SlideShare a Scribd company logo
INSURANCEASA
LIVING
BUSINESSACHIEVINGSUSTAINABLE
GROWTHTHROUGH
HYPER-RELEVANCE
Insurers have long depended on the loyalty of their
customer base to support growth. Today, many are
experiencing a different reality.
Consumers are shopping around — more than ever before. Research
confirms it: The traditional concept of customer loyalty has shifted,
with the onus on the insurer to constantly adapt and cater products,
services and experiences to the customer.
That means carriers can no longer rely on the same methods they used
before to attract customers. Moreover, instead of taking steps to build
loyalty, they have to think in terms of attracting those same customers
by offering them a consistently fast, personalized and reliable
experience — or risk losing them to the competition.
Brands need to keep up. Sixty-four percent of the times that customers
shift from one brand to another, it’s to seek a more relevant product,
service, or experience — and this number is likely to increase. Insurers
need to be agile, moving nimbly and continuously to accommodate
customers’ ever-changing needs and circumstances.
They need to embrace a customer-centric mindset that inspires
different behaviors and ways of working in everything they do. More
than relevant, they need to be hyper-relevant. And to keep them true
to this purpose, organizations need to have a strong personality, a
North Star, that underpins organizational behaviors and guides them,
as they evolve.
Remaining static can be extremely costly. Our research revealed that
across industries in the US alone, the potential revenue that companies
lost to competitors in 2017, by not being relevant enough, was a
startling $1 trillion.
But how do you achieve sustained growth at a time of unprecedented
disruption? By becoming a Living Business — one that continuously
adapts to the evolving needs of its customers, and market conditions,
with speed and at scale, to achieve total relevance.
2
THRIVINGINTHE
FACEOFMOUNTING
DISRUPTION
THE KEYS TO
SUSTAINABLE GROWTH
What are the keys to sustainable growth in a world
where market turbulence is becoming the norm? This is
a question on the minds of many insurance leaders who
are spending more money than ever before in pursuit of
the next big idea, yet are finding it difficult to achieve the
momentum they seek.
To identify a clear path forward for today’s large organizations,
Accenture undertook a major research initiative in 2018. We
wanted to determine how leaders in sustainable growth are
different from their peers. We found that these companies:
•	 Have a better understanding of the changing digital needs
of customers;
•	 Pivot growth strategies to profitable areas beyond the core;
•	 Fund new growth by optimizing costs elsewhere.
Additionally, our findings indicate that the path to continuous
growth depends on developing five interdependent sets of
capabilities. Each capability set is focused on deploying advanced
technologies with precision. In turn, they sharpen companies’
abilities to conceive, design, and exploit distinctive offerings that
meet customers’ demands at the exact moment they most need
them. Together, these capabilities characterize organizations that
can consistently deliver hyper-relevant services.
In short, they transform static companies into Living Businesses.
Small, digital, pure-play organizations and digital giants alike are
hardwired to thrive in this environment. These responsive organizations
are constantly offering customers a more personalized and relevant
consumer experience. They’re also seamlessly moving from one growth
opportunity to the next, even across industry boundaries. In fact, 78%
of consumers surveyed would be willing to engage with digital natives
for their insurance and banking needs.
But most large companies and industry mainstays face a tougher road.
Asset-heavy infrastructures are limiting the ways in which they can
serve existing customers and attract new ones. Outdated marketing,
promotion and channel strategies, developed to exploit the ability to
deliver volume at scale, are now barriers to overcome.
So, how can established insurers like these unlock growth with
relevance? They do it by designing with customers in mind, and acting
with agility. A select group of carriers have begun to crack the code.
78%
78% of consumers would be
willing to engage with digital
natives for their insurance and
banking needs
3
Just as importantly, they need a new set of skills and a culture
that inspires different behavior. A key element of this culture is an
openness to the broader, fluid environment which consumers inhabit,
and to alliances and ecosystems that might enable insurers to
increase their relevance.
The Living Business Vitality Survey has a strong focus on relevance.
To find out what consumers think about it, the term was defined in
the following way:
Giving you the opportunity to engage with the
company using the mix of physical and digital
channels that you prefer at any given moment,
especially as your preferences change.
Providing you with more than just a product
or one-time service, but rather new and
innovative experiences that set the standard
for how companies should relate to your lifestyle
and needs.
Continually improving products, services and
experiences in noticeable ways that, from your
perspective, make doing business with the
company more attractive.
Relevance has become a critical factor for insurers as their
customers make unflattering comparisons between the host of
innovative digital service providers that offer highly personalized
experiences, and traditional, product-centric carriers that seem
rigid and remote. A growing number of leading carriers are
making the difficult and far-reaching changes needed to become
– and remain – relevant to their customers. As the competitive
pressure mounts, many insurers are asking themselves: what
exactly is relevance?
Accenture’s research into what we call Living Businesses
has helped us define relevance as a commitment to provide
products, services and experiences that ‘wrap around’ individual
customers, constantly learning more about their needs, intents
and preferences. This allows the insurer to flex and adapt to
make itself and its offerings more engaging and useful.
Achieving relevance requires more than just a new product
portfolio and a multichannel distribution capability. To become
truly relevant insurers need to become truly customer-centric.
They need the ability to listen and collect data continuously,
beyond the scope of their core service proposition, and to
use this information to respond in ways that create value to
customers at a particular point in time, at a specific location,
or in the context in which a need or desire arises.
WHY
RELEVANCE?
1
2
3
4
LIVING
BUSINESSES
OUTPERFORM
THEIR PEERS
Customers’ expectations are shaped by the most relevant,
real time, dynamic experiences they encounter from providers
across all industries. Customers don’t switch from these trend-
setting organizations to others; increasingly, they switch to
them. Successful insurers realize this, and design their customer
experiences accordingly.
5
Based on our
2018 Global
Consumer Pulse
survey of more than
24,000 consumers,
representing 33
countries and
commenting
on more than 8
different industries,
including insurance:
$168 billion in revenue was lost to
competitors in 2017 by P&C insurers
that were not being relevant enough
in the moment.
62%
32%
63%
62% of the instances when
customers switch from one insurer
to another are driven by a lack of
relevance. Relevance is defined as
an understanding of the dynamic
customer context, the provision of
innovative products and services that
are continually redesigned, and the
provision of transformative experiences
that reshape the customer’s way of life.
32% of customers say that they’d
stop doing business altogether
with an insurer that wasn’t relevant.
63% is the increased likelihood that
an insurer perceived as relevant by
its customers will be recommended
to friends and family.
6
309
137
172
Financial services
providers
OUR LIVING BUSINESS SURVEY
RESEARCHED:
Insurance
carriers
Banks
Our findings indicate that the carriers that are
succeeding and achieving continuous growth have
developed five interdependent sets of capabilities,
which represent the keys to growth in the future.
THESE LIVING BUSINESSES:
•	 Target new opportunities: Launch core and disruptive
growth initiatives to fuel responsive innovation.
•	 Design for customers: Create products and services as
hyper-relevant platforms.
•	 Build engagement: Develop intelligent marketing and
sales experiences.
•	 Scale with partners: Expand operations with a broad and
new set of ecosystem alliances.
•	 Rewire culture: Renovate their workforce with a
customer-first mindset.
Our 2018 Living Business Survey researched
more than 1,000 companies
The sample included 309 financial services (FS) providers – 137
insurance carriers and 172 banks – in 28 countries*. We assigned
each organization a Vitality Score based on its proficiency across
* The sample represented organizations in the US (31%), China (8%), Italy (8%), UK (7%),
Japan (6%), Germany (6%), France (6%), South Korea (6%), India (4%), Spain (3%), Canada
(3%), Brazil (2%), Australia (3%) and 15 other countries (7%).
five sets of capabilities. The companies that scored highest on these
capability sets — the Living Businesses —accounted for approximately
10 percent of our survey sample and included 30 financial services
firms. These highly capable organizations are three times more likely
than their peers to achieve above average revenue and profit growth,
and are 50 percent more likely to report a strong readiness to weather
business cycles and disruption in their industries.
7
* In this and all subsequent diagrams, the “High Performers” group comprises 30 financial services companies – including 13 insurers
– that achieved high Vitality Scores in our survey. The “Insurers” group comprises the remaining 124 insurance companies out of our
sample of 137 insurers.
CAPABILITY LEVEL
FIGURE1.LIVINGBUSINESSESEXCELACROSSALL
CAPABILITIES,BUTTHEGAPVARIES
REWIRE
Organization
& Culture
SCALE
Platforms &
Ecosystems
BUILD
Engagement
Channels
DESIGN
Products
& Services
TARGET
New Value
& Models
• Understand changing digital needs of customers
•	Pivot strategies to reflect customer changes
•	Fund new growth by optimizing costs elsewhere
INSURERS* HIGH PERFORMERS*
•	Innovate compelling new experiences
•	Maximize relevance of your product, service, and experiences to customers
• Act on insights derived from customer analytics
