Insurers have conflicting views and divergent strategies regarding aggregators. Many claim they add little if any value to both customers and carriers. Some believe they should be spurned, to prevent them gaining a foothold in new markets. Others think that getting onboard early will give them a more dominant position, resulting in a strong flow of new sales. Accenture believes they cannot be ignored. This report examines the likely future impact of aggregators, and proposes four key building blocks for an effective aggregator strategy.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Presentation I gave at the Financial Services Forum at Yahoo in March 2009. Essentially a look at media and search issues around insurance aggregators.
Insurance, Gen Y and Internet of Things: World Insurance Report 2016 InfographicCapgemini
The evolution of the Internet of Things, combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry toward massive disruption. This year’s Report explores how these trends are driving an urgent need for insurers to transform or risk falling behind new competitors.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Presentation I gave at the Financial Services Forum at Yahoo in March 2009. Essentially a look at media and search issues around insurance aggregators.
Insurance, Gen Y and Internet of Things: World Insurance Report 2016 InfographicCapgemini
The evolution of the Internet of Things, combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry toward massive disruption. This year’s Report explores how these trends are driving an urgent need for insurers to transform or risk falling behind new competitors.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
In the new Digital economy where Customers are demanding personalised, transparent & seamless customer journeys over multiple digital devices as standard
Are Insurance companies prepared?
How Automakers Can Enhance Customer Experience in the New NormalCognizant
While other industries have built highly engaging and hyper-personal customer experiences, the automotive industry, comparatively speaking, has fallen short. The accelerating convergence of automotive-specific and generic consumer technologies presents a huge untapped opportunity for automakers to build tomorrow’s car-as-an-experience value proposition, even as the pandemic accelerates full-speed digitization across the board.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
Hey, Financial Services - Get Serious About Social, or Get Spanked!Lithium
Today’s banking customers want much more than a place to store and access their cash. They want help with financial planning, tracking, and goal-setting and are increasingly tapping alternative institutions for that help. Unregulated innovators like Google Wallet and PayPal are stepping in and putting increasing pressure on banks to adapt—or die.
Meanwhile, financial services firms have been slow to innovate, still stuck on strategies for increasing branch visits. In turn, the influence they have over the personal lives of their customers is waning fast. As we run headlong into a digital-first future, how can financial service firms remain relevant?
Download this slide deck from Lithium and learn:
1. Why social customer experience is fast becoming an important battle ground for the financial service industry.
2. How financial service firms use social for marketing, customer care and service innovation.
3. Which banks, credit card and insurance companies do social right, do it best—and how.
4. The returns financial service firms are getting from social.
5. Social strategies and best practices financial service firms can deploy today to get in the game.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
2019 Digital Trends Financial ServicesJames Brophy
The 2019 Digital Trends: Financial Services in Focus report is a barometer of the extent to which financial services and insurance organisations are embracing digital technology, and how they are focusing their strategies and prioritising resources for the year ahead and beyond.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
In the new Digital economy where Customers are demanding personalised, transparent & seamless customer journeys over multiple digital devices as standard
Are Insurance companies prepared?
How Automakers Can Enhance Customer Experience in the New NormalCognizant
While other industries have built highly engaging and hyper-personal customer experiences, the automotive industry, comparatively speaking, has fallen short. The accelerating convergence of automotive-specific and generic consumer technologies presents a huge untapped opportunity for automakers to build tomorrow’s car-as-an-experience value proposition, even as the pandemic accelerates full-speed digitization across the board.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
Hey, Financial Services - Get Serious About Social, or Get Spanked!Lithium
Today’s banking customers want much more than a place to store and access their cash. They want help with financial planning, tracking, and goal-setting and are increasingly tapping alternative institutions for that help. Unregulated innovators like Google Wallet and PayPal are stepping in and putting increasing pressure on banks to adapt—or die.
Meanwhile, financial services firms have been slow to innovate, still stuck on strategies for increasing branch visits. In turn, the influence they have over the personal lives of their customers is waning fast. As we run headlong into a digital-first future, how can financial service firms remain relevant?
