Insurance companies are considered ‘digital primitives’. Many established insurers are trying to device a digital strategy which is customer centered. Key change drivers that insurers cannot afford to miss while considering a customer centered digital strategy.

1. © Mindtree limited 2013-14
Insurance
Digital Customer Experience

2. Story Line
• Current Challenges
• Key Drivers of Insurer’s Digital Strategy
• Changing Consumers, Behavior, Trends and Digital Opportunities
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3. Customer Experience - Current Challenges
3
Perception and Utility
• Considered grudge
purchases
• Inconvenience and little
added benefits
• “Get it and forget it”
• Interact with the provider
when something bad has
happened
Commoditization
• Rise of aggregators and
access to technology
• Price comparisons are
further pushing brand equity
to its boundaries
• It’s difficult to explain a
customer on parameters
such as claim handling and
customer service
Acquisition and Retention
• Cost of acquiring a new
customer leading to
discounting first year’s
premium
• Customer retention gates are
just not high enough

4. Drivers of Digital Strategy in Insurance Industry
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5. Drivers of Insurer’s Digital Strategy
5
It’s all about retention through improved customer
experience
Source: Global Insurance Digital Survey 2013

6. 6
Drivers of Insurer’s Digital Strategy
Source: Global Insurance Digital Survey 2013

7. Changing Consumer, Behavior, Trends and Opportunities
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8. New Customer is Very Different
8
• Financial Freshman
• Socially Mindful
• Independently Dependent
• Practically Motivated
• Tech Savvy
• Entrepreneurially Spirited
• Diverse

9. 9
Lack confidence in financial decisions
Find insurance products too complex
May not understand the need for risk protection
Oscar Health NY
Modern insurance company
that is using technology to
make insurance simple,
intuitive and human
Financial Freshman

10. 10
Seek recommendations and validations from personal network
and professionals. Expect good service
Independently Dependent
Swiss Life One100
• Browse other people’s goals to get
inspired
• Define goals and timeframes for these
goals
• The site visualizes personal progress,
cheering users on as they progress
and inspiring those in your social
network

11. 11
Focus on price, value and convenience
Prone to switching carriers
Google
Beat.The.Quote.com/Google
Compare
With 127 providers
Now also available in Germany
and France
Practically Motivated

12. 12
Are avid mobile technology users
Integrate technology into their lives
StateFarm partnered with ADT in the
P&C insurance space
Insurance in a box, Pay as you drive, pay
as you go, Connected Homes
Provide insurance by hours as oppose
to an individual for popular car sharing
Proactive than reactive with
Connected/Smart Homes/offices,
Connected Cars, Connected Bodies,
internet of things.
Insurance in the box Driverless, shared cars
Connected HomesPay as you drive
Tech Savvy

13. 13
Are racially and ethnically diverse, Come from diverse
household types, Have diverse professional experiences
Sheila’s Wheels, Drive like a
Girl
Niche customer segmentation
will get formed and will get
served exclusively. Serving
platforms will not change
dramatically, rather will evolve
to accommodate
Diverse

14. 14
Are self-directed in research. Use multiple channels of
interactions.
Customer Decision Journey
has changed – Its is no longer
linear
Consumers are experiencing
many more product choices
and channels of
communication
Methods of researching and
buying Insurance products
less linear and a bit more
complicated
Multi-channel

15. Three Key Focus Areas for Insurers to Respond
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16. 16
Educate customers differently
Education and advice customer s
about what they really care (Healthy
Living and Safe Driving), and not
only about risk, and the need of
financial protection
Tech Savvy

17. 17
Make customer interactions ubiquitous and extremely easy
Store Digital ID Cards on mobile
Virtual assistance in accident scenario
Accident Location Capture
Take and upload photos
Report a claim
Get instance alerts
Make payments
Roadside assistance
Customer Self Service

18. 18
Enable brokers to deliver better customer experiences
Empowering brokers and agents
with intelligent and intuitive tools to
allow access to richer customer
insights, sales enablement,
collaboration and rule based
underwriting
LearnVest
Distilled the cluttered world of personal
finance with a powerful and beautiful
tool. Custom tailored for you, and your
dedicated financial planner at every
step.