•	Largest difference High Performers vs. Insurers
•	Use agile tech platforms to drive relevant customer experiences
•	Rapidly scale execution of new growthinitiatives
•	Optimize operations to make products and services more relevant to
customers across channels
65% 70% 75% 80% 90%
• Collaborate with partners beyond traditional boundaries
• Use cloud technology to connect employees and partners
with the customer data that matters
• Ensure customer data moves fast, seamlessly, and securely
85%
•	 Foster a culture that continually seeks to improve the
company’s relevance to customers
• Adjust organizational structure around customer focus
• Equip employees with flexible tools they need to enhance
customer relationships
8
Vitality links to stronger growth. Insurers that are Living Businesses – those with high
Vitality Scores – are more than five times as likely as those with low scores to report
year-on-year revenue growth rates that are 50% greater than their peers.
FIGURE 3. LIVING BUSINESSES ARE LIKELY
TO PERFORM BETTER THAN THEIR PEERS
REVENUE GROWTH
29%7%
PROFIT GROWTH
4.0x
VITALITY SCORES
...that grew at 0.75
the rate of peers
(on average)
...that grew at about
the same rate as
peers (on average)
% of insurers that
grew at 1.5 times
the rate of peers
(on average)
5.4x
38% 13% 31% 54%
FIGURE2.LIVINGBUSINESSES
AREBESTPOSITIONEDTO
SURVIVEDISRUPTION
VITALITY SCORES
1
2
+67%3
4
READINESS TO SURVIVE
DISRUPTION
READINESSSCORES
Low Low LowMedium Medium MediumHigh High High
Respondents were asked to rate, on a 1 – 5
scale, their organization’s readiness to ‘survive’
past and future disruption. Those with a high
Vitality Score – the Living Businesses – were
significantly more confident than those that
achieved average and low scores.
9
The extent to which organizations excel at each capability set differs by industry. High performers in insurance stand
out on three capability sets in particular: Target New Opportunities, Design for Customers, and Rewire Culture.
On a macro level, companies holistically aligned to these capabilities are far better positioned to identify and
pursue investments that meet and anticipate market expectations. On a micro level, they are strongly positioned to
personalize offerings around individual customer needs.
FIGURE 4. INSURANCE HIGH PERFORMERS EXCEL AT THREE CAPABILITY SETS
CAPABILITY SETS WHERE HIGH PERFORMERS EXCEL
REWIRE
Culture
SCALE
With
Partners
BUILD
Engagement
TARGET
New
Opportunities
DESIGN
For
Customers
2
2
3
Media &
Entertain.
Electron.
High-Tech Telecom BankingInsurance Retail Consumer
Goods Lodging
Travel
Transport
Travel
Services
10
100%
100%
of FS high performers believe that their
business needs a “much more iterative,
dynamic, agile approach to doing
business compared to three years ago.”
86% of lower performing insurers agreed.
TRANSFORMATION PATHWAYS TO
BECOMING A LIVING BUSINESS
THE FIVE CAPABILITY SETS
All the insurance companies in our study are feeling intense
pressure to become relevant. But, the difference between the
high performers and the other companies is telling: all of the
respondents representing the highest performing financial services
organizations agree that “customer expectations are increasingly
shaped by the most relevant, real-time and dynamic experiences”
that they encounter across all industries. Only 70 percent of
respondents at lower performing insurers agreed.
The gap between understanding the nature of the challenge and
taking effective action to meet it is also wide — up to seven times
greater for lower performing insurers than for high performers.
To bridge that gap and become a Living Business, it helps to
consider each capability set as a pathway to transformation, with
your current position as a starting point. The good news for an
insurer ready to transition into a Living Business is that the age of a
company isn’t an impediment to progress. Older companies are not
at an inherent disadvantage at the outset. Outside the small, digital
pure-plays, and the digital giants, the age of the companies we
studied was not an indicator of their proficiency in these areas.
To understand why, let’s consider each capability set in turn. High performers were unsurprisingly far more adept than others
at bridging the gap between their knowledge of what is needed to
succeed and doing what it takes. The knowledge-achievement gap
among other insurers was up to seven times greater.
of FS high performers said that
“business reinvention is required
to be successful in today’s context.”
68% of lower performing insurers agreed.
11
83%
87%
100%
In essence, targeting is about identifying and selecting new
value and business models wisely. It includes recalibrating
investments based on a better understanding of whether a
new idea or opportunity represents a beneficial disruption
worth pursuing. It also requires balancing core growth with
disruptive growth to fuel responsive innovation
Insurers should:
100% of FS high performers
are planning to invest more in
growth in areas beyond their core
business, in the coming three
years, compared with 86% of
other insurers.
87% of FS high performers believe
these capabilities will be highly
important in the next three years,
compared to 69% of other insurers.
83% of FS high performers are
excelling beyond their peers
when it comes to “funding new
growth initiatives by optimizing
costs elsewhere,” compared with
68% of other insurers.
High performers in the insurance, communications and
high-tech industries were particularly likely to be strong
in these capabilities relative to their peers.
86%
69%
68%
Understand customers’ changing
digital needs and preferences;
Pivot growth strategies to
profitable areas beyond the core;
Fund new growth by optimizing
costs elsewhere.
1
2
3
TARGET NEW
OPPORTUNITIES
1
12
LIVINGPROOF:
ALLIANZ SE
As part of its Renewal Agenda, the German-based
global insurer identified ‘growth engines’ as one of
the five pillars of its business strategy for the three
years to 2018. Allianz X, the group’s digital investment
unit formed in 2013, plays a key role in driving growth
beyond Allianz’s core operations.
It has identified and invested in 15 start-ups across five continents
– from BIMA, a microinsurance solution provider that uses mobile
technology to serve low-income customers, to an Indonesian on-
demand service provider and an AI system that is helping shape the
development of autonomous vehicles.
Some are investments in disruptive new ventures with high growth
potential, such as N26, a leading digital direct bank in Germany;
others offer technologies that have been used by Allianz to help
achieve its strategic goals of enhancing the productivity of its core
operations, simplifying its business and supporting the growth of its
traditional products.
The success of this strategy enabled Allianz to announce, early in
2019, that it had doubled its investment in Allianz X to €1 billion
(US$1.14 billion).
Iván de la Sota, the Chief Business Transformation Officer of
Allianz SE, said the insurer is committed to further investing in and
“What is it about our company
that makes us relevant to
customers now?” Not only
will it allow them to develop a
robust targeting strategy, but
they will benefit from having
a clear goal in sight with the
peripheral vision to see other
opportunities.
developing the next generation of digital growth companies
related to its core business. Allianz X is a valuable addition to the
group, he asserted, and “not only in meeting the changing expectations
of our customers.”
To fully develop this capability, insurance
executives must look inward and ask:
13
Insurers sometimes debate whether they should develop
and bring to market products that are flashy and alluring,
or those which are staid yet practical. Carriers that have
become Living Businesses know that these sorts of
decisions are not binary. They also know how to meet
different — and evolving — expectations. The “win” lies
in finding the right balance by designing and bringing to
market, hyper-relevant products and services that respond
in real time to customers’ changing circumstances.
Designing for relevance means:
Acting on insights derived from
advanced customer analytics;
Developing compelling
new experiences;
Maximizing personalization and
contextual sensitivity of products,
services and experiences.
1
2
3
88% of FS high performers
believe design to be highly
important to business success,
compared to 72% of other
insurers.
90% of FS high performers were
also more likely to have grown
through innovation in areas beyond
their core business, compared to
59% of other insurers.
88% of high performers report
strong success at innovating
compelling new customer
experiences, compared with
71% of other insurers.
High performers in the insurance, communications and
high-tech industries were particularly likely to be strong
in these capabilities relative to their peers.
88% 72%
90% 59%
88% 71%
DESIGN FOR
CUSTOMERS
2
14
LIVING PROOF:
ACHMEA HOLDING N.V.
Dutch insurer Achmea Holding N.V. is targeting an underserved
market segment — low-income households — by offering a product
explicitly designed for them, to provide safety and improve their
neighborhoods by preventing or reducing damage from fires and
burglaries. Specifically, Achmea has developed and piloted a peer-
to-peer alarm platform that makes it easier for neighbors, friends and
family members to find out when there is a potential problem near
them, reach one another, and help each other out. The platform works
by connecting a variety of home security solutions, including Chuango,
to messaging apps such as WhatsApp and Facebook Messenger.
With initial positive results (in declining claims from those
participating, and from social housing corporations in the target
area), Achmea is now planning to scale this to more households
within the next several years.
When you prioritize
design to meet evolving
customer needs, you reap
the benefits of becoming
a continuously innovative
and relevant organization
that stays in step with
consumers — and a step
ahead of the competition.
15
Build capabilities are focused on using an insurer’s
operating models to test, build, and scale intelligent
physical and digital experiences that are immediately
relevant to customers. This set is about using engagement
channels to the greatest possible advantage — for the
customer and the company. Insurers that have become
Living Businesses tend to be laser-focused on outcomes in
this area. This ensures that they move on to new endeavors
before the advantage of a single, hyper-relevant offering or
approach is exhausted.
