EY Global insurance digital survey 2013 - Insurance in a digital world: the time is now - Webcast slides

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Digital technologies are enabling and driving a massive change in consumer behaviors and expectations across every industry. Insurance is no exception: business models are rapidly changing in response, and insurers now need a different set of skills, cultures and measurements to prosper in this marketplace. To understand how insurance companies are grasping and exploiting the shift to digital, EY undertook a global industry survey during the second quarter of 2013. Participants in more than 100 companies in the Americas, Europe and Asia-Pacific told us how insurance companies are responding to the digital challenge. During this webcast, our Global Insurance Customer Leader, Graham Handy and a panel of insurance professionals discussed:
- How digital is reshaping the global insurance industry landscape
- How insurers should respond to the digital challenges

To watch the webcast, visit: http://bit.ly/177XhZv

To access the survey and additional information, please visit: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/Insurance-in-a-digital-world--The-time-is-now

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EY Global insurance digital survey 2013 - Insurance in a digital world: the time is now - Webcast slides

  1. 1. Insurance in a digital world: the time is now Global insurance digital survey 2013 6 November 2013
  2. 2. Disclaimer ► This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ► The views expressed by the presenters are not necessarily those of EY. ► This presentation is © 2013 EYGM Limited. All Rights Reserved. EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more of the member firms, of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Page 2 Insurance in a digital world: The time is now
  3. 3. Today’s moderator Graham Handy Ernst & Young LLP (UK) Global insurance customer leader Join today’s Twitter discussion: Page 3 Webcast title #EY_Insurance
  4. 4. Today’s agenda ► Welcome, introductions & objectives ► Overview of our research ► Panel discussion: key findings ► Q&A opportunity Join today’s Twitter discussion: Page 4 Webcast title #EY_INSURANCE
  5. 5. Today’s speakers Edward Moncreiffe HSBC Insurance Holdings Global Head of Strategic Partnerships Page 5 Insurance in a digital world: The time is now Shaun Crawford Ernst & Young LLP (UK) Global Insurance Leader
  6. 6. Today’s speakers Gary Angel Ernst & Young LLP (US) US Enterprise Intelligence practice Page 6 Insurance in a digital world: The time is now Laurence Buchanan Ernst & Young LLP (UK) EMEIA Customer practice
  7. 7. Shifting to digital: job 1 for insurers Digital is a catalyst for dramatic change and rapid transformation of the competitive landscape. And insurers are not yet where they need to be. It’s not just a distribution channel – it’s a strategic enabler. It’s not just a technology – it’s a way of life. Just how digital have we become? 6.8 BILLION: # of mobile subscriptions worldwide 7.1 BILLION: total world population 40%: proportion of world population that is online 6 YEARS: time it took Google to reach 50m users 88 DA YS: time it took Google+ to reach 50m users Our survey shows us that insurers are lagging behind digital today but have a compelling opportunity and clear course forward for tomorrow Page 7 Insurance in a digital world: The time is now
  8. 8. Today’s agenda ► Welcome, introductions & objectives ► Overview of our research ► Panel discussion: key findings ► Q&A opportunity Join today’s Twitter discussion: Page 8 Insurance in a digital world: The time is now #EY_INSURANCE
  9. 9. Opinion check – Polling question 1 Where is digital currently positioned on your organization’s strategic agenda? A. Absolute top priority B. It’s up there – one of our key strategic focus areas C. It is definitely on our agenda but other things sometimes get in the way or have greater importance/urgency D. Relatively low priority in short term E. Don’t know / does not apply (advisor, analyst, other) Page 9 Insurance in a digital world: The time is now
  10. 10. Insurance in a digital world: The time is now Existing findings from GCIS and other EY Thought Leadership/research 1. Current state analysis from EY desk based research of market, in each region 2. EY industry survey (over 100 companies, both life and non life) 3. Example Case Studies (Insurance and non-insurance) EY point of view and recommendations on how insurers should respond Page 10 Global conclusions and themes, with regional nuances:  Current levels of digital capabilities  Industry readiness to grasp this opportunity  Insights from other sectors’ digital initiatives and experiences  Key actions that insurers should take – now and in the near term Insurance in a digital world: The time is now
  11. 11. Today’s agenda ► Welcome, introductions & objectives ► Overview of our research ► Panel discussion: key findings ► Q&A opportunity …with interactive polling questions as we go Join today’s Twitter discussion: Page 11 Insurance in a digital world: The time is now #EY_INSURANCE
