next generation insurance in central europe · their decision-making process prior to making a...

NEXT GENERATION INSURANCE IN CENTRAL EUROPEHow agile insurers can exploit changing customer behavior

BEYOND MAINSTREAM

OCTOBER 2014

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THINK ACTNEXT GENERATION INSURANCE

ROLAND BERGER STRATEGY CONSULTANTS

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THE BIG 3

Sales Psychology

Matrix p. 8

60% In 2020-25, Generations Y and Z will represent approximately 60% of the total productive adult market in Central Europe. Insurers need to adapt their approach to tap this key demographic. p. 7

5-15mMore households than ever are interested in usage-based car insurance. This represents a business opportunity of 5-15 million vehicles. p. 4

53% Non-proprietary channels have a 53% higher share of sales of insurance prod-ucts for consumers aged 25-34 than for those aged 18-24. Insurers need to capture consumers' loyalty early on. p. 10


ROLAND BERGER STRATEGY CONSULTANTS 3

New opportunities abound. There are three key sources of future growth for insurers in Central Europe.

sophisticated consumer profiles and on this basis plot a Sales Psychology Matrix. But more about that later on.

Our investigation revealed potential growth oppor-tunities that insurers with the right skills and under-standing can exploit.

Let's start with the smallest potential growth oppor-tunity and work our way up: uninsured risks. Despite the growth of the market in recent years and increasing lev-els of saturation, many people in Central Europe still lack basic insurance products. Some of these people belong to lower-income households, and insurance companies need to take a special approach to tapping their potential. In particular, they need to come up with low-cost products that will appeal to precisely this seg-ment of the market. Others in this group belong to the new generations that are just now entering the market. These individuals are uninsured and at the very begin-ning of their insurance lifecycle.

The next biggest potential growth opportunity are underinsured people. These are individuals who are not covered for all their risks or whose coverage is inade-quate. In the event that they need to claim on their in-surance policy, they will not recoup their full financial losses. For example, if their house burns down, they face a loss of EUR 100,000 but only have coverage for EUR 20,000. Inadequate coverage mainly affects members of mass affluent and mass market house-holds. Insurers need to provide these customers with a fair, realistic comparison of their financial exposure and current coverage. It is the job of intermediaries to ad-vise them professionally so that they can take out the best possible insurance cover.

Things have changed in the insurance industry in re-cent years. A new generation of consumers has ap-peared on the scene, representing an enormous op-portunity for insurers. To maximize this opportunity, insurers need new skills, insights, and a sophisticat-ed understanding of the behavior patterns of this new generation.

At the same time, many people believe that Cen-tral European insurance markets are saturated. They complain that there's simply no room for further growth. However, growth opportunities do exist – in-surers just need to refine their focus in order to find and exploit them.

Take both aspects together, and it becomes clear: The key to unlocking growth is realizing that client be-havior is changing. In a way, that's upsetting: Most companies like to think that they know their clients and exactly what makes them tick. But as the years go by, new generations are born and with them come new habits and mind-sets. Technology marches forward, offering consumers novel opportunities and modes of functioning. The good news is, new clients mean new opportunities – just as new technology means new sales channels. Which is great for the industry.

Rather than relying on hearsay, we decided to carry out a close examination of the market situation for in-surers in Central Europe. A We set our sights on five countries: Poland, the Czech Republic, Slovakia, Hun-gary, and Croatia. B With the help of a survey of more than 1,800 households in these markets, we discov-ered three key sources of future growth for insurers. Not only that, we were able to use our results to draw up


ROLAND BERGER STRATEGY CONSULTANTS4

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five million vehicles and the second group ("proba-bles") a further ten million. That is between 5 and 15 million vehicles in total – a business opportunity that no motor insurer can afford to ignore. C

Of course, knowing that there are potential growth opportunities out there is not the end of the story. In-surers need to figure out how to tap this potential. They require product innovation skills, a sophisticated cus-tomer segmentation (based on client understanding), segment-specific sales approaches, and distinct tech-nological skills. We will look at these areas in greater detail further below. For the moment, suffice it to say that insurers need to up their game and ensure that they have the necessary skills to make the most of this opportunity.

Know your customers

No customer is exactly like another. But, fortunately, customers do show enough similarities to allow us to group them into meaningful segments.

