Accenture Australia - The Digital P&C Insurer

53 %
47 %
Information about Accenture Australia - The Digital P&C Insurer
Business & Mgmt

Published on March 4, 2014

Author: digitalinsurance

Source: slideshare.net

The Digital Insurer Andy Parton Head of General Insurance, Accenture Australia

The Decathlon Copyright © 2013 Accenture All rights reserved. 2

What is the Digital Insurer? The future of Insurance is digital The ‘Analytic’ Insurer “Richer insights and smarter decisions to enable better outcomes” The ‘Connected’ Insurer “Reinventing the customer experience” The ‘Agile’ Insurer “Staying one step ahead” Copyright © 2013 Accenture All rights reserved. 3

The Digital Decathlon A ten point plan for the Digital Insurer 1. Asking the right questions, getting the right data Analytic 2. Wiring analytics into core processes & decision-making 3. Customising & personalising products and services 4. Anticipating possible or likely changes Agile 5. Analysing anomalies, trends, competitor moves 6. Responding faster than competitors 7. Adapting to changes when they happen 8. Putting the customer at the heart of business Connected 9. Connect personally & emotionally 10. Stay in tune as things change Copyright © 2013 Accenture All rights reserved. 4

The ‘Analytic’ Insurer Richer insights and smarter decisions to enable better outcomes 1. Asking the right questions, getting the right data 2. Wiring analytics into core processes and decisionmaking 3. Customising and personalising products and services Copyright © 2013 Accenture All rights reserved. 5

The ‘Analytic’ Insurer Accenture Digital Optimiser – Online Conversion Optimisation - eBay Case Study 4,096 Unique Page Combinations Tested 17.2% increase in conversion rates Copyright © 2013 Accenture All rights reserved. 6

The ‘Analytic’ Insurer Richer insights and smarter decisions to enable better outcomes 1. Asking the right questions, getting the right data 2. Wiring analytics into core processes & decision-making 3. Customising and personalising products & services Copyright © 2013 Accenture All rights reserved. 7

The ‘Analytic’ Insurer Capability example – Claims Fraud Analytics • Insurer Claims Data loaded into service model - data cleansed and transformed • Analytic model developed – rules, anomaly detection, predictive models, social network analysis • Alerts generated and delivered to Insurer • Bundled offering including license, hosting and services – opex based model aligned to benefits Copyright © 2013 Accenture All rights reserved. 8

The ‘Analytic’ Insurer Richer insights and smarter decisions to enable better outcomes 1. Asking the right questions, getting the right data 2. Wiring analytics into core processes & decision-making 3. Customising and personalising products & services Copyright © 2013 Accenture All rights reserved. 9

The ‘Agile’ Insurer Staying one step ahead 4. Anticipating possible or likely changes 5. Analysing anomalies, trends, competitor moves 6. Responding faster than competitors 7. Adapting to changes when they happen Copyright © 2013 Accenture All rights reserved. 10

The ‘Agile’ Insurer Capability example – Product Configurator Product Configurator Product Components Product Definition Products Differentiated Products Channels Household Liability Broker Direct Broker Motor Direct Household Product Rules Config Motor UW Rules Rates Wordings A Product Configurator provides user friendly interfaces for business users to: • Create reusable product components (e.g. risks, coverages) • Access external data sources Supported by: Product Development Process Typical Benefits Realised Loss Ratio1 ↓ 1-5 pts Copyright © 2013 Accenture All rights reserved. • Assemble components into product structures & add business rules, re-using components along the way Close Rate1 ↑ 20-50% • Configure additional logic to support channel variations Retention Rate1 ↑10-30% • • Generate differentiated market products Model pricing impacts Expense Ratio1 ↓1-2 pts Source: 1) Benefits based on Accenture experience collectively across Product Development 11

The ‘Agile’ Insurer 66% of small business owners report being either dissatisfied or unclear about the options they have to buy insurance online. Over 60% of business insurance policy holders were comfortable or somewhat comfortable buying business insurance policies online As a small business owner, do you feel there are enough options to buy the insurance policies you need online? To what extent would you say you would be comfortable buying business insurance policies online? Business insurance policy holders Not at all comfortable (0-1) 9% 15% Somewhat uncomfortable (2-4) Neutral (5) Yes, 34% 21% 35% I am not sure, 54% Somewhat comfortable (6-8) Extremely comfortable (9-10) 20% No, 12% Copyright © 2013 Accenture All rights reserved. More than 2 in 3 business insurance policy holders were comfortable buying insurance policies online Source: Accenture RFI Research 2012 12

The ‘Connected’ Insurer Richer insights and smarter decisions to enable better outcomes 8. Putting the customer at the heart of business 9. Connect personally & emotionally 10.Stay in tune as things change Copyright © 2013 Accenture All rights reserved. 13