Build capabilities focus on:
Using agile technology platforms and
prototyping to develop and improve
experiences;
Rapidly scaling execution of new
growth initiatives;
Optimizing operations for dynamic
execution across channels.
1
2
3
87% of FS high performers found these build capabilities
to be highly important to business success, compared to
72% of other insurers.
88% of FS high performers said they have successfully
developed agile technology platforms to drive relevant
customer experiences, compared to 72% of other insurers.
85% of FS high performers report excelling beyond their
peers when it comes to rapidly scaling the execution of
new growth initiatives, compared to 69% of other insurers.
85% 69%
88% 72%
87% 72%
BUILD
ENGAGEMENT
3
16
86%
16%
of a caller’s perception
of a call is based on
the quality of the
communication
only 16% on the
actual content
LIVING PROOF:
METLIFE
INSURANCE
Contact centers are the insurance company’s vanguard when
customers need help or are unhappy. MetLife claims that 86 percent
of a caller’s perception of a call is based on the quality of the
communication and only 16 percent on the actual content. So when
agents get tired, or otherwise fail to detect changes in the caller’s
tone, the outcome of the call could be in jeopardy. MetLife uses
Cogito’s AI software to monitor speech patterns on calls and provide
real-time on-screen coaching that helps agents engage appropriately.
With automated channels handling an ever-larger share of simple
calls, agents’ call loads comprise a bigger share of complex calls. The
support provided by the intelligent software has made MetLife’s agents
more confident and empathetic, and has improved all of its contact
center engagement metrics.
17
To master this set of capabilities, geared towards achieving
market potential, an insurer needs to establish collaborative
relationships with forward-thinking partners and a broad
set of ecosystem alliances beyond its traditional industry
boundaries. That’s because Living Businesses share and
select data purposefully and efficiently —internally and
across a broad ecosystem of partnerships — to achieve a
powerful multiplier effect.
To scale successfully, insurers should:
Collaborate with partners
beyond traditional boundaries;
Connect employees / partners
with data via cloud platforms;
Ensure that customer data moves
fast, seamlessly, and accurately.
88% of FS high performers found this scaling to be
highly important to business success, compared to
73% of other insurers.
86% of FS high performers report excelling beyond
their peers when it comes to “collaborating with
partners beyond traditional industry boundaries.”
This compares with 73% of other insurers.
30% of FS high performers engaged with a new type
of alliance partner in the past year, compared to 14%
of other insurers.
30% 14%
88%
73%
73%
86%
18
SCALE WITH
PARNERS
4
1
2
3
LIVINGPROOF:
DISCOVERY
Discovery changed the health insurance game when it refused
to accept customer health and mortality as constants that every
carrier had to factor equally into their underwriting calculations. Its
Vitality platform drew on behavioral economics and clinical science,
and a powerful ecosystem that spanned multiple industries, to
offer customers strong incentives to adopt healthier lifestyles. The
results were impressive: customers’ health and longevity improved
significantly, as did Discovery’s claim and attrition rates. The carrier
became an intimate part of its customers’ daily lives, and the
dominant provider in the South African market.
But Discovery’s ambition was to broaden its impact. It expanded
its offerings to include car, home and life insurance, short-term
investments and banking – all based on rewards for risk-reducing
behavior, and all leveraging key ecosystem partners. It also wanted
to extend its shared-value model into new markets. It teamed up with
Accenture to re-design, implement and scale the Vitality1 platform,
enabling the carrier to partner with leading insurance groups in China,
Europe and the US.
Barry Swartzberg, CEO of Vitality Group and responsible for
Discovery’s expansion of shared-value insurance in global markets,
said: “We are currently helping to improve the health of more than
9 million people in 19 countries. Recently introducing IGI Vitality
in Pakistan and announcing two further partnerships – a.s.r. in the
Netherlands and Prudential in Argentina – show the relevance and
scalability of our model. Through strong partnerships, such as this one
with Accenture, we are also making strides towards achieving our goal
of being the fastest-growing global insurance technology company,
underpinned by the most sophisticated behavioral platform linked to
financial services.”
Using the capabilities of the Vitality1 platform and
the global Vitality network, Discovery and its partners
– AIA, Manulife, John Hancock, Sumitomo Life, Ping
An and Generali – also made a pledge in 2018 to
collectively make 100 million people 20 percent
more active by 2025.
19
Insurers aiming to become a Living Business strive to
develop a workforce that combines the power of human
ingenuity and artificial intelligence. This requires a cultural
rewiring and a new customer-first internal focus.
Rewiring your organization can seem complex, but Living
Businesses understand the return that comes from such an
investment. As re-skilling and continuous learning shape
the workforce, insurers must act proactively, rather than
reactively, when it comes to being relevant.
Rewire capabilities include:
Fostering a culture that continually
seeks to better customer relevance;
Re-orienting organization structures
around customer focus;
Augmenting the workforce with
flexible tools to enhance relationships.
87% of FS high performers found
rewiring to be highly important to
business success, compared to
72% of other insurers.
85% of FS high performers report
excelling beyond their peer
set when it comes to adjusting
their organization’s structure in
ways that benefit the customer,
compared to 72% of other insurers.
86% of FS high performers say they
have achieved good progress in
fostering a culture that continually
seeks to improve their relevance to
customers, compared
to 69% of other insurers.
This area proved to be a key differentiator for high
performers across 9 out of 10 industries we studied —
more than any other capability set.
72%
72%
87%
85%
86% 69%
REWIRE
CULTURE
5
1
2
3
20
A track record of sustained success and longstanding
customer relationships are no longer reliable predictors
of future growth, or even survival. Fifty-two percent of
the companies that were included in the Fortune 500 in
the year 2000 no longer exist.
That’s why insurance companies that aspire to become Living
Businesses are focused on creating new advantages before their
current strengths fade. The contrast between their continuously
highly relevant offerings, and those of carriers that cling to outdated
“best practices,” will be stark. And we are seeing that today’s
consumers choose relevance every time.
of the companies that were
included in the Fortune 500 in
the year 2000 no longer exist.
NO TIME
TO WASTE
21
52%
Jean-Francois Gasc
is Managing Director, Accenture Strategy, for insurance Europe, Africa
and Latin America. He leads work in the areas of consolidation and
transformation, replatforming, CRM and multichannel management,
among others.
Erik Sandquist
is Managing Director and Global Insurance Lead in Accenture’s
Customer Insight & Growth practice. His specialties include
distribution and marketing, customer-centricity, underwriting, policy
administration and post-merger integration.
John Zealley
is Senior Managing Director, Customer Insight & Growth for the
Consumer Goods & Services Industry at Accenture. He leads strategy
definition and organic growth for Consumer Goods & Services.
Glen Hartman
is Senior Managing Director at Accenture Interactive, North America &
Global Digital Marketing Lead. Cited by Forbes as a “Top 10 Influencer
in Digital Marketing”, he helps Accenture clients engage customers
and develop lasting brands.
ABOUT THE
AUTHORS
Mark Curtis
is Chief Client Officer at Fjord, part of Accenture Interactive He is a
serial entrepreneur, innovator and co-founder of Fjord, where he leads
offer definition, marketing and business development.
Nikki Mendonça
is Global President at Accenture Interactive Operations. She
specializes in leveraging predictive analytics, content customization
and programmatic strategies to drive multi-channel marketing ROI.
Joshua Bellin
is Senior Principal at Accenture Research. His research focuses on
the intersection of changing consumer behaviors, marketing best
practices and disruptive innovation.
Olivier Schunck
is Principal Director at Accenture Strategy. His expertise lies in growth
strategy, customer experience and the next generation of marketing,
sales and service performance.
22
ABOUT THE RESEARCH
In 2017 and 2018, Accenture Research surveyed over 1,000 top
executives, including 195 CEOs, at companies spanning more than
10 industries, and with headquarters in 28 different countries. This
sample featured 137 insurers. The survey asked about the extent
to which customer relevance is driving their company’s growth
outcomes, and also asked respondents to assess their company’s
capabilities in terms of becoming and staying hyper-relevant to
customers. We used this information to assign each company a
“Vitality Score”, and, using both self-reported performance data
and public financial data, we developed a model that links vitality
with firm performance. Separately, as part of Accenture’s annual
Global Consumer Pulse Survey, we asked over 23,000 consumers,
representing 33 countries, and commenting on more than eight
different industries, about what makes companies and brands
relevant to them. We also found out how their perception of a
brand’s relevance drives their purchasing behaviors. Read more at
www.accenture.com/livingbusiness
Read our blog
LinkedIn
Twitter
ABOUT ACCENTURE
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With 477,000 people serving
clients in more than 120 countries, Accenture drives innovation to
improve the way the world works and lives. Visit us at
www.accenture.com
JOIN THE CONVERSATION
Copyright © 2019 Accenture. All rights reserved. Accenture, its logo, and High Performance
Delivered are trademarks of Accenture. This document is produced by consultants at
Accenture as general guidance. It is not intended to provide specific advice on your
circumstances. If you require advice or further details on any matters referred to, please
contact your Accenture representative.