  12. 12. Time to move: possibility vs achievability? Finding 1: Insurers acknowledge current low levels of digital maturity and the need to take action 79% say they “only play the digital game” or are “still learning to use digital for competitive advantage” 57% of current operating models do not facilitate digital 47% have no cohesive business case for their digital strategy Finding 2: Companies have high digital ambitions – but are they grounded in reality? 70% 10% Nearly spend less than of business and IT development budgets on digital 5%-10% plan for budget increases of 25+% in the next one to three years 66% implement digital via “business as usual” Only or via “test and learn” pilots, far fewer use more innovative techniques Only 10% have made transformational changes to their business’ digital capabilities Insurers risk being exposed to the loss of existing customers – and to a scarcity of new ones. They also stand to miss out on the chance to improve the customer experience in a relatively low cost way Page 12 Insurance in a digital world: The time is now
  13. 13. Time to move: the digital maturity gap Current vs target future levels of digital maturity Digital Strategy & Leadership 1 2 3 Customer Experience 4 1 5 Digital leadership Attract prospects Implementation plan Brand loyalty Operating model Customer Value Management Support from senior management 3 Segmentation Business case 2 Reduce cost to serve = Global = Current State = Europe Page 13 = Asia Pacific = Americas = Target Future State Insurance in a digital world: The time is now 4 5
  14. 14. Opinion check – Polling question 2 Do you believe your organization is investing sufficiently in digital? A. Yes, absolutely (strongly agree) B. Yes, I think so (agree) C. No, I don’t think we are (disagree) D. No, definitely not (strongly disagree) E. Do not know / does not apply (advisor, analyst, other) Page 14 Insurance in a digital world: The time is now
  15. 15. Cultural and organizational obstacles Finding 3: Insurers are holding themselves back Top inhibitors of digital growth in the insurance market: Key challenges in delivering digital strategies: Global life #1 Legacy technology constraints 80% #2 Slow pace of delivery by insurers 64% #3 Intermediary/agent channel strength or resistance 40% #4 Lack of a compelling business case 33% Last Insufficient consumer demand 19% Global non-life 68% Creating a culture of rapid innovation and development System issues in implementation Gaining internal management buy-in and investment 64% 63% 68% 63% Internal company structure or culture constraints 65% 52% 47% Finding 5: Distributors are digital customers too #1 most important agent use of digital in next 3 years: “Improving efficiency and quality of interactions with customers” 61% 50% For life and of non-life participants: “Integrating digital with other channels” is the key challenge Insurers who communicate a clear mutual value proposition for digital, and equip their distributors with the digital tools to improve their own customer relationships, can help minimise channel conflict Page 15 Insurance in a digital world: The time is now
  16. 16. The business case: growth through loyalty Finding 4: It is all about retention through improved customer experience Top drivers of digital strategies: 32%: Enriching the customer experience 20%: Regaining more direct control of the customer relationship 14%: Only 46% of life companies Attracting prospective customers and increasing sales 9%: Risk of complacency? Reducing cost to serve customers and intermediaries believe that “customers will ultimately leave us” if they fail to embrace digital With rising acquisition costs, retaining existing customers is an imperative. Insurers must look to the digital landscape to retain and grow customer value. If they don’t, others will! Page 16 Insurance in a digital world: The time is now
  17. 17. Opinion check – Polling question 3 Where do you think your organization is on its digital journey? A. We can see the opportunity but struggling to know where to start B. Not making enough genuine progress on the ground for customers C. We have delivered some easy “quick wins” but not made transformational progress D. We are making good progress but still have some way to go E. We have made transformational changes to our digital capabilities F. Do not know / does not apply (advisor, analyst, other) Page 17 Insurance in a digital world: The time is now
  18. 18. Insight before action; go where the customers are Finding 6: Analytics are critical to digital success Finding 7: Insurers need to embrace the mobile and social media wave Capabilities most in need in order to deliver stated digital strategy: Disparity between online and mobile functionality: Online Analytics 75% Technology 72% Mobile Provide information about company/ products 92% 47% 58% Marketing/promotion Financial management Relationship management 74% 21% 20% Other 17% Provide quote Without the appropriate analytics skills and tools in place, the digital business case may never be realized 43% 66% Transact/purchase Page 18 40% 72% 17% Distribution Provide customer selfservice functionality 35% With mobile and tablet use growing exponentially, neglecting mobile & social media is turning one’s back on the future Insurance in a digital world: The time is now