Download this slide deck from Lithium and learn:
1. Why social customer experience is fast becoming an important battle ground for the financial service industry.
2. How financial service firms use social for marketing, customer care and service innovation.
3. Which banks, credit card and insurance companies do social right, do it best—and how.
4. The returns financial service firms are getting from social.
5. Social strategies and best practices financial service firms can deploy today to get in the game.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
2019 Digital Trends Financial ServicesJames Brophy
The 2019 Digital Trends: Financial Services in Focus report is a barometer of the extent to which financial services and insurance organisations are embracing digital technology, and how they are focusing their strategies and prioritising resources for the year ahead and beyond.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
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Capgemini Consulting et The Boson Project, startup spécialiste du corporate hacking, dévoilent les résultats d’une enquête portant sur le Rêve et l’Entreprise. Le rêve a-t-il sa place dans le monde du travail ? Peut-il devenir un vecteur d’engagement durable des salariés ? Quel est le rôle des dirigeants et des managers dans cet engagement ? Qui sont les leaders rêvés de demain ?
Au cœur de cette enquête se trouve le lien entre le rêve des salariés et leur engagement dans l’entreprise, engagement qui conditionne leur motivation et leur performance. A la
question « as-tu besoin de rêver pour t’engager ? », 81% des personnes interrogées ont répondu par l’affirmative. Et 62% des personnes interrogées affirment que, pour eux, rêver en entreprise est tout simplement « vital »
これは以下の論文の日本語要約です
Electronic Documentation of Lifestyle Counseling and Glycemic Control in Patients With Diabetes
http://care.diabetesjournals.org/content/early/2015/06/11/dc14-2016
糖尿病療養指導はより個別的に、より詳細に行うことがよいとされています
しかし、「個別化」「詳細さ」を測定することは難しく、特に後ろ向き研究はしにくいと考えられます
そこで、本研究ではEHRのコメントを自然言語分析をすることで、定量的に「個別化」「詳細さ」とHbA1c低減の関係性を検証することに挑戦しています。
Vidushi Infotech S.S.P Pvt.Ltd is a progressive Website Design & Development, Mobile App Development & Internet Marketing Solution Service provider. Vidushi has embarked on a mission of global prominence and recognition, catering clients across the globe such as the US, UK, Europe, Australia, and South Africa.
iTitleTransfer Introduces Anti-Monopoly and Pro-Costumer Choice "Alternative to Title Insurance" for a Third of the Closing Cost, Authorized by Fannie Mae and Freddie Mac, utilizing Real Estate Attorney Opinion Letters.
As alternatives to the old-school method of monopoly-required title insurance are developed by PropTech firm iTitleTransfer, Blockchain, Smart Contracts and AI, investors in title insurance are facing disruption,
A presentation a friend and I worked on while brainstorming ideas for a technology startup. Our objective was to explore opportunities in industries we're familiar with and industries we believe are ripe for disruption. The presentation lays out key industry metrics and profiles successful companies (somewhat startup-focused) within each industry.
The future of insurance distribution: New models for a digital customerAccenture Insurance
This report argues that incumbents need to embrace digital disruption, form partnerships and adopt innovative technologies to improve customer engagement and create new opportunities for growth. It introduces five new distribution models that insurers should consider, as well as six ‘lenses’ through which they can be evaluated.
Your insurance clients know that far-sighted players are already confronting the future of insurance distribution. Use this report to help them assess their options.
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how creating effortless experiences are so simple and easy with our data-driven strategy framework to drive growth. Read more.
Whole-brain leadership prepares C-suites for the digital challenges ahead, ensuring seamless growth and high-value problem solving capabilities. Read more.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Accenture's Applied Customer Engagement (ACE) is a proven approach to re-thinking and revitalizing contact center operations for the digital era. Read more.
ALIP customers Get More…more product launches, more out-of-the-box functionality and efficiency, more personalized digital capabilities, more delivery “know how”. Read more.