The ‘Connected’ Insurer There are new key issues that you should consider when developing a view of your customers. New customer touch points Which channels do I monitor and participate in? Rapid adoption of new social channels New customer behaviours - advocacy • Facebook: 1bn+ active users, 200% annual growth • Twitter: 800% annual growth, 500m+ users • Linkedin taking off • 78% of people trust the recommendations of others • Blog readers are 38% more likely to buy Customer Adoption Channel Diversity Leveraging influence models Brand management and control required Customer touch point fragmentation Power shift introducing new risks • Lack of unified relationship with the customer • Dozens of channels; new channels emerging in months • Brands can be damaged in hours • Lack of control over external social channels 766,944 views vs. Copyright © 2013 Accenture All rights reserved. 14

The ‘Connected’ Insurer Consumers assign more value to online research channels for insurance, than they do for other financial products where they are more likely to assign preference to the bank branch Comparison sites are regarded as about as valuable as FI channels How valuable you think each source of information is when researching comprehensive car and home and contents insurance? Google or other internet search engine Ratings site such as Choice or Canstarcannex FI website A comparison site such as RateCity or Infochoice FI branch Intermediary sites such as iSelect FI call centre Television Newspaper/magazines Valuable comprehensive car (5-7) Yellow Pages Valuable home and contents (5-7) White Pages Neutral comprehensive car (3-4) Neutral home and contents (3-4) Radio Not valuable comprehensive car (1-2) Social Media Not valuable home and contents (1-2) 0% Copyright © 2013 Accenture All rights reserved. 10% 20% 30% 40% 50% 60% 70% Source: Accenture RFI Research 2012 15

The ‘Connected’ Insurer For the majority of those who apply online, it is about convenience and general preference to use the online channel. You have mentioned that you have obtained an insurance policy/ies online. Why did you choose to apply online? It was a renewal so online was a convenient and easy way to renew 53% I prefer to do most things online if there is the option 38% It was a simple policy and I didn't have any questions or special requirements 28% I thought applying online application would be quicker 21% It was cheaper to apply online than via other means 19% I had used the insurer's website before and knew it was easy to use I had to wait on hold for too long With the insurance provider I selected I could only apply online 17% 4% 3% The call centre was not open when I wanted to apply 2% Other 2% Copyright © 2013 Accenture All rights reserved. Source: Accenture RFI Research 2012 16

The ‘Connected’ Insurer A well thought-through social media strategy, can help you stay in tune with your customers Copyright © 2013 Accenture All rights reserved. 17

The Digital Decathlon A ten point plan for the Digital Insurer 1. Asking the right questions, getting the right data Analytic 2. Wiring analytics into core processes & decision-making 3. Customising & personalising products and services 4. Anticipating possible or likely changes Agile 5. Analysing anomalies, trends, competitor moves 6. Responding faster than competitors 7. Adapting to changes when they happen 8. Putting the customer at the heart of business Connected 9. Connect personally & emotionally 10. Stay in tune as things change Copyright © 2013 Accenture All rights reserved. 18

Thank you Andy Parton M. 0404 810 676 E. andrew.j.parton@accenture.com Copyright © 2013 Accenture All rights reserved. 19

Add a comment

Related presentations

Related pages

The Digital Insurer - Accenture

Read about the digital insurer and learn how it is not simply a new ... Get the latest thinking from Accenture executives from P&C and life ...
Read more

Digital Insurer: Insurance User Experiences by Design ...

How consumer applications are creating new expectations for user experiences in P&C ... The Digital Insurer: Insurance user experiences ... Accenture has ...
Read more

The digital insurer (Part 1 of 2) - Accenture Insurance Blog

The digital revolution is transforming the way insurers do business, and digital is more ... The Digital Insurer: ... P&C Insurance | The Digital Insurer: ...
Read more

Accenture Insurance Blog - High Performance. Delivered.

Life insurers face huge digital disruption despite their cautious approach to new technology ... All Life P&C. 1 2 3 ... Accenture Management Consulting ...
Read more

The Digital Insurer - a Forum for digital insurance

The Digital Insurer is the forum to learn more about digital insurance around the world. ... Accenture Report; Sign up and be the first to know.
Read more

Accenture Insurance | LinkedIn

Accenture helps life and P&C insurers achieve high performance. Follow us for updates on Accenture research, blog posts and events for the insurance industry.
Read more

Accenture Australia | LinkedIn

Learn about working at Accenture Australia. Join LinkedIn today for free. See who you know at Accenture Australia, leverage your professional network, and ...
Read more

P&C Insurance - Change now to get ahead - Accenture - The ...

The Digital Insurer reviews Accenture’s Report on Destination digital - P&C Insurance - The Digital Insurer ... P&C Insurance – Change now to get ahead ...
Read more

The Digital Insurer Accenture Digital Innovation Survey ...

The Digital Insurer Accenture Digital Innovation Survey 2014 ... P&C Accenture Research surveyed 141 insurers in Europe, the Americas, South Africa and
Read more