This is one of the areas where having hard survey data at your fingertips can be very useful. We used the results of our new survey of Central European house-holds to identify six patterns of customer types and at-titudes. Each type represents a distinct attitude toward insurance that can be plotted along the dimensions "decision mentality" (from emotional to rational) and "decision factors" (from objective to subjective). Plot-ting them in this way creates what we call our Sales Psychology Matrix.

What types of clients does Central Europe offer? As you might expect, there are the "savvy" customers who take a balanced approach. We place them more or less midway between emotional and rational, and midway between objective and subjective. Then there are "val-ue seekers" who take a more objective and more ratio-nal approach. They rely heavily on the convenience and trustworthiness of the insurer or agent. "Cost-con-scious" customers are located at the extreme rational end of the spectrum with regard to their decision men-tality. Price is their main concern, with other factors coming a poor second or even third.

Finally, we come to the largest and most enticing po-tential growth opportunity: innovation. If there's one thing that the industry is excited about at the moment, it's usage-based insurance, or UBI. UBI products are based on the individual usage and risk profile of the insured driver, homeowner, etc. These products have become reality because of advances in technology – telematics, to be precise – thanks to which insurers can monitor driving behavior and mileage using a black box installed in the vehicle or even an app on a cell phone, such as that introduced in 2012 by UK-based Aviva. These devices track distances driven, locations, acceleration, and braking patterns, how the driver takes corners and other relevant indicators. The insurer then uses this data to determine an appropriate insur-ance rate: cheaper for drivers who use their vehicle rarely and take great care when they do so, and more expensive for drivers who cover large distances and occasionally throw caution to the wind.

Motor insurance is the area where UBI products – known, appropriately enough, as "pay as you drive" or PAYD – are currently shaking up the market. PAYD first appeared in the United States some years ago and has now spread to Canada, Japan, Australia, and the Euro-pean Union, especially the UK and Italy. However, it has yet to make inroads into Central Europe. The model is popular with customers: Hardly surprisingly, drivers like the idea of keeping their insurance premiums down. It is not beyond the realms of possibility that UBI or some-thing similar could spread to other types of insurance, such as property or health policies. However, no insur-ers have ventured down this road as yet.

Just how large is the potential for usage-based mo-tor insurance in Central Europe? We calculate a poten-tial market of between 5 and 15 million vehicles.

We didn't just pluck that figure out of the air: In our survey, we asked consumers if they would prefer UBI over their traditional policies, or if they would potentially be interested in such a product depending on the mod-el, the benefits offered, privacy issues, and such like. Based on their answers and assuming a total address-able market of around 27 million vehicles, we calculat-ed that the first group ("definites") represents around



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Source: Roland Berger

A

OUR APPROACH AND STRUCTURE OF THE SURVEYWe applied a three-step approach to the behavior and growth potential analyses – all starting with surveying of households

B

COUNTRY SCOPE AND NUMBERS OF HOUSEHOLDS INTERVIEWEDFindings of this study are based on representative surveying of more than 1,800 households in five countries of Central Europe

Structure and focus points

Hungary431Poland

416Czech

Republic 361

Slovakia 343Croatia

278

Used online and off-line surveying tool to interviewthe households

Surveying conducted in parallel in all countries

Performed meta behavioral clustering of household to identify relevant client segments

Modeled the segment revenue pools in bottom-up market models

Modeled the behavioral patterns of householdsProfiled the sales attitude/sales psychology toward insurance

ASocio-demographic description of the household and mapping of the objects for insurance

BCurrently owned insurances, number and paid premium

CMapping the purchasing behavior and mind-set for the purchase of products: investment life, accident life MTPL, CASCO, property


TOTAL> 1,800

Surveying the market

Performing the segmentation

Modeling the behavior



you need the right sort of bait, the correct rod, and of-ten a good measure of patience.

New kids on the block

Perhaps the most striking change taking place in the in-surance market is the arrival of a new demographic of under-35 year olds. This new generation is changing the ground rules when it comes to insurance. It also rep-resents a major opportunity for insurers who can keep up.