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
Accenture's CMO Survey unveils some important insights on the role of the new CMO and how the role is changing in the digital age. Read more: https://www.accenture.com/us-en/insights/consulting/cmo
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
2. A few years ago, property
and casualty insurers in some
markets could have been forgiven
for thinking that aggregators
would take over the world.
2
The aggregators’ business model—a strong
online presence comparing insurance quotes
and coverage, supported by extensive
advertising to build visibility and drive
traffic—attracted customers on the basis of
convenience and cost.
The aggregator model has not changed
much. Customers seeking automobile or
homeowners’ coverage click on a site and
provide basic information. For an automobile
owner, that might be year and make of car,
as well as the driver’s age and pertinent
information about his or her driving record.
Based on levels of coverage sought, the
aggregator site displays a range of carriers
and prices; if the customer is interested in
more information, the site allows “click–
through” to the carrier’s own site for
further processing.
Aggregators are compensated by the carriers
that choose to participate on the site. The
aggregator is strictly “in the middle” with the
carrier taking all responsibility for account
servicing and claims processing.
In the United Kingdom, consumers were quick
to embrace the use of the aggregator channel
to buy insurance, particularly automobile
insurance. By 2009, aggregator purchases
accounted for more than half of total private
auto insurance sales in the UK, and for 36
percent of home insurance sales.1
Today, UK aggregators have attained an
even larger share of the private automobile
insurance market, accounting for an
estimated 60 to 70 percent of new business
premiums.2 There are signs, however, that
their growth has leveled off. New entrants in
the field—as well as the incumbents’ success
in attracting customers—may have brought
the UK aggregators to a saturation point,
especially as they jostle for position in costly
broadcast advertising.
In the US, meanwhile, aggregators have
found it difficult to penetrate a market
in which large P&C carriers allocate huge
amounts of capital to marketing to establish
brands and direct customer flow, posing
a significant barrier to entry. US carriers
leverage programmatic marketing to target
customers directly and direct customer
flow to the carrier sites. Another barrier to
entry for aggregators in the US is state level
regulation; each state has its own rules
requiring aggregators to attain licenses,
making it hard for aggregators to participate
at a national level.
3. 3
About the Authors
Roy Jubraj leads the digital/innovation
agenda for Accenture’s Insurance practice in
the United Kingdom and Ireland, including
its Digital Insurance Solution Centre. He
has extensive experience leading business
and technology transformation programs
for a diversity of clients. Contact him at
kadesh.r.jubraj@accenture.com.
“Aggregators will continue to grow, but
they will face more competition—from
retailers, technology vendors, and online
giants such as Google—as well as from
insurance carriers.”
Erik J. Sandquist is a managing director,
and leads Accenture’s global Insurance
Distribution and Marketing Services.
He helps insurers reinvent their distribution
models through strategic transformational
change programs. Contact him at
erik.j.sandquist@accenture.com.
“Pricing is always important, but so are
brands. We have seen that strong brands
can grow even in a market with a large
aggregator presence.”
Talbert Thomas is a senior manager in
Accenture’s Insurance Strategy practice.
His experience has been mainly in the
areas of growth, operations and marketing
strategy as well as distribution and
underwriting. Contact him at
talbert.thomas@accenture.com.
“In key markets aggregators have proven
that they can change the way people
think about buying insurance, and in the
process change the economics
of insurance distribution.”
4. 4
Some major US carriers have refused to work
with aggregators, leaving the intermediaries
with only lesser-known brand names.
Other carriers have agreed to work with
aggregators, but have been unwilling to
integrate their systems. This can be a major
obstacle, because if the customer going onto
an aggregator site cannot get an immediate,
accurate quote and complete the purchase,
the aggregator becomes nothing more than
a lead generator.
While aggregators have not generated vast
amounts of revenue,3
their impact on the
insurance distribution model in the UK and
other markets has been much larger than
these revenues would indicate.