More Related Content

What's hot

7 Ways Insurance Brokers Should Approach InsurTech
7 Ways Insurance Brokers Should Approach InsurTech7 Ways Insurance Brokers Should Approach InsurTech
7 Ways Insurance Brokers Should Approach InsurTech
Siren Group
 
AI transforms insurance industry
AI transforms insurance industryAI transforms insurance industry
AI transforms insurance industry
JOS Group
 
Connected Insurance Observatory
Connected Insurance ObservatoryConnected Insurance Observatory
Connected Insurance Observatory
Matteo Carbone
 
Digital disruption in the insurance sector in india
Digital disruption in the insurance sector in indiaDigital disruption in the insurance sector in india
Digital disruption in the insurance sector in india
Prayukth K V
 
The Insurance of Things - How IoT Will Disrupt The Insurance Industry
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryThe Insurance of Things - How IoT Will Disrupt The Insurance Industry
The Insurance of Things - How IoT Will Disrupt The Insurance Industry
Atooma Inc
 
33 insurtechs to know
33 insurtechs to know33 insurtechs to know
33 insurtechs to know
Oleg Karaev
 
The Connected Insurance Observatory
The Connected Insurance ObservatoryThe Connected Insurance Observatory
The Connected Insurance Observatory
Matteo Carbone
 
Insurtech - Connected Insurance Observatory
Insurtech - Connected Insurance ObservatoryInsurtech - Connected Insurance Observatory
Insurtech - Connected Insurance Observatory
Matteo Carbone
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTech
FinTech Consortium
 
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
InsurtechNews.com
 
Innovation and Big Data in Insurance
Innovation and Big Data in InsuranceInnovation and Big Data in Insurance
Innovation and Big Data in Insurance
Mateusz Maj
 
InsurTech & Connected Insurance Survey Results
InsurTech & Connected Insurance Survey ResultsInsurTech & Connected Insurance Survey Results
InsurTech & Connected Insurance Survey Results
InsurtechNews.com
 
AI Insurance Bot
AI Insurance BotAI Insurance Bot
AI Insurance Bot
Pritesh Gandhi
 
Telematics - Bain Brief
Telematics - Bain BriefTelematics - Bain Brief
Telematics - Bain Brief
Matteo Carbone
 
InsurTech in Asia - Swiss Re perspective
InsurTech in Asia - Swiss Re perspectiveInsurTech in Asia - Swiss Re perspective
InsurTech in Asia - Swiss Re perspective
The Digital Insurer
 
Insurtech Sydney Launch Event 7 September 2016
Insurtech Sydney Launch Event 7 September 2016Insurtech Sydney Launch Event 7 September 2016
Insurtech Sydney Launch Event 7 September 2016
Brenton Charnley
 
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
Praveen Velichety
 
Case study Big Data Insurance
Case study Big Data InsuranceCase study Big Data Insurance
Case study Big Data Insurance
Rajnish Goswami
 
Digital Disruption of the Insurance sector
Digital Disruption of the Insurance sectorDigital Disruption of the Insurance sector
Digital Disruption of the Insurance sector
Stephan Linnenbank RM CPE
 
The Insurance AI Imperative
The Insurance AI ImperativeThe Insurance AI Imperative
The Insurance AI Imperative
Cognizant
 

What's hot (20)

7 Ways Insurance Brokers Should Approach InsurTech
7 Ways Insurance Brokers Should Approach InsurTech7 Ways Insurance Brokers Should Approach InsurTech
7 Ways Insurance Brokers Should Approach InsurTech
 
AI transforms insurance industry
AI transforms insurance industryAI transforms insurance industry
AI transforms insurance industry
 
Connected Insurance Observatory
Connected Insurance ObservatoryConnected Insurance Observatory
Connected Insurance Observatory
 
Digital disruption in the insurance sector in india
Digital disruption in the insurance sector in indiaDigital disruption in the insurance sector in india
Digital disruption in the insurance sector in india
 
The Insurance of Things - How IoT Will Disrupt The Insurance Industry
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryThe Insurance of Things - How IoT Will Disrupt The Insurance Industry
The Insurance of Things - How IoT Will Disrupt The Insurance Industry
 
33 insurtechs to know
33 insurtechs to know33 insurtechs to know
33 insurtechs to know
 
The Connected Insurance Observatory
The Connected Insurance ObservatoryThe Connected Insurance Observatory
The Connected Insurance Observatory
 
Insurtech - Connected Insurance Observatory
Insurtech - Connected Insurance ObservatoryInsurtech - Connected Insurance Observatory
Insurtech - Connected Insurance Observatory
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTech
 
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
 
Innovation and Big Data in Insurance
Innovation and Big Data in InsuranceInnovation and Big Data in Insurance
Innovation and Big Data in Insurance
 
InsurTech & Connected Insurance Survey Results
InsurTech & Connected Insurance Survey ResultsInsurTech & Connected Insurance Survey Results
InsurTech & Connected Insurance Survey Results
 
AI Insurance Bot
AI Insurance BotAI Insurance Bot
AI Insurance Bot
 
Telematics - Bain Brief
Telematics - Bain BriefTelematics - Bain Brief
Telematics - Bain Brief
 
InsurTech in Asia - Swiss Re perspective
InsurTech in Asia - Swiss Re perspectiveInsurTech in Asia - Swiss Re perspective
InsurTech in Asia - Swiss Re perspective
 
Insurtech Sydney Launch Event 7 September 2016
Insurtech Sydney Launch Event 7 September 2016Insurtech Sydney Launch Event 7 September 2016
Insurtech Sydney Launch Event 7 September 2016
 
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
Rethinking the Insurance Business in a Connected World - Insurance IoT EU Sum...
 
Case study Big Data Insurance
Case study Big Data InsuranceCase study Big Data Insurance
Case study Big Data Insurance
 
Digital Disruption of the Insurance sector
Digital Disruption of the Insurance sectorDigital Disruption of the Insurance sector
Digital Disruption of the Insurance sector
 
The Insurance AI Imperative
The Insurance AI ImperativeThe Insurance AI Imperative
The Insurance AI Imperative
 

Similar to Insurance As A Living Business

AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
Gesnerf
 
Trends Reshaping the Future of Customer Service
Trends Reshaping the Future of Customer Service Trends Reshaping the Future of Customer Service
Trends Reshaping the Future of Customer Service
Jules Smith
 
Age of experience - Sitel
Age of experience - SitelAge of experience - Sitel
Age of experience - Sitel
Federico Balaguer
 
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-RelevanceLiving Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
Accenture Insurance
 
Redefining Financial Services Marketing
Redefining Financial Services MarketingRedefining Financial Services Marketing
Redefining Financial Services Marketing
Accenture Insurance
 
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-RelevanceLiving Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
accenture
 
Welcome to the customer revolution - how insurers can drive profitability and...
Welcome to the customer revolution - how insurers can drive profitability and...Welcome to the customer revolution - how insurers can drive profitability and...
Welcome to the customer revolution - how insurers can drive profitability and...
EY
 
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
ey_insurance
 
Analytics in Insurance Value Chain
Analytics in Insurance Value ChainAnalytics in Insurance Value Chain
Analytics in Insurance Value Chain
NIIT Technologies
 
Patient Loyalty: What it Takes to Earn Their Loyalty
Patient Loyalty: What it Takes to Earn Their Loyalty Patient Loyalty: What it Takes to Earn Their Loyalty
Patient Loyalty: What it Takes to Earn Their Loyalty
Sallie Burnett
 
Afinium.com Big Data Big Sales White Paper 2014
Afinium.com Big Data Big Sales White Paper 2014 Afinium.com Big Data Big Sales White Paper 2014
Afinium.com Big Data Big Sales White Paper 2014
Afinium
 
Afinium.com: Big Data Big Sales white paper 2014
Afinium.com: Big Data Big Sales white paper 2014 Afinium.com: Big Data Big Sales white paper 2014
Afinium.com: Big Data Big Sales white paper 2014
Afinium
 
Cronin 2022 Trends March 2022
Cronin 2022 Trends March 2022Cronin 2022 Trends March 2022
Cronin 2022 Trends March 2022
MiaWalters1
 
This Time It's Personal: A human approach to profitable growth for insurers
This Time It's Personal: A human approach to profitable growth for insurersThis Time It's Personal: A human approach to profitable growth for insurers
This Time It's Personal: A human approach to profitable growth for insurers
Accenture Insurance
 
TJP, 20th November 2013
TJP, 20th November 2013TJP, 20th November 2013
TJP, 20th November 2013
Garth Ibbetson
 
POV Fueling GrowthThrough Customer Centricity
POV Fueling GrowthThrough Customer CentricityPOV Fueling GrowthThrough Customer Centricity
POV Fueling GrowthThrough Customer Centricity
Rob Golden
 
The Future of P&C Insurance
The Future of P&C InsuranceThe Future of P&C Insurance
The Future of P&C Insurance
Chayan Dutta
 
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
Ajish Gopan
 
Employing Analytics to Automate and Optimize Insurance Distribution
Employing Analytics to Automate and Optimize Insurance DistributionEmploying Analytics to Automate and Optimize Insurance Distribution
Employing Analytics to Automate and Optimize Insurance Distribution
Cognizant
 
Customer experience-in-the-new-reality
Customer experience-in-the-new-realityCustomer experience-in-the-new-reality
Customer experience-in-the-new-reality
Paperjam_redaction
 

Similar to Insurance As A Living Business (20)

AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...
 