In fact, we divide this new demographic into two parts: Generation Y and Generation Z. E Generation Y are people born between roughly 1980 and 1994. Of-ten referred to as "echo boomers", they are the children of the "baby boomer" generation. What are they like? Basically, very self-determined and self-sufficient in their decision-making process prior to making a pur-chase, as well as when making the purchase itself. They

Moving toward the subjective end of the decision factor dimension, we find "anxious" customers. These people are worried about their life, health, and assets in gener-al, and are looking for the best coverage out there. More subjective still, and also more rational, we have "demanding" customers. They want their insurance quick and at a good price. Finally, the most emotional and subjective group are the "trust seekers". For them, the insurer or agent must be completely trustworthy, and in addition offer a long-term relationship. D

Having a sophisticated client segmentation such as our Sales Psychology Matrix forms the starting point for creating a tailored approach to your clients. The sales pitch, arguments used, way of dealing with objections, understanding of motivations and threats, company im-age, personal approach – all of these aspects must be shaped to reflect the potential customer insurers are addressing. If you want to catch a specific type of fish,

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UBI AS A 5-15 MILLION CAR BUSINESS OPPORTUNITYSignificant number of households would be interested in usage-based car insurance

APeople with clear preference for usage-based vehicle insurance

These households answered preference for such innovative product

B People with potential preference for usage-based vehicle insurance These households were undecided, but expressed their openness to such product Their preference will be definitely decided based on the business case, benefits, and other (privacy, etc.) risk mitigations

5 millionvehicles

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B15 millionvehicles


27 million vehicles in CE markets



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Given Generation Y and Z's familiarity with new tech-nology, the shift to digitalization is hardly surprising. Overall, these younger consumers have a greater pref-erence for electronic channels than their older peers. However, we need to take a nuanced view here, one that distinguishes between different types of insur-ance. Thus, electronic channels are already very popu-lar for all generations for motor third-party liability (MTPL) insurance – indeed, this is the flagship elec-tronic insurance product. But Generation Y and Z also increasingly buy property and accident life insurance via electronic channels, reflecting the low level of com-plexity of these products and the fact that they are readily available online. Over time, the new generations will also turn to novel forms of digital purchasing, such as apps rather than websites.

Right at the other end of the scale in terms of digi-talization, we find investment and saving life insurance products. Only around 5% of such products are sold online, the rest being purchased through traditional bricks-and-mortar channels. This is most likely due to their high level of complexity.

In fact, the reality may be even more complex than the figures above imply. Increasingly, customers are demonstrating hybrid behavior, switching from one channel to another during and after the purchase pro-cess. Thus, they may first check out the range of prod-ucts available by looking online. But when it comes to actually signing on the dotted line, they may prefer to arrange a personal meeting with their bank or broker.

With digitalization comes "depersonalization". The conventional wisdom is that fewer and fewer products are being sold by human beings, especially in the case of low-complexity products. This creates a problem: Yes, a computer program can sell you the specific product that you asked for, but a skilled salesperson will use a whole range of methods to discover your real insurance needs and introduce you to products that you might not have previously considered. As the use of electronic channels increases, insurers are losing this valuable key to "needs mapping", and they risk overlooking potential business opportunities with ex-isting customers.

had constant access to technology such as cell phones when they were young, and expect to be serviced through such channels. Insurers need to adapt their ap-proach and channel focus to attract these potential clients, the same way that their employers had to do so to recruit them in the past.

Generation Z are people born between 1995 and 2010. They are extremely skilled at turning the Internet to their own benefit. They thrive on social media. They are somewhat less driven than Generation Y, but still highly self-sufficient, aware buyers. They are the true digital natives, having grown up with smartphones and tablets, learning to type before they could write and swipe before they could walk.

Astonishingly, Generations Y and Z will represent as much as 60% of the total productive adult market in Central Europe in 2020-25. Indeed, Generation Y al-ready accounts for a not inconsiderable revenue pool in the industry. And these new generations are not at all like the generations that came before them. They are most at ease in online channels – although whether buying insurance electronically or via bricks-and-mor-tar channels, the 18-24 year olds show a surprising affinity for proprietary channels (we discuss why be-low). They are strongly driven by price considerations, partly because of their limited disposable income at this early stage in their life. Convenience is a hygiene or must-have factor. Moreover, the reputation of the in-surance company and the particular coverage it offers are less important to them than to their parents and grandparents.