In a relatively short period of time,
aggregators have:
• Levelled the playing field by injecting
simplicity of service and transparency
into the range of offerings and product
coverage provided by insurers;
• Pushed the entire direct channel to
change its pricing structures, frequency of
customer contact, volume of quotes and
many other features, with insurers forced
to adapt their systems to integrate with
aggregators, generate high volumes of
quotes on a near real-time basis, and
slash prices to be included in the top
tier of cheapest quotes;
• Changed customer expectations and
purchasing behaviors; and
• Increased the incidence of insurance
fraud, as some customers intentionally
provide inaccurate information, and see
the prices quoted online come down
immediately as a result.
Aggregators have also helped commoditize
insurance, with more and more carriers selling
customers on an inexpensive, bare-bones
product—albeit one from a trusted company—
to gain primary position on aggregator sites
and then pushing to up-sell the customers by
offering needed features.
In addition, aggregators have changed the
way people think about buying insurance,
with a significant impact on the economics
of insurance distribution in general and on
the broker channel in particular. In the UK, for
example, the broker commission for private
auto insurance can range from 10 percent to
20 percent of annual premiums. Brokers can
obtain additional fees and revenues
from add-ons, negotiating credit packages,
and handling claims, although recent
regulation has brought these revenue
streams under pressure.
Nevertheless, brokers do turn to aggregators
to obtain quotes. But, with an average
private annual automobile premium of £530
(US$828) in the UK, the aggregator fee of £50
($78) would erode 50 to 85 percent of broker
revenue.4 This places pressure on brokers to
retain existing customers and to cross- or
up-sell them rather than risk losing them to
an aggregator, or risk using an aggregator to
place the business.
While competitive pricing remains critical to
the prospective insurance customer, it is not
the only consideration in a purchase. Brand
attributes—and the perception of value for
money—play a vital role, and strong brands
can continue to grow, even in a market with
a large aggregator presence.
New research from Accenture also indicates
that insurers are responding to perceived
pressure from aggregators. Our global
survey of more than 400 senior insurance
distribution executives found that they
are adopting a targeted approach to using
aggregators—tailoring their products and
using aggregators mainly under the heading
of sub-brands. The percentage of insurers
using aggregators under a sub-brand is set
to jump from 43 to 53 percent over the next
three years, with an additional 21 percent
answering “Perhaps/Don’t Know.” Just more
than half of the insurers surveyed (51 percent)
are defining a set of low-cost products
for use specifically by aggregators, and 57
percent said they are thinking about setting
up their own aggregators. The aggregators’
focus on price drew skeptical comments
from some insurers interviewed, who saw
commoditization as a dead-end street
for insurers and, ultimately, for the
aggregators themselves.5
5. 5
Growing around the world
Although they have not attained the same
share of market as they have in the UK,
aggregators in other countries are enjoying
rapid growth. In France, for example,
aggregators have grown at an average rate
of 18 percent per year over the last five
years,6 and while in Spain and Italy they
have low penetration they have achieved the
highest growth rates in Europe in the past
two years.7
The aggregators’ growth story is not limited
to Europe. In Japan, they now represent
approximately five percent of total personal
lines insurance sales and are estimated by
Celent to have grown by 33 percent from
2009 to 2015.8 The expanding online market
in India is driven by large aggregators such as
PolicyBazaar.com and MyInsuranceClub.com.
UK aggregators have taken the basic business
model of providing price comparisons—which
has worked successfully in industry after
industry including travel, energy, and mobile
phone services—to other markets in attempts
to replicate their success throughout Europe
and beyond. For example, BGL, the parent
company of comparethemarket.com, one of
the leading UK aggregators, has launched Les
Furets in France, Hoy Hoy in the Netherlands
and comparethemarket in Australia. Admiral
Group, the second largest auto insurer in the
UK (and the owner of aggregator Confused.
com), has launched aggregators LeLynx in
France and Comparenow in the US.
In the US there are a large number of life
insurance comparison sites (e.g., SelectQuote,
PolicyGenius, and AccuQuote) for consumers
to use in shopping for simple term-life
coverage from widely known carriers.