Trends Reshaping the Future of Customer Service
Trends Reshaping the Future of Customer Service Trends Reshaping the Future of Customer Service
Trends Reshaping the Future of Customer Service
 
Age of experience - Sitel
Age of experience - SitelAge of experience - Sitel
Age of experience - Sitel
 
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-RelevanceLiving Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
 
Redefining Financial Services Marketing
Redefining Financial Services MarketingRedefining Financial Services Marketing
Redefining Financial Services Marketing
 
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-RelevanceLiving Business: Achieving Sustainable Growth Through Hyper-Relevance
Living Business: Achieving Sustainable Growth Through Hyper-Relevance
 
Welcome to the customer revolution - how insurers can drive profitability and...
Welcome to the customer revolution - how insurers can drive profitability and...Welcome to the customer revolution - how insurers can drive profitability and...
Welcome to the customer revolution - how insurers can drive profitability and...
 
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
EY: Welcome to the ConsumerCustomer centricity - How Insurers Can Heed the Vo...
 
Analytics in Insurance Value Chain
Analytics in Insurance Value ChainAnalytics in Insurance Value Chain
Analytics in Insurance Value Chain
 
Patient Loyalty: What it Takes to Earn Their Loyalty
Patient Loyalty: What it Takes to Earn Their Loyalty Patient Loyalty: What it Takes to Earn Their Loyalty
Patient Loyalty: What it Takes to Earn Their Loyalty
 
Afinium.com Big Data Big Sales White Paper 2014
Afinium.com Big Data Big Sales White Paper 2014 Afinium.com Big Data Big Sales White Paper 2014
Afinium.com Big Data Big Sales White Paper 2014
 
Afinium.com: Big Data Big Sales white paper 2014
Afinium.com: Big Data Big Sales white paper 2014 Afinium.com: Big Data Big Sales white paper 2014
Afinium.com: Big Data Big Sales white paper 2014
 
Cronin 2022 Trends March 2022
Cronin 2022 Trends March 2022Cronin 2022 Trends March 2022
Cronin 2022 Trends March 2022
 
This Time It's Personal: A human approach to profitable growth for insurers
This Time It's Personal: A human approach to profitable growth for insurersThis Time It's Personal: A human approach to profitable growth for insurers
This Time It's Personal: A human approach to profitable growth for insurers
 
TJP, 20th November 2013
TJP, 20th November 2013TJP, 20th November 2013
TJP, 20th November 2013
 
POV Fueling GrowthThrough Customer Centricity
POV Fueling GrowthThrough Customer CentricityPOV Fueling GrowthThrough Customer Centricity
POV Fueling GrowthThrough Customer Centricity
 
The Future of P&C Insurance
The Future of P&C InsuranceThe Future of P&C Insurance
The Future of P&C Insurance
 
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
employing-analytics-to-automate-and-optimize-insurance-distribution-codex1179
 
Employing Analytics to Automate and Optimize Insurance Distribution
Employing Analytics to Automate and Optimize Insurance DistributionEmploying Analytics to Automate and Optimize Insurance Distribution
Employing Analytics to Automate and Optimize Insurance Distribution
 
Customer experience-in-the-new-reality
Customer experience-in-the-new-realityCustomer experience-in-the-new-reality
Customer experience-in-the-new-reality
 

More from Accenture Insurance

Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Accenture Insurance
 
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Accenture Insurance
 
Technology Vision for Insurance 2020
Technology Vision for Insurance 2020Technology Vision for Insurance 2020
Technology Vision for Insurance 2020
Accenture Insurance
 
Unlocking Value from Unstructured Data
Unlocking Value from Unstructured DataUnlocking Value from Unstructured Data
Unlocking Value from Unstructured Data
Accenture Insurance
 
Accelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer ExperienceAccelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer Experience
Accenture Insurance
 
Scale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future SystemsScale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future Systems
Accenture Insurance
 
AI: Built To Scale
AI: Built To ScaleAI: Built To Scale
AI: Built To Scale
Accenture Insurance
 
Striking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain LeadershipStriking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain Leadership
Accenture Insurance
 
Decoding Transformation
Decoding TransformationDecoding Transformation
Decoding Transformation
Accenture Insurance
 
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the FutureWorkforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Accenture Insurance
 
Workforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the FutureWorkforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the Future
Accenture Insurance
 
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the FutureWorkforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
Accenture Insurance
 
Workforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The FutureWorkforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The Future
Accenture Insurance
 
Make your Wise Pivot to the New
Make your Wise Pivot to the NewMake your Wise Pivot to the New
Make your Wise Pivot to the New
Accenture Insurance
 
Three Preconditions To Pivoting Wisely
Three Preconditions To Pivoting WiselyThree Preconditions To Pivoting Wisely
Three Preconditions To Pivoting Wisely
Accenture Insurance
 
Accelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer EngagementAccelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer Engagement
Accenture Insurance
 
Breathe New Life into Life Insurance
Breathe New Life into Life InsuranceBreathe New Life into Life Insurance
Breathe New Life into Life Insurance
Accenture Insurance
 
Experience the Power of More
Experience the Power of MoreExperience the Power of More
Experience the Power of More
Accenture Insurance
 
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOWay Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
Accenture Insurance
 
Breaking Through Disruption
Breaking Through DisruptionBreaking Through Disruption
Breaking Through Disruption
Accenture Insurance
 

More from Accenture Insurance (20)

Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
Future-ready Insurance Systems – An Insurer’s Guide to Optimizing Technology ...
 
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...
 
Technology Vision for Insurance 2020
Technology Vision for Insurance 2020Technology Vision for Insurance 2020
Technology Vision for Insurance 2020
 
Unlocking Value from Unstructured Data
Unlocking Value from Unstructured DataUnlocking Value from Unstructured Data
Unlocking Value from Unstructured Data
 
Accelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer ExperienceAccelerating Growth with Data-Driven Customer Experience
Accelerating Growth with Data-Driven Customer Experience
 
Scale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future SystemsScale Innovation and Achieve Value with Future Systems
Scale Innovation and Achieve Value with Future Systems
 
AI: Built To Scale
AI: Built To ScaleAI: Built To Scale
AI: Built To Scale
 
Striking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain LeadershipStriking Balance With Whole-Brain Leadership
Striking Balance With Whole-Brain Leadership
 
Decoding Transformation
Decoding TransformationDecoding Transformation
Decoding Transformation
 
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the FutureWorkforce 2025 Infographic - Capital Markets Skills and Roles of the Future
Workforce 2025 Infographic - Capital Markets Skills and Roles of the Future
 
Workforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the FutureWorkforce 2025 Infographic - Banking Skills and Roles of the Future
Workforce 2025 Infographic - Banking Skills and Roles of the Future
 
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the FutureWorkforce 2025 Infographic - Insurance Skills and Roles of the Future
Workforce 2025 Infographic - Insurance Skills and Roles of the Future
 
Workforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The FutureWorkforce 2025 - Financial Services Skills & Roles Of The Future
Workforce 2025 - Financial Services Skills & Roles Of The Future
 
Make your Wise Pivot to the New
Make your Wise Pivot to the NewMake your Wise Pivot to the New
Make your Wise Pivot to the New
 
Three Preconditions To Pivoting Wisely
Three Preconditions To Pivoting WiselyThree Preconditions To Pivoting Wisely
Three Preconditions To Pivoting Wisely
 
Accelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer EngagementAccelerating Growth With Applied Customer Engagement
Accelerating Growth With Applied Customer Engagement
 
Breathe New Life into Life Insurance
Breathe New Life into Life InsuranceBreathe New Life into Life Insurance
Breathe New Life into Life Insurance
 
Experience the Power of More
Experience the Power of MoreExperience the Power of More
Experience the Power of More
 
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOWay Beyond Marketing - The Rise of the Hyper-Relevant CMO
Way Beyond Marketing - The Rise of the Hyper-Relevant CMO
 
Breaking Through Disruption
Breaking Through DisruptionBreaking Through Disruption
Breaking Through Disruption
 

Recently uploaded

Dpboss Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Satta Matta Matka Kalyan Chart Indian MatkaDpboss Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
eaqmokn
 
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdfPDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
HajeJanKamps
 
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
Adani case
 
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
IPLTech Electric
 
20240609_ TJ Communications Credentials.pdf
20240609_ TJ Communications Credentials.pdf20240609_ TJ Communications Credentials.pdf
20240609_ TJ Communications Credentials.pdf
tjcomstrang
 
CULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for dukeCULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for duke
ZevinAttisha
 
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper PresentationKirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
➑➌➋➑➒➎➑➑➊➍
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
Cover Story - China's Investment Leader - Dr. Alyce SU
Cover Story - China's Investment Leader - Dr. Alyce SUCover Story - China's Investment Leader - Dr. Alyce SU
Cover Story - China's Investment Leader - Dr. Alyce SU
msthrill
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
Arijit Dutta
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
 
TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024
Adnet Communications
 
Enhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: IntroductionEnhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: Introduction
Cor Verdouw
 
MECE (Mutually Exclusive, Collectively Exhaustive) Principle
MECE (Mutually Exclusive, Collectively Exhaustive) PrincipleMECE (Mutually Exclusive, Collectively Exhaustive) Principle
MECE (Mutually Exclusive, Collectively Exhaustive) Principle
Operational Excellence Consulting
 
Revolutionizing Surface Protection Xlcoatings Nano Based Solutions
Revolutionizing Surface Protection Xlcoatings Nano Based SolutionsRevolutionizing Surface Protection Xlcoatings Nano Based Solutions
Revolutionizing Surface Protection Xlcoatings Nano Based Solutions
Excel coatings
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
obriengroupinc04
 

Recently uploaded (20)

Dpboss Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Satta Matta Matka Kalyan Chart Indian MatkaDpboss Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Satta Matta Matka Kalyan Chart Indian Matka
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
一比一原版(lbs毕业证书)英国伦敦商学院毕业证如何办理
 
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdfPDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
PDT 99 - $3.5M - Seed - Feel Therapeutics.pdf
 
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...
 
