm that “life insurance is sold not bought”? Source : To Buy not to buy life insurance, LIMRA 2011 Extracted from Swiss Re Sigma 06/13 35 78% 12% 10%
  • 36. POS Tablet Toolkit drives agency renewal 10 million connections on Line Content anchored on health & wellness MULAN mobile customer service Direct model exploiting Airline affinity Asia’s first dedicated direct channel iGenius content strategy Digital worksite / flexible benefits On-line Life insurance Aggregator model 36 Digital business models: moving beyond theory
  • 37. 7 operating models for Asia: breaking down the value chain 37 Acquire New Customers Selling to Customers Servicing Customers Taking Product Risk 2. Bancassurance InsurerBank 1. Traditional Agency Insurer 3. Digital / Direct Insurer 4. Digital Managing Agents Single Insurer 5. Price Comparison Sites Multiple Insurers 6. Digital IFA Multiple Insurers 7. Digital Affinity Marketing Co. OR Brand Financial Service Co e.g. TESCO Bank Multiple ProvidersAffinity Partner NOWEMERGINGINASIA
  • 38. Digital / Direct Insurers Direct Asia Direct Line 38 3 Life Net Esurance (All State)
  • 39. Digital Managing Agents Beagle Street Pet Sure 39 4 Mobile Cover Australian Seniors
  • 40. Price Comparison Sites iMoney Money Supermarket 40 5 Brokerfish Ins Web
  • 42. Digital Affinity Airlines: AirAsia / Tune Insurance Telco: BIMA 42 7 Worksite: CX Asia Supermarkets: Coles
  • 43. Health insurance Engagement Higher Relevance A thought: is life insurance enough in a digital world? Non - life Smaller ticket First to go on-line Customer acquisition Customer cross sell Other Banking products – credit cards, savings, loans (reverse bancassurance !) Loyalty programmes Customers don’t think about industry structures when they buy on-line 43
  • 44. The trend to choice Digital = customer centricity The educated consumer The world of “more perfect” information How can insurers react? Be the best choice Buy choice based models Manage choice Defend existing models Do we think we can deny customer choice ? Do we think we can deliver poor value products? 44 Another thought: embrace customer choice or baton down the hatches?
  • 45. Recap: which one can you afford to ignore? Transform existing face-to- face models 2 45 Create or participate in new models 3 Manage existing models for profit 1
  • 46. 46 Concluding: “business as usual” is the most dangerous path Be radical Now is the time to embrace change and start building digital models. Be cautious You don’t need to “bet the bank”. Learn from fast and strategically well thought our pilot projects. Find people with the skills to transform. Beware If you don’t utilise digital thinking, plenty of others will continue to do so.
  • 47. 47 Q&A Session 2 How do insurers need to reorganise to meet the challenges of the digital world? Org design Who are the new entrants to be most afraid of? New entrants Agility and insurance don’t fit well together. How can that be changed? Agility Backup Questions!
  • 48. 484848 1. Internal demand for a face-to-face makeover: Do you agency and banc sales team recognise the need to create a new digital face-to-face model 2. Playing as a team: Are all business heads prepared to move from a hierarchical approach to a team approach? 3. Customers first: Can you align your business around your customers instead of your distributors? 4. Skills deficit acknowledged: Do you recognise you don’t have the skills available internally? 5. Investment in people: are you prepared to invest in new roles? – Chief content officer – Chief customer officer – Distribution technology head – Head of digital centre of excellence 6. Modern tech: Are you prepared to challenge the Technology status quo? 7. License to innovate: Are your incentives aligned to allow your to build new business models – or are you tied to short-term targets? A ready reckoner for change: 7 questions
  • 49. 49 About The Digital Insurer Contact The Digital Insurer: hugh.terry@the-digital-insurer.com 49 A Forum for professionals interested in digital insurance Thought Leadership • Construction of industry special reports and views • Independent research on digital insurance around the world • Sponsored content on digital insurance • Conference Speaking Digital Insurance Library • Best online knowledge bank on digital insurance • Monthly release of views and summaries • “Curated” – a library with an analysis that summarises the key comments The Tech Guide for Insurance • Asia Pacific’s first dedicated site to connect buyers of Insurance tech with vendors • Making technology more accessible to decision makers Our digital insurance content is free. Join more than 4,000 others @ the-digital-insurer.com