Yet, sales originating from these sites are
not a meaningful source of new business
for insurers.
The extent of penetration by aggregators in
specific markets depends upon a number of
factors. These include:
• Consumer habits and culture
Buying habits such as consumers’
price sensitivity, the value of personal
interactions, and consumer loyalty,
vary dramatically from country to
country. In the UK, for example, 68
percent of respondents in Accenture’s
2013 Consumer-Driven Innovation
Survey named aggregators as the first
place they would go to get insurance
information, but only 42 percent of
German respondents named aggregators
as their first choice. In the US, 45 percent
of respondents said they would go first to
independent agents to obtain information,
with only 34 percent naming aggregators.
These consumer traits partially explain the
substantially lower level of penetration
aggregators have achieved in the German
and US markets compared to the UK.
• Marketing expenditure by insurers
There is an emphasis on building strong,
immediately recognizable brands through
high levels of marketing spend to attract
customers. The top seven UK aggregators
allocate more capital to marketing than
their carrier counterparts; aggregators’
marketing spend equates to approximately
one percent of the total premium of
the UK personal auto insurance market.
That figure is half of what the top seven
carriers in the US spend on marketing,
which is roughly two percent of total
automobile insurance premiums (Figure
1). The US market is at a much greater
scale, with GEICO alone exceeding
$1 billion in spend, compared to the
top UK aggregators spending some
£120 million ($187 million) in total.9
6. 6
• Carrier participation
Carrier participation in aggregators’
quoting and selection services also varies
from country to country. In Germany,
three of the top ten carriers, including
the largest carrier, do not participate in
aggregator sites, in contrast to the UK,
where the top carriers engage directly
with aggregators to meet customer
demands for more online interaction and
to reduce high acquisition costs.
• Digital sophistication of carriers and
aggregators
Some carriers have been much more
aggressive than others in offering a
digital customer experience, or in using
programmatic marketing to quickly
identify and target the most attractive
customers. Similarly, aggregators have
seen more success in markets where they
offer a complete purchase experience
online and a more advanced user
experience than their carrier counterparts.
• Distribution cost pressures
P&C insurers are facing high distribution
costs. In the US, for example, distribution
costs represent approximately 18 percent
of each premium dollar in personal lines,
and the top 10 personal lines insurers
spend approximately $3.8 billion on
advertising in total, with the top five
accounting for $3 billion of that amount.10
In the face of such high costs, some
P&C carriers are spending heavily on
technological advances such as mobile
and social media, bolstering their
online and contact center presence and
essentially bypassing agents, brokers
and the commissions they receive. High
distribution costs may also drive more
carriers to consider engaging with
aggregators, especially if aggregators
continue to improve the experience they
provide to the customer at lower cost.
Figure 1. Percentage marketing spend by UK aggregators is one-half that of top US carriers
Size of personal auto market in billions Aggregator and carrier marketing spend
UK Top 7 aggregators in the UK
Gross written
premiums in
2013 (billions)
Percentage of
personal auto
gross written
premiums
£18 1%
US Top 7 insurance carriers
in the US
$181 2%
7. While past performance will not guarantee
future results, the recent past does provide
strong indications of how aggregators’
business strategies will evolve. We anticipate
that three major trends will characterize
aggregators’ future:
1. Continued growth
We believe that aggregators will continue
to grow at a rapid pace, both through
expansion into new markets and offering new
products—such as travel insurance or basic
life insurance coverage—in existing markets.
This is driven in part by consumers’ growing
trust in online advice and their comfort with
making increasingly complex purchases
online. Where aggregators are achieving
success they are concentrating on “share of
wallet” and extracting more value from the
customer relationship; they are also making
use of their distribution power to obtain
better terms of trade from carriers, whether
in the form of new pricing models or other
concessions. In addition, aggregators are
using new platforms, including social media
and mobile, to find and attract
new customers.
2. Disruption of insurance
industry economics
Aggregators are disruptive by nature and
will continue to demonstrate their ability to
significantly change distribution economics
for carriers, producers and customers.