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
 
20240609_ TJ Communications Credentials.pdf
20240609_ TJ Communications Credentials.pdf20240609_ TJ Communications Credentials.pdf
20240609_ TJ Communications Credentials.pdf
 
CULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for dukeCULR Spring 2024 Journal.pdf testing for duke
CULR Spring 2024 Journal.pdf testing for duke
 
Kirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper PresentationKirill Klip GEM Royalty TNR Gold Copper Presentation
Kirill Klip GEM Royalty TNR Gold Copper Presentation
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN8328958814KALYAN MATKA | MATKA RESULT | KALYAN
8328958814KALYAN MATKA | MATKA RESULT | KALYAN
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
Cover Story - China's Investment Leader - Dr. Alyce SU
Cover Story - China's Investment Leader - Dr. Alyce SUCover Story - China's Investment Leader - Dr. Alyce SU
Cover Story - China's Investment Leader - Dr. Alyce SU
 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
 
TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024TriStar Gold Corporate Presentation - June 2024
TriStar Gold Corporate Presentation - June 2024
 
Enhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: IntroductionEnhancing Adoption of AI in Agri-food: Introduction
Enhancing Adoption of AI in Agri-food: Introduction
 
MECE (Mutually Exclusive, Collectively Exhaustive) Principle
MECE (Mutually Exclusive, Collectively Exhaustive) PrincipleMECE (Mutually Exclusive, Collectively Exhaustive) Principle
MECE (Mutually Exclusive, Collectively Exhaustive) Principle
 
Revolutionizing Surface Protection Xlcoatings Nano Based Solutions
Revolutionizing Surface Protection Xlcoatings Nano Based SolutionsRevolutionizing Surface Protection Xlcoatings Nano Based Solutions
Revolutionizing Surface Protection Xlcoatings Nano Based Solutions
 
Discover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling ServiceDiscover the Beauty and Functionality of The Expert Remodeling Service
Discover the Beauty and Functionality of The Expert Remodeling Service
 

