the customer of tomorrow, here today - the digital reality ... digital insurer... · the customer...

The Customer of Tomorrow,

Here Today - The Digital Reality

Vicky Godolphin

So what is

digital all about?

Copyright © 2014 Accenture All rights reserved.

“Digital” is used to describe

many things Copyright © 2014 Accenture All rights reserved.

Common Denominator…

Opportunities & Challenges

DISRUPTION


http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://londoncalling.co/2012/10/digital-disruption-is-a-bigger-deal-than-you-think-says-forrester/&ei=MnVzVPSdPMeZyATJmYLgAQ&bvm=bv.80185997,d.cWc&psig=AFQjCNENbGY1HBi0F15d6KEOE8IRfW28ig&ust=1416939184650615

https://bspace.accenture.com/sites/brandspace/imagelibrary/Photographic Images/Forms/DispForm.aspx?ID=1376&RootFolder=/sites/brandspace/imagelibrary/Photographic Images

Change is driven

from the outside…


6

The world is changing…


7

… Consumers are changing…


8

…with Millennials leading the way…


95% of Irish millennials used

the internet as a tool for

Christmas shopping in

2013

72% of millennials

surveyed using mobile

banking

90% of millennials own a

smartphone, and rank ‘technology use’ as

their defining trait

Source: http://www.razorfish.com/binaries/content/assets/ideas/digitaldopaminereport2015.pdf

9

…but they’re not the only ones driving

change...

50 – 64 Year Olds

29%

>65

Silver Surfers

31%


Source:

http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Silver-Surfers-Are-Catching-The-eHealth-Wave.pdf

http://www.silversurfertowns.ie/download/silver-surfer-towns-booklet

10

…and the gap is closing…

Use social media

Millennials – 77%

Gen X – 61%

Watch short online

videos

Stream movies/ TV

shows

Millennials – 39%

Gen X – 18%

Millennials – 16%

Gen X – 5%

Copyright © 2014 Accenture All rights reserved. Source: http://www.razorfish.com/binaries/content/assets/ideas/digitaldopaminereport2015.pdf

11

…as expectations are growing

Know Me

Delight Me Enable Me

Show Me Value Me


12

So, what about

insurance?


71% of consumers are willing

to purchase at least some

insurance products via digital

channels

Connected


Source: http://nstore.accenture.com/IM/FinancialServices/AccentureLibrary/data/pdf/The_Customer-

centric_Insurer_in_the_Digital_Era.pdf

Willing to Share

Consumers express

significant interest in buying

products which they help to

design


67% of insurance consumers

would consider buying

insurance from non-insurance

channels such as banks, online

service providers, retailers, etc

Informed & Self Directed




55% of consumers

would be interested in

insurance services provided

through social media, blogs and

consumer sites

Social




64% are actively

searching for value for

money rather than brand

Price Sensitive




80% of insurance

consumers would switch

for more personalised

services

Experiential




19 Copyright © 2014 Accenture All rights reserved.

47%

When gathering information about

products & services from…

use:



20

In the insurance purchasing process…

use:


Source: http://www.accenture.com/SiteCollectionDocuments/Local_Ireland/PDF/Accenture-

Insurance-Data-Infographic.pdf

21

The main reason to switch is…

…Lower prices

elsewhere


Source: http://www.accenture.com/SiteCollectionDocuments/Local_Ireland/PDF/Accenture-

Insurance-Data-Infographic.pdf

22

What are

they telling

us?


23

I want to be in control…


24

I want the same level of service &

experience…Never-mind the industry


25

Remember me after the 1st

interaction…


26

Don’t try to impress me until you have

the basics right…


27

Recognise and reward my loyalty


28

You know the game

has changed…



Source: KTC

https://www.youtube.com/watch?v=cX_pSTdi34M&list=UUesIscyJvUTGGBzDidBe8aQ

30 Copyright © 2014 Accenture All rights reserved.

74% focus

on growth activities

85% are

applying big

data and analytics

Investment in

cloud computing and

software will increase

on average by 61%

Insurers are responding… 70% agree that in

two years CX will play an

even larger role in

corporate strategy

85% view CX as

critical to achieving their

strategic growth priorities

Source: Accenture Insurance Survey Results

31

They are putting

Customers at the

heart of their

business…


…making life easier…


…by integrating social platforms...


…and optimising internal processes


http://www.google.ie/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://flickrshare.blogspot.com/2013/01/travel-insurance-recommendations-review.html&ei=Pr1sVPbQFvPCsATJ-ILQBA&bvm=bv.80120444,d.cWc&psig=AFQjCNGtJ-AVa1MnoKbTyirS1CRHxKGxYA&ust=1416498886475597

35

Ride the

digital wave


36

1 Use the insights you have…


37

2 Know where your customers are…


38

3 Get digital on the inside…


39

4 Remember: Culture eats strategy for

breakfast…


40

5 Embrace change…

“99

problems

but a fear

of

failure

isn’t one”


41

6 Collaboration with the right people

(Hint: this means customers too)


42

Last Word…

“You miss 100% of the shots you don't take" Wayne Gretzky


Thank You!


@vgodolphin

vickygodolphinaccenture

[email protected]

Vicky Godolphin

Head of Digital, Accenture Ireland

@AdamJWKelly

adamkellyaccenture

[email protected]

Adam Kelly

Head of Insurance, Accenture Ireland