• Carriers dealing with (or competing
against) aggregators tend to suffer from
the “winner’s curse;” that is, they sell
more lower-priced policies, limit the
number of product features that they
offer or otherwise diminish the quality of
the product, develop low-cost brands, or
reduce their marketing expenditures in an
effort to maintain margins. For carriers
with established brands, this represents a
competitive dilemma as, in selling through
aggregators, they may cannibalize their
higher-profit lines. They also run the risk
of diluting their hard-won brand value.
• Producers such as exclusive, captive and
independent agents find themselves
providing at least the same value and
personalized services for a lower level of
commissions after paying the aggregator.
They subsidize the payments made to
aggregators, putting more pressure on
their own profitability and accelerating
the transition to more centralized
operating models from branch-based models.
• Customers find it easier to choose
insurance products based exclusively
on price. This erodes customer loyalty,
decreasing retention rates and making
switching more prevalent. It also makes
customers selecting cheaper options more
vulnerable to being under-insured—as
evidenced in the aftermath of the record-
breaking floods in the UK in 2014, when
many customers who purchased their
insurance through aggregators discovered
they did not have the breadth of
coverage they needed.
3. Evolution of the business model
As aggregators move into their next
evolutionary phase, we expect to see new
areas of focus. These might include:
• New geographies
Successful aggregators are taking
their show on the road to markets
where they believe the environment
is receptive to their proven value
proposition, with a particular
interest in consumer comfort with
online transactions and low digital
sophistication among carriers.
• New lines of business
Some aggregators have begun to
expand into commodity-type insurance
products such as pet and travel
insurance; adding ancillary products
such as legal expense coverage or
response to home emergencies; or
moving into small commercial lines,
such as for non-fleet commercial vehicles.
Aggregators are also in a position to
offer simple term-life insurance policies
and some basic financial products such
as consumer loans and credit cards,
as well as online wealth management
advice related to budgeting, expense
management and other everyday
financial concerns. BGL Group has
added online life insurance quotes
through its Beagle Street subsidiary.
Moneysupermarket, another UK
aggregator, has acquired Money Saving
Expert to offer financial sector advice
and product comparisons.
• Larger share of the value chain
After diversifying into new products
and markets, we expect aggregators to
increasingly carve out a larger share of
the insurance value chain, expanding
their value proposition beyond price
comparisons. This includes services
more associated with producers
including evaluations of product
features and education, needs analysis,
“people like you” comparisons and even
some policy servicing processes.
• Expanded services
Finally, aggregators are expanding
into other business-to-consumer and
business-to-business services. These
include “white label” products, the
resale of data and analytics, product
endorsements, and experiments with
non-risk goods and services such as
energy and other utilities. Areas under
study encompass renewal shopper
subscription services, financial advice,
price auctions and “name your price”
initiatives.
And, while aggregators seek to expand,
they must also remain cognizant of new
competitive threats, not only from carriers,
but from retailers, technology vendors, and
online giants such as Google
(see sidebar, page 8).
7
The future of insurance
aggregators
8. 8
Keeping an eye
on Google
Aggregators and carriers alike have watched
nervously as Google has explored the
personal lines insurance market. Google
acquired UK aggregator Beat That Quote
for £37.7 million (US$59 million) in March
2011, then consolidated and re-launched
comparison services under the Google
brand in September 2012 with comparisons
of automobile insurance and credit cards.
However, in the face of EU regulatory issues,
Google removed all other former Beat That
Quote services in early 2013. The company
has stated its intent to launch comparison
services in Italy and Germany, as well.11
As might be expected, Google’s comparison
sites are user-friendly, clear and simple, with
the transparent interfaces to which customers
have become accustomed and which enable
customers to complete the purchase journey
online. While Google is clearly well-positioned
to establish strong customer relationships in
the insurance sector, insurers and aggregators
are major buyers of advertising on Google.
