Published on January 20, 2014
Finding New Insurance Ideas in Unlikely Places 1 © 2013 WIPRO LTD | WWW.WIPRO.COM
HIGHLIGHTS Finding New Insurance Ideas in Unlikely Places Western insurance markets aren’t growing, product innovation has stagnated, and costs are rising while customer satisfaction is falling With fewer available resources, and impediments ranging from physical to cultural, insurers in those regions have had no choice but to innovate—and innovation is a key to success that knows no geographic boundaries 2 © 2013 WIPRO LTD | WWW.WIPRO.COM
Key Emerging Market Innovations Product Development Innovation: The focus in developing countries is micro-insurance products. These hyper-targeted offerings are created to meet precise customer needs while reflecting the realities of poorer populations and their limited purchasing power Transaction Partnering Innovation: Lack of infrastructure, geographical remoteness of many regions in emerging countries significantly inhibit insurers from reaching and managing customers. Offerings like mobile micro-insurance service can be offered where all transactions are completed through text messaging. Claim Processing Innovation: Insurers have taken a different approach, often by enabling customers to benefit from index-based claims that are automatically triggered by defined events Given the lack of infrastructure in developing countries, insurers have to take a different approach, often by enabling customers to benefit from index-based claims that are automatically triggered by defined events 3 © 2013 WIPRO LTD | WWW.WIPRO.COM
The Three levers of Growth While Western insurers don’t face the same obstacles, they can profit from insights gleaned from the developing world—insights that can be described as three levers of growth: Identify unique customer needs Identify potential partners for bundled sales Lack of standardization and consolidation leading to suboptimized service delivery • Translating micro-insurance • As one assesses new niche • As an insurer in the West, to the West means looking products and services for one needs to regularly and for coverage gaps in your your rigorously market—gaps that can be types of businesses can potential filled with niche products to help technologies and trends—and appeal to those who don’t agreements have insurance or those bundled sale arrangements markets, market ask and what close through who can be upsold the ways examine of all consumers new are affected by them—to improve the customer experience and grow your revenue base 4 the © 2013 WIPRO LTD | WWW.WIPRO.COM
The Insurance Innovator at Work Appoint a Chief Innovation Officer Broaden your perspective Scout for trends and breakthroughs Embed innovation in your organization Structuring your innovation and embedding it into a process may sound contradictory at first. But innovation must be entrenched in the organization or it won’t be fast enough to grab market opportunities. 5 © 2013 WIPRO LTD | WWW.WIPRO.COM
Conclusion The stagnation of the Insurance industry in the developed world makes it ripe for. The three levers of growth gleaned from innovative insurance product development, sales, and claims processing in developing countries point the way to the coming transformation in the West 6 © 2013 WIPRO LTD | WWW.WIPRO.COM
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Thank You ©Wipro Limited, 2013. All rights reserved. For more information visit www.wipro.com No part of this document may be reproduced in whole or in part without the written permission of the authors. Wipro is not liable for any business outcome based on the views presented in this document. For specific implementation clients should take advise from their client engagement manager. 9 © 2013 WIPRO LTD | WWW.WIPRO.COM
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