Change is afoot

Generations Y and Z are already having a massive in-fluence on the shape of the insurance industry. F They are accelerating the changes that are taking place be-fore our eyes. Digitalization is on the rise, depersonal-ization is growing, non-proprietary channels are ex-panding and commoditization is rife – developments that we look at in more detail below. Insurance compa-nies need to take stock and make the necessary changes to their approach now.

DECISION FACTORS

DECISION MENTALITY

Objective

Emotional

Rational

SALES PSYCHOLOGY MATRIXSIX MAIN TYPES OF CLIENT ATTITUDES TOWARD INSURANCE


People with heavy reliance on convenience and trustworthiness of the insurer/agent/image

They optimize on the value provided by the product before all other psychometric factors

People who have rather balanced focus on all four psychometric factors

They slightly optimize on reaching the ideal coverage for friendly price

People who are worried about their life, health and/or assets

They optimize on the coverage before all other factors (charac-teristic mainly on the motor and property insurance)

D

People who optimize only on the price of the insurance, other factors are second-third priority for them

Their aim is to purchase the cheapest product on the market



Cost conscious

Value seeker

Savvy

DECISION FACTORS Subjective

DIFFERENT CLIENT ATTITUDES REQUIRE DIFFERENTIATED SALES APPROACH

> Sales speech > Reasoning > Reaction to objections > Motivation and threat factors > Other factors (person, image, etc.)

People optimize on getting their insurance fast and for very good prices

They optimize on speed, availability, and on the price

People with heavy focus on the trustworthiness of the insurer/agent/image

They look for trustworthy long-term relationship with the insurer



Demand-ing

Trust seeker

Anxious



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conventionality along the other, from proprietary to non-proprietary channels.

What do the survey results reveal? Three major trends are found in client behavior that will cause a slight shift in current distribution models. First, property insurance will increasingly be sold directly through elec-tronic channels operated by the insurers themselves, such as the company's websites and call centers. In this way, the distribution will remain in proprietary channels. Second, motor insurance will furthermore be highly digitalized. This market segment will stay partially in the hands of aggregators, but we expect to see a slow movement toward online channels operated di-rectly by insurers. Finally, life insurance will remain pre-dominantly in bricks-and-mortar, although the shift be-tween proprietary and non-proprietary channels is unpredictable. Banks, brokers, and multilevel marketing (MLM) companies enjoy a strong position, and insurers will have to come up with something ground-breaking to steal back market share.

Aggregators are a major force in the motor insur-ance sector. These online players offer increased trans-parency with regard to prices and products. Their web-sites are often extremely easy to navigate, the whole purchase process taking a matter of minutes in some cases. Given that motor insurance is a relatively simple product to understand, what is to stop younger con-sumers simply choosing the cheapest product they can find online? However, we consider the rise of aggrega-tors more of a passing trend than a serious threat. In-deed, many of the major insurance companies in Cen-tral Europe are unwilling to work with this channel for fear of provoking potentially damaging price wars, as happened in Hungary.

As we have seen, the new generations are strong-ly driven by price considerations. Convenience is viewed as a given: If the product is not easy to pur-chase, younger buyers aren't interested. This will lead to commoditization: Many types of insurance will be-come standard off-the-shelf products, with compara-ble prices and little or no customization. As a result, insurers will have limited opportunity for differentia-tion, putting further pressure on industry margins.

Generations Y and Z are also overturning old patterns of purchase behavior. Our research shows that in the first stage of their life cycle, clients have a 60-90% preference for proprietary channels. But this prefer-ence shrinks drastically by the next stage of their life cycle. Thus, non-proprietary channels have a 53% higher share of sales of insurance products for con-sumers aged 25-34 than for those aged 18-24.

It is interesting to speculate on the reasons for this surprising preference for proprietary channels among younger consumers. One explanation is that insurers and their brands have high "top of mind awareness" for new generations: Younger buyers are new to the market and lack experience, so they instinctively turn to the company or product that is at the forefront of their mind and which they trust. Another reason could be the tarnished image of brokers and multilevel marketing (MLM) companies in Central European markets.