Insurance As A Living Business

  • 2. Insurers have long depended on the loyalty of their customer base to support growth. Today, many are experiencing a different reality. Consumers are shopping around — more than ever before. Research confirms it: The traditional concept of customer loyalty has shifted, with the onus on the insurer to constantly adapt and cater products, services and experiences to the customer. That means carriers can no longer rely on the same methods they used before to attract customers. Moreover, instead of taking steps to build loyalty, they have to think in terms of attracting those same customers by offering them a consistently fast, personalized and reliable experience — or risk losing them to the competition. Brands need to keep up. Sixty-four percent of the times that customers shift from one brand to another, it’s to seek a more relevant product, service, or experience — and this number is likely to increase. Insurers need to be agile, moving nimbly and continuously to accommodate customers’ ever-changing needs and circumstances. They need to embrace a customer-centric mindset that inspires different behaviors and ways of working in everything they do. More than relevant, they need to be hyper-relevant. And to keep them true to this purpose, organizations need to have a strong personality, a North Star, that underpins organizational behaviors and guides them, as they evolve. Remaining static can be extremely costly. Our research revealed that across industries in the US alone, the potential revenue that companies lost to competitors in 2017, by not being relevant enough, was a startling $1 trillion. But how do you achieve sustained growth at a time of unprecedented disruption? By becoming a Living Business — one that continuously adapts to the evolving needs of its customers, and market conditions, with speed and at scale, to achieve total relevance. 2 THRIVINGINTHE FACEOFMOUNTING DISRUPTION
  • 3. THE KEYS TO SUSTAINABLE GROWTH What are the keys to sustainable growth in a world where market turbulence is becoming the norm? This is a question on the minds of many insurance leaders who are spending more money than ever before in pursuit of the next big idea, yet are finding it difficult to achieve the momentum they seek. To identify a clear path forward for today’s large organizations, Accenture undertook a major research initiative in 2018. We wanted to determine how leaders in sustainable growth are different from their peers. We found that these companies: • Have a better understanding of the changing digital needs of customers; • Pivot growth strategies to profitable areas beyond the core; • Fund new growth by optimizing costs elsewhere. Additionally, our findings indicate that the path to continuous growth depends on developing five interdependent sets of capabilities. Each capability set is focused on deploying advanced technologies with precision. In turn, they sharpen companies’ abilities to conceive, design, and exploit distinctive offerings that meet customers’ demands at the exact moment they most need them. Together, these capabilities characterize organizations that can consistently deliver hyper-relevant services. In short, they transform static companies into Living Businesses. Small, digital, pure-play organizations and digital giants alike are hardwired to thrive in this environment. These responsive organizations are constantly offering customers a more personalized and relevant consumer experience. They’re also seamlessly moving from one growth opportunity to the next, even across industry boundaries. In fact, 78% of consumers surveyed would be willing to engage with digital natives for their insurance and banking needs. But most large companies and industry mainstays face a tougher road. Asset-heavy infrastructures are limiting the ways in which they can serve existing customers and attract new ones. Outdated marketing, promotion and channel strategies, developed to exploit the ability to deliver volume at scale, are now barriers to overcome. So, how can established insurers like these unlock growth with relevance? They do it by designing with customers in mind, and acting with agility. A select group of carriers have begun to crack the code. 78% 78% of consumers would be willing to engage with digital natives for their insurance and banking needs 3
  • 4. Just as importantly, they need a new set of skills and a culture that inspires different behavior. A key element of this culture is an openness to the broader, fluid environment which consumers inhabit, and to alliances and ecosystems that might enable insurers to increase their relevance. The Living Business Vitality Survey has a strong focus on relevance. To find out what consumers think about it, the term was defined in the following way: Giving you the opportunity to engage with the company using the mix of physical and digital channels that you prefer at any given moment, especially as your preferences change. Providing you with more than just a product or one-time service, but rather new and innovative experiences that set the standard for how companies should relate to your lifestyle and needs. Continually improving products, services and experiences in noticeable ways that, from your perspective, make doing business with the company more attractive. Relevance has become a critical factor for insurers as their customers make unflattering comparisons between the host of innovative digital service providers that offer highly personalized experiences, and traditional, product-centric carriers that seem rigid and remote. A growing number of leading carriers are making the difficult and far-reaching changes needed to become – and remain – relevant to their customers. As the competitive pressure mounts, many insurers are asking themselves: what exactly is relevance? Accenture’s research into what we call Living Businesses has helped us define relevance as a commitment to provide products, services and experiences that ‘wrap around’ individual customers, constantly learning more about their needs, intents and preferences. This allows the insurer to flex and adapt to make itself and its offerings more engaging and useful. Achieving relevance requires more than just a new product portfolio and a multichannel distribution capability. To become truly relevant insurers need to become truly customer-centric. They need the ability to listen and collect data continuously, beyond the scope of their core service proposition, and to use this information to respond in ways that create value to customers at a particular point in time, at a specific location, or in the context in which a need or desire arises. WHY RELEVANCE? 1 2 3 4
  • 5. LIVING BUSINESSES OUTPERFORM THEIR PEERS Customers’ expectations are shaped by the most relevant, real time, dynamic experiences they encounter from providers across all industries. Customers don’t switch from these trend- setting organizations to others; increasingly, they switch to them. Successful insurers realize this, and design their customer experiences accordingly. 5
  • 6. Based on our 2018 Global Consumer Pulse survey of more than 24,000 consumers, representing 33 countries and commenting on more than 8 different industries, including insurance: $168 billion in revenue was lost to competitors in 2017 by P&C insurers that were not being relevant enough in the moment. 62% 32% 63% 62% of the instances when customers switch from one insurer to another are driven by a lack of relevance. Relevance is defined as an understanding of the dynamic customer context, the provision of innovative products and services that are continually redesigned, and the provision of transformative experiences that reshape the customer’s way of life. 32% of customers say that they’d stop doing business altogether with an insurer that wasn’t relevant. 63% is the increased likelihood that an insurer perceived as relevant by its customers will be recommended to friends and family. 6
  • 7. 309 137 172 Financial services providers OUR LIVING BUSINESS SURVEY RESEARCHED: Insurance carriers Banks Our findings indicate that the carriers that are succeeding and achieving continuous growth have developed five interdependent sets of capabilities, which represent the keys to growth in the future. THESE LIVING BUSINESSES: • Target new opportunities: Launch core and disruptive growth initiatives to fuel responsive innovation. • Design for customers: Create products and services as hyper-relevant platforms. • Build engagement: Develop intelligent marketing and sales experiences. • Scale with partners: Expand operations with a broad and new set of ecosystem alliances. • Rewire culture: Renovate their workforce with a customer-first mindset. Our 2018 Living Business Survey researched more than 1,000 companies The sample included 309 financial services (FS) providers – 137 insurance carriers and 172 banks – in 28 countries*. We assigned each organization a Vitality Score based on its proficiency across * The sample represented organizations in the US (31%), China (8%), Italy (8%), UK (7%), Japan (6%), Germany (6%), France (6%), South Korea (6%), India (4%), Spain (3%), Canada (3%), Brazil (2%), Australia (3%) and 15 other countries (7%). five sets of capabilities. The companies that scored highest on these capability sets — the Living Businesses —accounted for approximately 10 percent of our survey sample and included 30 financial services firms. These highly capable organizations are three times more likely than their peers to achieve above average revenue and profit growth, and are 50 percent more likely to report a strong readiness to weather business cycles and disruption in their industries. 7
  • 8. * In this and all subsequent diagrams, the “High Performers” group comprises 30 financial services companies – including 13 insurers – that achieved high Vitality Scores in our survey. The “Insurers” group comprises the remaining 124 insurance companies out of our sample of 137 insurers. CAPABILITY LEVEL FIGURE1.LIVINGBUSINESSESEXCELACROSSALL CAPABILITIES,BUTTHEGAPVARIES REWIRE Organization & Culture SCALE Platforms & Ecosystems BUILD Engagement Channels DESIGN Products & Services TARGET New Value & Models • Understand changing digital needs of customers • Pivot strategies to reflect customer changes • Fund new growth by optimizing costs elsewhere INSURERS* HIGH PERFORMERS* • Innovate compelling new experiences • Maximize relevance of your product, service, and experiences to customers • Act on insights derived from customer analytics • Largest difference High Performers vs. Insurers • Use agile tech platforms to drive relevant customer experiences • Rapidly scale execution of new growthinitiatives • Optimize operations to make products and services more relevant to customers across channels 65% 70% 75% 80% 90% • Collaborate with partners beyond traditional boundaries • Use cloud technology to connect employees and partners with the customer data that matters • Ensure customer data moves fast, seamlessly, and securely 85% • Foster a culture that continually seeks to improve the company’s relevance to customers • Adjust organizational structure around customer focus • Equip employees with flexible tools they need to enhance customer relationships 8
  • 9. Vitality links to stronger growth. Insurers that are Living Businesses – those with high Vitality Scores – are more than five times as likely as those with low scores to report year-on-year revenue growth rates that are 50% greater than their peers. FIGURE 3. LIVING BUSINESSES ARE LIKELY TO PERFORM BETTER THAN THEIR PEERS REVENUE GROWTH 29%7% PROFIT GROWTH 4.0x VITALITY SCORES ...that grew at 0.75 the rate of peers (on average) ...that grew at about the same rate as peers (on average) % of insurers that grew at 1.5 times the rate of peers (on average) 5.4x 38% 13% 31% 54% FIGURE2.LIVINGBUSINESSES AREBESTPOSITIONEDTO SURVIVEDISRUPTION VITALITY SCORES 1 2 +67%3 4 READINESS TO SURVIVE DISRUPTION READINESSSCORES Low Low LowMedium Medium MediumHigh High High Respondents were asked to rate, on a 1 – 5 scale, their organization’s readiness to ‘survive’ past and future disruption. Those with a high Vitality Score – the Living Businesses – were significantly more confident than those that achieved average and low scores. 9
  • 10. The extent to which organizations excel at each capability set differs by industry. High performers in insurance stand out on three capability sets in particular: Target New Opportunities, Design for Customers, and Rewire Culture. On a macro level, companies holistically aligned to these capabilities are far better positioned to identify and pursue investments that meet and anticipate market expectations. On a micro level, they are strongly positioned to personalize offerings around individual customer needs. FIGURE 4. INSURANCE HIGH PERFORMERS EXCEL AT THREE CAPABILITY SETS CAPABILITY SETS WHERE HIGH PERFORMERS EXCEL REWIRE Culture SCALE With Partners BUILD Engagement TARGET New Opportunities DESIGN For Customers 2 2 3 Media & Entertain. Electron. High-Tech Telecom BankingInsurance Retail Consumer Goods Lodging Travel Transport Travel Services 10
  • 11. 100% 100% of FS high performers believe that their business needs a “much more iterative, dynamic, agile approach to doing business compared to three years ago.” 86% of lower performing insurers agreed. TRANSFORMATION PATHWAYS TO BECOMING A LIVING BUSINESS THE FIVE CAPABILITY SETS All the insurance companies in our study are feeling intense pressure to become relevant. But, the difference between the high performers and the other companies is telling: all of the respondents representing the highest performing financial services organizations agree that “customer expectations are increasingly shaped by the most relevant, real-time and dynamic experiences” that they encounter across all industries. Only 70 percent of respondents at lower performing insurers agreed. The gap between understanding the nature of the challenge and taking effective action to meet it is also wide — up to seven times greater for lower performing insurers than for high performers. To bridge that gap and become a Living Business, it helps to consider each capability set as a pathway to transformation, with your current position as a starting point. The good news for an insurer ready to transition into a Living Business is that the age of a company isn’t an impediment to progress. Older companies are not at an inherent disadvantage at the outset. Outside the small, digital pure-plays, and the digital giants, the age of the companies we studied was not an indicator of their proficiency in these areas. To understand why, let’s consider each capability set in turn. High performers were unsurprisingly far more adept than others at bridging the gap between their knowledge of what is needed to succeed and doing what it takes. The knowledge-achievement gap among other insurers was up to seven times greater. of FS high performers said that “business reinvention is required to be successful in today’s context.” 68% of lower performing insurers agreed. 11
  • 12. 83% 87% 100% In essence, targeting is about identifying and selecting new value and business models wisely. It includes recalibrating investments based on a better understanding of whether a new idea or opportunity represents a beneficial disruption worth pursuing. It also requires balancing core growth with disruptive growth to fuel responsive innovation Insurers should: 100% of FS high performers are planning to invest more in growth in areas beyond their core business, in the coming three years, compared with 86% of other insurers. 87% of FS high performers believe these capabilities will be highly important in the next three years, compared to 69% of other insurers. 83% of FS high performers are excelling beyond their peers when it comes to “funding new growth initiatives by optimizing costs elsewhere,” compared with 68% of other insurers. High performers in the insurance, communications and high-tech industries were particularly likely to be strong in these capabilities relative to their peers. 86% 69% 68% Understand customers’ changing digital needs and preferences; Pivot growth strategies to profitable areas beyond the core; Fund new growth by optimizing costs elsewhere. 1 2 3 TARGET NEW OPPORTUNITIES 1 12
