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Capturing hearts mind and markets
1.
©2015 IBM Corporation1
12 October 2015 Customers increasingly requiring connected insurers Capturing hearts, minds and market share Lee-Han Tjioe Insurance Industry Leader Europe IBM London, October 5, 2015
2.
©2015 IBM Corporation
12 October 20152 We surveyed 12,000 consumers in 24 countries on their insurance relationships, value preferences and switching behavior Source: IBM Institute for Business Value survey data 2014, n=12,210 > 50 years 30-50 years < 30 years Male Female Very high High Average Low Very low Income Age Gender includes the U.K. n=539
3.
©2015 IBM Corporation
12 October 20153 U.K. Insurance clients are looking for providers who take personal care Low trust Source: [1] IBV survey data 2007-2014 “Do you agree with the statement ‘I completely trust the insurance industry’?” [2] IBV survey data 2012, 2013, 2014 „Please state how often you switched your insurance provider in the past two years (3) My needs changed and the previous provider could not meet my new needs 44% Of UK customers do not trust insurers 1 50,5% of UK customers switch insurer at least 1 time in last 2 years 2 High churn 32% of UK customers who switched do this because of lack of personal needs served 3 Lack of personal care
4.
©2015 IBM Corporation4
12 October 2015 Value propositions of P&C Insurers require differentiation on 3 main disciplines “Transparent”- “Provide me with better visibility on my risk coverage, claims situations and ensuring right pricing of my individual risks when I need it via multiple connections” “Share of Mind”- “Provide more relevant content and services to me via multiple connections which help me to reduce my personal risks” “Personal”- “Understand my behavioural preferences and give me tailored propositions, individual advise and pricing for my specific needs” 1 32 Customer Behavior Value Proposition Technological Innovation
5.
©2015 IBM Corporation
12 October 20155 Greater granularity in analytics can help fine-tune communication even further – U.K. customers have a different profile Attitude Cluster Security- oriented individualist Demanding support- seeker Loyal quality- seeker Price- oriented minimalist Support- seeking skeptic Informed optimizer % of total 16% 16% 18% 16% 19% 15% % U.K. 24% 6% 10% 30% 8% 22% Key theme "I know what I want and organize myself" "I need personal advice" "I trust my insurer and remain a loyal customer" "I do not like insurers – make it cheap and stay away" "I need advice but prefer to keep my distance from insurers" "I take time to research to find the best" Analytics show how insurers should communicate Source: IBV survey data 2014. Top n=12,210; U.K. n=539 Bottom U.K. n=408. Q: Please select the three channels most important to you when searching for INFORMATION about your insurance coverage. website insurer aggregator telephone indpt agents peers Security-oriented individualist Price-oriented minimalist Informed optimizer Customer Behavior
6.
©2015 IBM Corporation
12 October 20156 6 It USES ALL DATA by surfacing up to the second structured and unstructured data collected across INSURER and public It is REAL TIME providing next best action guidance to customers and associates while they are on phone or in web It is VIRTUAL in that data is aggregated on demand vs. relying on a centralized warehouse It is also BATCH leveraging massive amounts of structured and unstructured data to produce insight across the business It LEARNS AND REASONS the next best action by leveraging sense making, cognitive computing, and big data technology It uses NATURAL LANGUAGE DIALOGUE in customer interactions via web, phone, associate It is SELF SERVICE by providing analysts and others across the business a rich data discovery platform customer analytics Customer Transforming from Intuition to Cognitive Insight and “Watson” like Guidance to ensure the best possible outcome for each customer and each customer interaction Leading insurers adapt COGNITIVE CUSTOMER INTERACTION SYSTEMS to transform into customer centric servicing COGNITIVE 4 Customer Behavior
7.
©2015 IBM Corporation
12 October 20157 Value is more than just price. Perception of value matters Value Proposition Customers don‘t see price in absolute terms, but as a matter of fairness Price consciousness per se has no immediate effect on loyalty.... Loyalty Index medium high Price consciousness medium high Quality consciousness 3,4 3,6 3,8 4 4,2 4,4 ...too high ... fair ... too low Do you think the premium of your insurance is… global U.K. Source IBV survey data 2014, global n=12,210, U.K. n=539 Loyalty Index ... perceived quality does
8.
©2015 IBM Corporation
12 October 20158 Insurers brand matters less than expected – for the insurance customer of the future, direct and individual engagement is more important 20% 68% 12% of sample low medium high Brand consciousness Loyalty Index medium high Only very high brand consciousness increases loyalty1 Brand Enthusiasts High propensity for individual recognition and two- way engagement. 51% Millennials 25% of total disposable income The customer of the future tends toward a new view of brand2 Source: [1] IBV survey data 2014, n=12,210, U.K. n=539 [2] „Brand enthusiasm: More than loyalty“. IBV. Nov 2014. [3] „Digital reinvention: Trust, transparency and technology in the insurance world of tomorrow“. IBV Jan 2014 The insurance customer of the future3 … is less concerned about price alone … wants to interact with others when shopping for insurance ... is omni-channel … is looking for advice … is open to new products and ideas 20% 71% 9% of sample Value Proposition
9.
©2015 IBM Corporation
12 October 20159 Customers can accept product complexity, as long as they are enabled to understand how it works. There is little discernible effect of product complexity on loyalty… ... it is transparency about the product that counts “We need to “de-mystify” the world of insurance through increased transparency and reduced complexity.” CEO, All-lines insurer, Singapore Loyalty Index medium high low medium high Product knowledge 42% 44% Percentage of customers who are highly loyal when they feel… … their insurance is not complex … their insurance is highly complex Source IBV survey data 2014, n=12,210 Technological Innovation
10.
©2015 IBM Corporation
12 October 201510 The Internet of Things will be an important playing field for insurers – the millennial customer will expect it Do you own or can you imagine owning devices that connect to the Internet on their own? (E.g. refrigerator, washing machine etc.)1 I would be comfortable with my insurer using the data from these devices If my insurer used the data from these devices, this would improve my loyalty 36% 56% Millennials Gen X Boomers 50% Source IBV survey data 2014, n=12,210; U.K. n=539 [1] Answer “yes” 21% 19% 15% 44% 41% 35% 36% 40% 50% Millennials GenX Boomers agree neutral disagree 21% 19% 14% 45% 42% 38% 34% 39% 49% Millennials GenX Boomers agree neutral disagree U.K. 48% U.K. 43% U.K. 31% Technological Innovation
11.
©2015 IBM Corporation
12 October 201511 INTERCONNECTED INSTRUMENTEDINTELLIGENCE 3 Ecosystems to Co-create Deliver Customised Insights based on Deep Customer Analytics Orchestrate a broad set of services around an integrated set of customer needs Offer a real-time monitoring proposition on key risk objects eCall4All
12.
©2015 IBM Corporation
12 October 201512 New business models are needed to address shifting insurance market requirements Seamless and automated interaction with clients, third party providers and other insurers From static data to behavioural and environmental dynamic data Drastically reduce complexity in supporting processes and IT to become more Agile at lower cost From: To: Access Integration Legacy Admin Networked Data rich Less is More
13.
©2015 IBM Corporation
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