The massive drop in the popularity of proprietary channels as consumers get older should sound alarm bells for insurers. It means that insurers have a one-off chance at the beginning of the client life cycle to win over potential customers. Establish a relationship with these younger clients at this stage in their life, and they may stay with you long term. Miss the boat, and there is a large chance that they will migrate to other channels.

Again, we should take a nuanced view here, breaking down the figures for different types of insurance. Thus, property insurance is the product that Generations Y and Z are most likely to buy through non-proprietary channels. These channels account for around 40% of sales. Casualty and collision motor insurance, or CAS-CO, is the least likely to be sold through non-proprietary channels. These channels account for just 10% of sales. After the age of 34 or so, the share of non-proprietary channels remains rather stable overall at 25-45%.

We illustrate these developments with the help of our Client Journey Matrix. The matrix indicates how we see the market in Central European insurance develop-ing over the next three to five years. It shows the de-gree of digitalization along one axis, from bricks-and-mortar to electronic channels, and the degree of



E

DEFINITION OF GENERATIONS Y AND ZMaturing Generations Y and Z will create ~60% of the insurers' market in 2020-25

F

COMPARISON OF ATTITUDE OF CLIENT GENERATIONSGenerations Y and Z are heavily cost/price focused, leaving limited options for insurers to soft differentiation

Source: Urban Dictionary, HBR, Roland Berger


GENERATION ZExtremely skilled in turning Internet and social media into their benefit

Less self-motivated as the members of Generation Y, but they are very self-sufficient and conscious buyers

Digital natives with access to computers, smartphones, and tablets from very early age

>20%Birth period 1995-2010

>40%Birth period 1980-1994

GENERATION YOften referred to as "echo boomers" (children of the "baby boomers")

Very self-determined and self-sufficient in their pre- purchase decision process and in the actual purchase as well

With access to technology (computers, cell phones) early on

<40%Born before 1980

Generations Y and Z Older generations

Trustworthiness

-10% -8% -6% -4% -2% CE Average 2%

Cost

Convenience

Coverage

-12%



Making the right moves. How insurers can refocus their sales channels.

The arrival of new generations with new habits and mind-sets requires change on the part of insurers. Yet this is an opportunity rather than a threat. Insurers need to understand what is driving the new generations. Grasp-ing the psychology of customers will become the central element of sales efficiency. As we have seen, Central Europeans fall into different patterns with regard to atti-tudes toward insurance and factors influencing purchase behavior. It is crucial for insurance companies and their intermediaries to identify what type of client they are dealing with and adjust their sales approach appropri-ately, mirroring the client's decision process.

At the heart of this new approach should be the de-sire to address customer-specific needs. We have seen that today's customers are buying insurance products in a very different way from their parents and grandpar-ents. Technological advance has changed the ground rules. In response, insurers need to reshuffle the focus of their sales channels. G

Managing clients is a particular challenge. Increasing share of wallet is difficult enough for an agent, but it is almost impossible online. Yet clients still turn to brick-and-mortar channels for highly complex products such as investment products and life insurance. The tied agent distribution model is likely to gradually turn into more of an advisory model for such products – "advisory" in the sense that agents will no longer simply be a selling ma-chine for their insurer's products, but also offer advice based on clients' needs. In this new, client-centric ap-proach, agents will be more interested in adding value than persuading their clients to sign on the dotted line.

In light of the above, developing cross-selling and up-selling capabilities will be key to the future success of insurers. Cross-selling refers to persuading customers to buy additional products that are related in some

way to the product they are buying. Up-selling means persuading them to buy a more expensive product than the one they were originally considering. It is not just agents who need to improve their skills here: Criti-cally, insurers have to improve their cross-selling and up-selling capabilities in online channels.

Insurance companies should also maximize the op-portunities offered by advances in technology, especial-ly in the area of telematics. Usage-based insurance is transforming motor insurance, and insurers must em-brace this new business model whole-heartedly or be prepared to see their client base defecting to more tech-nology-savvy competitors. Openness to innovation is more important to success than ever.

Accordingly, the ability to deal with "big data" – very large, complex datasets whose analysis requires dedi-cated, innovative forms of processing – is an essential skill in today's insurance world. It enables insurance companies to identify product ownership patterns and support cross-selling efforts. It also permits one-on-one pricing, particularly attractive for the new generation of price-sensitive customers.