  • 13. LIVINGPROOF: ALLIANZ SE As part of its Renewal Agenda, the German-based global insurer identified ‘growth engines’ as one of the five pillars of its business strategy for the three years to 2018. Allianz X, the group’s digital investment unit formed in 2013, plays a key role in driving growth beyond Allianz’s core operations. It has identified and invested in 15 start-ups across five continents – from BIMA, a microinsurance solution provider that uses mobile technology to serve low-income customers, to an Indonesian on- demand service provider and an AI system that is helping shape the development of autonomous vehicles. Some are investments in disruptive new ventures with high growth potential, such as N26, a leading digital direct bank in Germany; others offer technologies that have been used by Allianz to help achieve its strategic goals of enhancing the productivity of its core operations, simplifying its business and supporting the growth of its traditional products. The success of this strategy enabled Allianz to announce, early in 2019, that it had doubled its investment in Allianz X to €1 billion (US$1.14 billion). Iván de la Sota, the Chief Business Transformation Officer of Allianz SE, said the insurer is committed to further investing in and “What is it about our company that makes us relevant to customers now?” Not only will it allow them to develop a robust targeting strategy, but they will benefit from having a clear goal in sight with the peripheral vision to see other opportunities. developing the next generation of digital growth companies related to its core business. Allianz X is a valuable addition to the group, he asserted, and “not only in meeting the changing expectations of our customers.” To fully develop this capability, insurance executives must look inward and ask: 13
  • 14. Insurers sometimes debate whether they should develop and bring to market products that are flashy and alluring, or those which are staid yet practical. Carriers that have become Living Businesses know that these sorts of decisions are not binary. They also know how to meet different — and evolving — expectations. The “win” lies in finding the right balance by designing and bringing to market, hyper-relevant products and services that respond in real time to customers’ changing circumstances. Designing for relevance means: Acting on insights derived from advanced customer analytics; Developing compelling new experiences; Maximizing personalization and contextual sensitivity of products, services and experiences. 1 2 3 88% of FS high performers believe design to be highly important to business success, compared to 72% of other insurers. 90% of FS high performers were also more likely to have grown through innovation in areas beyond their core business, compared to 59% of other insurers. 88% of high performers report strong success at innovating compelling new customer experiences, compared with 71% of other insurers. High performers in the insurance, communications and high-tech industries were particularly likely to be strong in these capabilities relative to their peers. 88% 72% 90% 59% 88% 71% DESIGN FOR CUSTOMERS 2 14
  • 15. LIVING PROOF: ACHMEA HOLDING N.V. Dutch insurer Achmea Holding N.V. is targeting an underserved market segment — low-income households — by offering a product explicitly designed for them, to provide safety and improve their neighborhoods by preventing or reducing damage from fires and burglaries. Specifically, Achmea has developed and piloted a peer- to-peer alarm platform that makes it easier for neighbors, friends and family members to find out when there is a potential problem near them, reach one another, and help each other out. The platform works by connecting a variety of home security solutions, including Chuango, to messaging apps such as WhatsApp and Facebook Messenger. With initial positive results (in declining claims from those participating, and from social housing corporations in the target area), Achmea is now planning to scale this to more households within the next several years. When you prioritize design to meet evolving customer needs, you reap the benefits of becoming a continuously innovative and relevant organization that stays in step with consumers — and a step ahead of the competition. 15
  • 16. Build capabilities are focused on using an insurer’s operating models to test, build, and scale intelligent physical and digital experiences that are immediately relevant to customers. This set is about using engagement channels to the greatest possible advantage — for the customer and the company. Insurers that have become Living Businesses tend to be laser-focused on outcomes in this area. This ensures that they move on to new endeavors before the advantage of a single, hyper-relevant offering or approach is exhausted. Build capabilities focus on: Using agile technology platforms and prototyping to develop and improve experiences; Rapidly scaling execution of new growth initiatives; Optimizing operations for dynamic execution across channels. 1 2 3 87% of FS high performers found these build capabilities to be highly important to business success, compared to 72% of other insurers. 88% of FS high performers said they have successfully developed agile technology platforms to drive relevant customer experiences, compared to 72% of other insurers. 85% of FS high performers report excelling beyond their peers when it comes to rapidly scaling the execution of new growth initiatives, compared to 69% of other insurers. 85% 69% 88% 72% 87% 72% BUILD ENGAGEMENT 3 16
  • 17. 86% 16% of a caller’s perception of a call is based on the quality of the communication only 16% on the actual content LIVING PROOF: METLIFE INSURANCE Contact centers are the insurance company’s vanguard when customers need help or are unhappy. MetLife claims that 86 percent of a caller’s perception of a call is based on the quality of the communication and only 16 percent on the actual content. So when agents get tired, or otherwise fail to detect changes in the caller’s tone, the outcome of the call could be in jeopardy. MetLife uses Cogito’s AI software to monitor speech patterns on calls and provide real-time on-screen coaching that helps agents engage appropriately. With automated channels handling an ever-larger share of simple calls, agents’ call loads comprise a bigger share of complex calls. The support provided by the intelligent software has made MetLife’s agents more confident and empathetic, and has improved all of its contact center engagement metrics. 17
  • 18. To master this set of capabilities, geared towards achieving market potential, an insurer needs to establish collaborative relationships with forward-thinking partners and a broad set of ecosystem alliances beyond its traditional industry boundaries. That’s because Living Businesses share and select data purposefully and efficiently —internally and across a broad ecosystem of partnerships — to achieve a powerful multiplier effect. To scale successfully, insurers should: Collaborate with partners beyond traditional boundaries; Connect employees / partners with data via cloud platforms; Ensure that customer data moves fast, seamlessly, and accurately. 88% of FS high performers found this scaling to be highly important to business success, compared to 73% of other insurers. 86% of FS high performers report excelling beyond their peers when it comes to “collaborating with partners beyond traditional industry boundaries.” This compares with 73% of other insurers. 30% of FS high performers engaged with a new type of alliance partner in the past year, compared to 14% of other insurers. 30% 14% 88% 73% 73% 86% 18 SCALE WITH PARNERS 4 1 2 3
  • 19. LIVINGPROOF: DISCOVERY Discovery changed the health insurance game when it refused to accept customer health and mortality as constants that every carrier had to factor equally into their underwriting calculations. Its Vitality platform drew on behavioral economics and clinical science, and a powerful ecosystem that spanned multiple industries, to offer customers strong incentives to adopt healthier lifestyles. The results were impressive: customers’ health and longevity improved significantly, as did Discovery’s claim and attrition rates. The carrier became an intimate part of its customers’ daily lives, and the dominant provider in the South African market. But Discovery’s ambition was to broaden its impact. It expanded its offerings to include car, home and life insurance, short-term investments and banking – all based on rewards for risk-reducing behavior, and all leveraging key ecosystem partners. It also wanted to extend its shared-value model into new markets. It teamed up with Accenture to re-design, implement and scale the Vitality1 platform, enabling the carrier to partner with leading insurance groups in China, Europe and the US. Barry Swartzberg, CEO of Vitality Group and responsible for Discovery’s expansion of shared-value insurance in global markets, said: “We are currently helping to improve the health of more than 9 million people in 19 countries. Recently introducing IGI Vitality in Pakistan and announcing two further partnerships – a.s.r. in the Netherlands and Prudential in Argentina – show the relevance and scalability of our model. Through strong partnerships, such as this one with Accenture, we are also making strides towards achieving our goal of being the fastest-growing global insurance technology company, underpinned by the most sophisticated behavioral platform linked to financial services.” Using the capabilities of the Vitality1 platform and the global Vitality network, Discovery and its partners – AIA, Manulife, John Hancock, Sumitomo Life, Ping An and Generali – also made a pledge in 2018 to collectively make 100 million people 20 percent more active by 2025. 19
  • 20. Insurers aiming to become a Living Business strive to develop a workforce that combines the power of human ingenuity and artificial intelligence. This requires a cultural rewiring and a new customer-first internal focus. Rewiring your organization can seem complex, but Living Businesses understand the return that comes from such an investment. As re-skilling and continuous learning shape the workforce, insurers must act proactively, rather than reactively, when it comes to being relevant. Rewire capabilities include: Fostering a culture that continually seeks to better customer relevance; Re-orienting organization structures around customer focus; Augmenting the workforce with flexible tools to enhance relationships. 87% of FS high performers found rewiring to be highly important to business success, compared to 72% of other insurers. 85% of FS high performers report excelling beyond their peer set when it comes to adjusting their organization’s structure in ways that benefit the customer, compared to 72% of other insurers. 86% of FS high performers say they have achieved good progress in fostering a culture that continually seeks to improve their relevance to customers, compared to 69% of other insurers. This area proved to be a key differentiator for high performers across 9 out of 10 industries we studied — more than any other capability set. 72% 72% 87% 85% 86% 69% REWIRE CULTURE 5 1 2 3 20
  • 21. A track record of sustained success and longstanding customer relationships are no longer reliable predictors of future growth, or even survival. Fifty-two percent of the companies that were included in the Fortune 500 in the year 2000 no longer exist. That’s why insurance companies that aspire to become Living Businesses are focused on creating new advantages before their current strengths fade. The contrast between their continuously highly relevant offerings, and those of carriers that cling to outdated “best practices,” will be stark. And we are seeing that today’s consumers choose relevance every time. of the companies that were included in the Fortune 500 in the year 2000 no longer exist. NO TIME TO WASTE 21 52%
  • 22. Jean-Francois Gasc is Managing Director, Accenture Strategy, for insurance Europe, Africa and Latin America. He leads work in the areas of consolidation and transformation, replatforming, CRM and multichannel management, among others. Erik Sandquist is Managing Director and Global Insurance Lead in Accenture’s Customer Insight & Growth practice. His specialties include distribution and marketing, customer-centricity, underwriting, policy administration and post-merger integration. John Zealley is Senior Managing Director, Customer Insight & Growth for the Consumer Goods & Services Industry at Accenture. He leads strategy definition and organic growth for Consumer Goods & Services. Glen Hartman is Senior Managing Director at Accenture Interactive, North America & Global Digital Marketing Lead. Cited by Forbes as a “Top 10 Influencer in Digital Marketing”, he helps Accenture clients engage customers and develop lasting brands. ABOUT THE AUTHORS Mark Curtis is Chief Client Officer at Fjord, part of Accenture Interactive He is a serial entrepreneur, innovator and co-founder of Fjord, where he leads offer definition, marketing and business development. Nikki Mendonça is Global President at Accenture Interactive Operations. She specializes in leveraging predictive analytics, content customization and programmatic strategies to drive multi-channel marketing ROI. Joshua Bellin is Senior Principal at Accenture Research. His research focuses on the intersection of changing consumer behaviors, marketing best practices and disruptive innovation. Olivier Schunck is Principal Director at Accenture Strategy. His expertise lies in growth strategy, customer experience and the next generation of marketing, sales and service performance. 22
  • 23. ABOUT THE RESEARCH In 2017 and 2018, Accenture Research surveyed over 1,000 top executives, including 195 CEOs, at companies spanning more than 10 industries, and with headquarters in 28 different countries. This sample featured 137 insurers. The survey asked about the extent to which customer relevance is driving their company’s growth outcomes, and also asked respondents to assess their company’s capabilities in terms of becoming and staying hyper-relevant to customers. We used this information to assign each company a “Vitality Score”, and, using both self-reported performance data and public financial data, we developed a model that links vitality with firm performance. Separately, as part of Accenture’s annual Global Consumer Pulse Survey, we asked over 23,000 consumers, representing 33 countries, and commenting on more than eight different industries, about what makes companies and brands relevant to them. We also found out how their perception of a brand’s relevance drives their purchasing behaviors. Read more at www.accenture.com/livingbusiness Read our blog LinkedIn Twitter ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 477,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com JOIN THE CONVERSATION Copyright © 2019 Accenture. All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. This document is produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on your circumstances. If you require advice or further details on any matters referred to, please contact your Accenture representative.