Worldwide, the insurance industry spends
an estimated $7 billion on advertising
and Google receives a significant piece
of that expenditure.12
Google has not yet revealed its overall
insurance strategy—although Google
Compare Auto Insurance Services has
obtained licenses to sell insurance in 48
states with an initial focus on California.
USAA, a major US auto insurer, has made rate
quotes and coverage information available to
California drivers through Google Compare.
Google has also created partnerships with
other established US aggregators and online
independent agencies (such as Compare.com,
CoverHound, and Bolt Solutions) to augment
its value proposition.
Google has some inherent
advantages including:
• Instant brand recognition—Google
can position itself as an aggregator
in the US with instant brand
recognition and ideal placement for
key search inquiries.
• Local search—Google can provide
local search capabilities in a cost-
effective manner for both independent
and captive agents, and has stated its
intention to do so.
• Monetization of customer insights—
Google can offer robust customer
insights to monetize its data to
carriers, subsidizing the cost of
customer acquisition. It could
substantially enhance leads by
supplementing them with additional
data insights, which would be
extremely valuable to carriers.
• Broad ecosystem—Google has the
potential to create a broad ecosystem
with Android operating models in
vehicles, Nest homes and phones that
could provide data—including usage-
based data—for accurate and timely
quotes that are pushed out or offered
upon request.
In media interviews, Google Compare’s US
executives have stressed the importance
of agents and have noted that, even with
price comparisons, more than half of all
auto insurance sales in the UK still take
place through a live person, whether in
a call center or via an agent. They have
also emphasized the importance of speed,
particularly in not making the customer
wait more than 30 seconds for an accurate
quote.13
The insurance industry can be
expected to monitor developments on this
front very closely indeed.
9. 9
Aggregators and insurance
carriers: Mixed results
When it comes to the impact of aggregators
on insurance carriers, some insurers have
ridden the aggregator wave more successfully
than others. In the UK, the big players in
direct insurance have probably lost the most
to aggregators, as they have not always been
able to leverage their scale and brand.
Aggregators can force insurers to accept
wafer-thin margins, hoping to make up
in volume what they lose in quality; the
alternative is to lose sales. Aggregators
can also take advantage of carriers whose
unattractive or cumbersome websites
cause consumers to explore new options
on the Internet.
The carriers suffering the least from the
aggregators’ presence are those with highly
segmented and/or highly differentiated
offerings, a low cost base, and leadership
ability in terms of price setting. They write
high-value business and also tend to have
a strong, integrated customer-centric
presence on the web. Due to the low barriers
to entry that aggregators facilitate, new
market entrants, as well as companies with
well-known brands, may also find it easier
to co-exist (or compete) with aggregators.
Aggregators give smaller insurers with less
well-known brands an advantage that they
may not enjoy when they compete in the
open market against more powerful brands.
Insurers have tended to respond to
aggregators in one of four ways:
1. Rejection
Aggregators offer large carriers no
additional sales; instead, they simply
interpose themselves in the sales process
and take a share of carriers’ revenue.
Therefore, some insurers have refused
outright to work with aggregators,
even making their lack of presence on
aggregators’ sites a selling point. These
insurers often have large quantities of
direct sales and large investments in
brand building that they feel they need to
protect, and may believe that competing
on brand attributes and price can enable
them to continue selling at profitable
volume levels.
2. Cooperation
An increasing number of carriers
worldwide have accepted aggregators
as an additional distribution channel
and have made their products available
through them. Leading price comparison
sites in North America and Europe
have as many as 50 brands on display
including products designed specifically
for the online/aggregator channel and
distinct online brands. In cooperating
with aggregators, carriers may be taking
another course of action to support and
protect their own direct sales, and may
also have confidence that their ability to
compete on price can generate profitable
volume from the aggregator channel.
3. Crowding out
Another course of action by carriers
involves “crowding out” competitors,
either by offering multiple brands, or by
offering multiple quotes on a single brand,
to achieve a dominant position on the
aggregators’ all-important first page.