Of course, it's not necessarily about switching over to the Internet lock, stock, and barrel. Insurers must identify what the particular strengths of the Internet are and dedicate sufficient effort and resources to these ar-eas. In some cases, pursuing a purely online strategy can be highly effective – as shown by Admiral in the UK. Most insurers, however, will continue to use agents. They should strive to align the two channels so that they com-plement rather than compete with each other. Hybrid purchase behavior and the fact that consumers choose different channels for different products at different stages of their life cycle mean that most insurers would be ill-advised to neglect one channel over the other.

CONVENTIONALITY Non-proprietaryProprietary

DIGITALI- ZATION

Electronic

Brick-and-mortar



CLIENT JOURNEY MATRIXTHREE MAJOR SHIFTS IN CLIENT BEHAVIOR WILL SHUFFLE

THE INSURANCE DISTRIBUTION MODELS

G

PROPERTY INSURANCE

MOTORINSURANCE

LIFEINSURANCE

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1Digitalization of motor and property insurance purchase through insurers' website and call center

THREE CLIENT JOURNEY DEVELOPMENT TRENDS WERE IDENTIFIED IN CENTRAL EUROPE

2Digitalization of motor insurance purchase through aggregator websites

3Shift of purchase of life insurance toward non-proprie-tary channels (banc assurance, MLM, and brokers)


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Transformational changes. New cus-tomers and habits pave the way to untapped revenue pools for insurers.

One of the most eye-catching developments in the in-surance market is the arrival of a new demographic of under-35 year olds. Generations Y and Z will make up as much as 60% of the total productive adult market in Central Europe in 2020-25. These new customers are driving the trend toward digitalization and depersonal-ization. They are also spearheading a move ment toward non-proprietary channels and commoditization.

Sounds challenging? It is, but challenges are often opportunities in disguise. The impact of these trends in the coming five to ten years will be transformational. By tackling these challenges, insurers in Central Eu-rope can access significant revenue pools and at the same time secure a solid future for themselves.

The accepted wisdom that Central European insurance markets are saturated is not founded in fact. While it is undeniable that major changes are afoot – generation-al change, shifting behavioral patterns, advanced technology, new players – these developments in fact represent a major growth opportunity for insurers.

Three key areas exist for growth: uninsured risks, underinsured people, and – most important of the three – innovation. To exploit these areas to the maximum, insurers need a profound understanding of their cus-tomers. We identify six major patterns of customer types and attitudes along the dimensions "decision mentality" (from emotional to rational) and "decision factors" (from objective to subjective).

Roland Berger Strategy Consultants

WWW.THINK-ACT.COM


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THE CHANNEL EFFICIEN-CY POTENTIAL

Following the financial crisis, the insurance business has lost its extraordinary profitability and growth potential in Central Europe, making it crucial to actively assess the existing and new sales channels and the accompanying strategies.

The study focuses on each channel and analyzes along their historical development and future prospects.

This unique overview about the sector provides not just insight to successful channel management but also allows a special comparison between the countries.

SECRETS OF CAMPAIGN MANAGEMENT This study provides unique insights into the ideal campaign management framework for financial institutions in the Central European region. The paper guides the reader along the key elements of efficient campaign management with special focus on the details of good practice in organiza-tional setups, lean processes and agile IT landscape. The results of the tailored survey show a decent summary of good practices with key success factors and typical pitfalls. And it also summarizes the learnings and hints of executives across the region to unlock the full potential of campaigns.

GROWTH OPPORTUNITIES AND STRATEGIES IN THE CENTRAL EUROPEAN INSURANCE The study provides a regional insight about growth potentials seen by the insurers and about the current, future sales strategies developed to reach them. The paper summarizes the identified key success factors and outlines the further improvement potentials relevant to all players.

A unique picture about all efforts in the region how to set a clear strategy, which is required to balance client acquisition and wallet share management, to decide on the investments into the required skill sets to reach cross- and up-sell targets and to focus sales approach on clients, instead of policies.

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This publication has been prepared for general guidance only. The reader should not act according to any information provided in this publication without receiving specific professional advice. Roland Berger Strategy Consultants GmbH

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© 2014 ROLAND BERGER STRATEGY CONSULTANTS GMBH. ALL RIGHTS RESERVED.

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