  19. 19. Today’s agenda ► Welcome, introductions & objectives ► Overview of our research ► Panel discussion: key findings ► Q&A opportunity Join today’s Twitter discussion: Page 19 Insurance in a digital world: The time is now #EY_INSURANCE
  20. 20. Questions from the audience Page 20 Insurance in a digital world: The time is now
  21. 21. Contact us Global & EMEIA Graham Handy + 44 (0)20 7951 8173 g.handy@uk.ey.com Ernst & Young LLP (UK) America Kaenan Hertz + 1 212 773 5988 kaenan.hertz@ey.com Ernst & Young LLP (US) Asia May Knight + 852 28499518 may.knight@hk.ey.com Ernst & Young Advisory Services Ltd Australia Walter Poetscher + 61 2 9248 5145 walter.poetscher@au.ey.com Ernst & Young Follow us on Twitter: Page 21 @EY_Webcasts Insurance in a digital world: The time is now
  22. 22. Resources ► Voice of the Customer: Time for insurers to rethink their relationships (Global Insurance Consumer Survey 2012) ► The journey towards greater customer centricity ► Connect with us ► ey.com/insurance ► ey.com/GL/en/Industries/Financial-Services/Insurance/insurancein-a-digital-world--The-time-is-now ► ey.com/GL/en/Industries/Financial-Services/Insurance/GlobalConsumer-Insurance-Survey-2012 ► #EY_INSURANCE Page 22 Insurance in a digital world: The time is now
  23. 23. Thanks for participating. Page 23 Insurance in a digital world: The time is now
  24. 24. Page 24 Insurance in a digital world: The time is now
  25. 25. Page 25 Insurance in a digital world: The time is now
  26. 26. Today’s webcast is about to begin ► ► ► ► Launching our new global digital survey Insurance in a digital world: The time is now Wednesday, 06 November 2013 10:00-11:00 a.m. EST Join today’s Twitter discussion: Follow us on Twitter: Page 26 Webcast title #EY_INSURANCE @EY_Webcasts
  27. 27. How do I get my CPE certificate? ► At the end of the webcast, complete the feedback ► ► Click on the URL in the slide window or click on the red feedback icon Then, click on the purple CPE icon to download your certificate ► Page 27 To download a certificate after this console has been closed, please visit ey.com/webcasts in about a week. The on-demand version of this webcast will contain your certificate. Insurance in a digital world: The time is now
  28. 28. Connect with us Follow on Twitter: @EY_Webcasts Watch on YouTube: Search on EY Webcast Page 28 Webcast title
  29. 29. Viewing tips Disable your pop-up blockers now! If you are having trouble, press the ‘F5’ key Need more help? ► ► Page 29 Insurance in a digital world: The time is now Click the yellow question mark for a help/tips document Click the red QA icon to request immediate assistance
  30. 30. Viewing tips Slide size: ► Click to make larger ► Click again to reduce Media player volume Slide download Related links CPE/CE certificate: launch at end of webcast Help/tips Feedback form Page 30 Insurance in a digital world: The time is now
  31. 31. Receiving CPE/CE credit ► To be eligible for CPE/CE credit, you must meet all of the minimum eligibility criteria: ► ► ► ► ► ► Participate for a minimum of 50 minutes to start earning credit Respond to ALL polling questions Submit feedback Webcast technology automatically determines whether participants qualify for credit based on the eligibility requirements above Certificates will be available for qualified non-EY participants’ to print at the conclusion of the webcast by clicking on the purple CPE icon at the bottom of this interface EY participants’ awards will be posted in your CPE history within 10 business days Page 31 Insurance in a digital world: The time is now
  32. 32. If you are participating in a group ► Each person who logged in to the webcast should: ► ► ► ► Register for and log in to the live webcast Respond to the required number of poll questions Complete the feedback form At the end of the webcast, the group leader can: ► ► Print certificates for ALL qualified participants by clicking on the purple CPE icon at the bottom of this interface Or, complete the CPE/CE attendance sheet available on the Thought Center Webcast site and include all requested information ► ► Page 32 Submit the attendance sheet within 72 hours of the completion of the webcast by email to tcw.efaxdocs@ey.com Certificates will then be emailed to participants Insurance in a digital world: The time is now
  33. 33. Technical difficulties We are experiencing audio/video problems. Please stand by. We are working with technicians to correct the problem as quickly as possible. Thank you for your patience. Page 33 Insurance in a digital world: The time is now
  34. 34. Technical difficulties ► If you can’t hear the audio through your computer, you may listen by phone. ► Click on the green telephone widget to get local numbers in your area. Dial-in Numbers Dial-in Numbers Page 34 Insurance in a digital world: The time is now
  35. 35. Technical correction ► ► ► The audio has been re-established on our webcast stream. If you refresh your browser (press the ‘F5’ key) you may be able to hear the program through your computer. If the audio is coming through your computer, you can disconnect your telephone. Page 35 Insurance in a digital world: The time is now

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