4. Participation
Some insurance carriers have chosen to
pursue a dual-path strategy, either by
setting up an aggregator, forming a close
alliance with an existing aggregator or
making strategic investments in already
established aggregators. For example
MAPFRE USA has taken an 11 percent
interest in Comparenow in the US.
10. In our view, insurers should view aggregators
as an additional distribution channel—with
its own unique characteristics—and then
consider strategies for maximizing the
value of the channel. For new aggregator
markets, the key lesson from the UK is
that carriers and aggregators that work in
concert can create a mutually beneficial
value proposition that enables the customer
with both transparency and high quality
products. Insurers that choose to engage with
aggregators may do so primarily in one
of two ways:
1. Integrate and optimize
Insurers can pursue a digital optimization
strategy designed to make the most of
both their own online presence and their
presence on the aggregators’ sites. This
may involve closer integration of the carrier
and aggregator sites, so that the customer
experience is comparable in both locations,
or providing a richer user experience for
aggregator customers. Carriers could
also employ multi-variant testing of the
aggregator site to maximize both the rate
of conversion and the attractiveness of
customers obtained this way.
2. Develop a tailored aggregator value
proposition
Insurers can also choose to “play to win” in
the aggregator channel by competing in areas
outside pricing. They can make exclusive
offers, or provide new niche products
involving telematics or rewards for “green”
behavior. They can take alternative marketing
approaches by using vouchers, cash rebates,
or promotional gifts.
10
Dealing with
aggregators:
Strategies
for insurers
11. To grow profitably in a crowded, competitive,
price-sensitive environment, insurers will
need specific capabilities. These are essential
for participating in the aggregator channel
but are also needed to meet the demands of
an increasingly digital customer base.
The four key building blocks are, in our view:
1. A differentiated customer proposition
Insurers need to make it immediately clear
what they are offering customers; this
means a value proposition that is simple,
modular and packaged in a way that is
readily accessible and understandable.
The offering should be configured to
work in a multi-channel world; it should
be customer-centric (meaning that it is
primarily something the customer wants
to buy, rather than something the insurer
wants to sell) and it should focus on long-
term value.
2. Tight market segmentation supported
by sophisticated analytics
Insurers should focus on clearly defined
market segments—with a view of the
customer that supports profitable pricing
right down to the level of the individual
policyholder—rather than one-size-fits-
all offerings. With a good understanding
of customer needs in chosen segments
—and the products that such customers
want—insurers can engage in aggressive
lead generation, branding and pricing
to win market share in those segments.
Sophisticated risk selection and dynamic
pricing capabilities can optimize
conversion rates in the market sectors
selected.
3. A compelling digital offering
Whether working through aggregators or
through other channels, insurers should
be using digital optimization tools to
fine-tune their real-time performance.
Such tools personalize the insurer’s
value proposition, customize the user
experience, and provide immediate
feedback on what does and does not
appeal to the customer. In conjunction
with digital optimization, better digital
marketing can enhance the insurer’s
brand value and maximize the return on
marketing investment.
4. Lean and agile operations
A low-cost, configurable technology
platform makes it possible for insurers to
change course rapidly and to introduce
new products and modifications as needs
are identified. Process management,
automation of previously manual
processes, and an iterative, collaborative
approach to change management are
prerequisites for digital success.
The insurance industry has entered a period
of rapid change and we anticipate even
more accelerated evolution in the short- to
mid-term future. The moving force behind
this change is the demand of savvy online
consumers who, to put it simply, want
to receive more value for less money.
Aggregators have grown rapidly in this
environment. Insurers, by joining forces with
them (or adding their own aggregator-type
channels), can protect their own business
while adding new customers.
No matter how successful aggregators are in
disrupting insurers’ distribution models, the
future of personal lines insurance is digital.
Insurers with integrated, multi-channel
distribution models, a clearly differentiated
value proposition, and the ability to conduct
personalized campaigns aimed at specific
market segments—even individual customers
—will be in the best position for profitable
growth in the years ahead.
No matter how successful aggregators
are in disrupting insurers’ distribution
models, the future of personal lines
insurance is digital.
The foundation for growth
11