Insurers are accelerating the shift to a radically different distribution model, where digital plays an increasingly important role in the majority of interactions and agents’ efforts are refocused to add more value. Only one out of five carriers reject this model. The most disruptive distribution innovation is
the Internet of Things (IoT) which, among other things, is driving insurance beyond indemnification to real-time protection.
Coming to Terms with Insurance Aggregators: Global lessons for carriersAccenture Insurance
Insurers have conflicting views and divergent strategies regarding aggregators. Many claim they add little if any value to both customers and carriers. Some believe they should be spurned, to prevent them gaining a foothold in new markets. Others think that getting onboard early will give them a more dominant position, resulting in a strong flow of new sales. Accenture believes they cannot be ignored. This report examines the likely future impact of aggregators, and proposes four key building blocks for an effective aggregator strategy.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Many insurers have set out on the journey of robotic process automation. In most cases, this has meant running pilots on simple business processes before scaling up to deliver more material benefits through an industrialized automation capability. Our experience shows that a holistic and integrated approach to these implementations is essential.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
Coming to Terms with Insurance Aggregators: Global lessons for carriersAccenture Insurance
Insurers have conflicting views and divergent strategies regarding aggregators. Many claim they add little if any value to both customers and carriers. Some believe they should be spurned, to prevent them gaining a foothold in new markets. Others think that getting onboard early will give them a more dominant position, resulting in a strong flow of new sales. Accenture believes they cannot be ignored. This report examines the likely future impact of aggregators, and proposes four key building blocks for an effective aggregator strategy.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Many insurers have set out on the journey of robotic process automation. In most cases, this has meant running pilots on simple business processes before scaling up to deliver more material benefits through an industrialized automation capability. Our experience shows that a holistic and integrated approach to these implementations is essential.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
Insurance Industry Trends in 2015: #1 Big Data and AnalyticsEuro IT Group
By implementing customized big data solutions, Euro IT Group can help you unlock the tones of information already flowing through your organization, analyze it, extract value and transform it into insight that drives growth and revenue.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
Consumer insights: Finding and Guarding the Treasure Trove InfographicCapgemini
Consumer Product (CP) companies operate in an industry where the fundamental rules of the game are changing. The growth of e-commerce, the ability to bypass retailers, the rise of private labels, and the advent of niche CP startups are just some of the trends that are reshaping the sector. Find out the latest findings from our Consumer Insights Infographic.
Captivating Customers with All Channel ExperiencesCapgemini
Today’s customer experience levels with insurers are consistently bad, with fewer than 30% of customers having positive customer experiences globally– and it’s getting worse, according to the World Insurance Report 2015. Many insurers see the threat this poses to their businesses and hope to do better, but it’s not so easy, particularly when creating integrated hybrid interactions between agents and digital channels. As one Capgemini study found, insurers must excel on seven capabilities but are typically far behind on three, including “connecting elegantly” with the customer. This webinar illustrates the digital capabilities insurers need, including a road map to creating all-channel experiences that delight and help retain customers.
Digital transformation can help banks be more efficient in their operations, retain customers and increase profitability. This infographic explains how digital technologies such as mobility and customer analytics empowers banks to provide a more fulfilling banking experience to customers.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
To meet customers’ needs and deliver profitable growth, insurers must embrace the potential of digital underwriting. Ninety percent are investing in the function, but are they making the right investments? This report proposes a practical plan to set underwriters on the path to digital transformation. It includes the attributes they need, how they can make better use of analytics, and new technologies worth considering.
Read how the logistics industry can transform & overcome the supply chain management challenges, build sustainable supply chains, & improve CX in the new normal.
Insuring the insurance business with actionable analyticsWNS Global Services
The Insurance Industry is faced with a myriad of challenges such as a need to manage costs better, keep update with stringent regulations and the ever increasing demands from consumers. Analytics can play a vital role in assisting Insurance Executives navigate the technical and operational complexities to accelerate the growth of the industry.
Covering key aspects like Reporting, Descriptive or the advanced Predictive and Prescriptive analytics, this Whitepaper “Insuring the Insurance Business with Actionable Analytics” examines a complete view on how analytics can transform the insurance business to create value for all stakeholders.
Learn how the shift of back office systems to new cloud-based digital platforms is transforming how insurance and other financial products are administered and customers are handled.
How can TCS help Banking & Financial Services industry achieve successful digital transformation through customizable solutions to stay ahead of customer's needs and drive down costs?
Digital disruption in the insurance sector in indiaPrayukth K V
The Insurance sector in India will see massive digital disruption dislodging conventional business and customer engagement paradigms in the years to come...find out more
Insurance Industry Trends in 2015: #1 Big Data and AnalyticsEuro IT Group
By implementing customized big data solutions, Euro IT Group can help you unlock the tones of information already flowing through your organization, analyze it, extract value and transform it into insight that drives growth and revenue.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
Consumer insights: Finding and Guarding the Treasure Trove InfographicCapgemini
Consumer Product (CP) companies operate in an industry where the fundamental rules of the game are changing. The growth of e-commerce, the ability to bypass retailers, the rise of private labels, and the advent of niche CP startups are just some of the trends that are reshaping the sector. Find out the latest findings from our Consumer Insights Infographic.
Captivating Customers with All Channel ExperiencesCapgemini
Today’s customer experience levels with insurers are consistently bad, with fewer than 30% of customers having positive customer experiences globally– and it’s getting worse, according to the World Insurance Report 2015. Many insurers see the threat this poses to their businesses and hope to do better, but it’s not so easy, particularly when creating integrated hybrid interactions between agents and digital channels. As one Capgemini study found, insurers must excel on seven capabilities but are typically far behind on three, including “connecting elegantly” with the customer. This webinar illustrates the digital capabilities insurers need, including a road map to creating all-channel experiences that delight and help retain customers.
Digital transformation can help banks be more efficient in their operations, retain customers and increase profitability. This infographic explains how digital technologies such as mobility and customer analytics empowers banks to provide a more fulfilling banking experience to customers.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
To meet customers’ needs and deliver profitable growth, insurers must embrace the potential of digital underwriting. Ninety percent are investing in the function, but are they making the right investments? This report proposes a practical plan to set underwriters on the path to digital transformation. It includes the attributes they need, how they can make better use of analytics, and new technologies worth considering.
Read how the logistics industry can transform & overcome the supply chain management challenges, build sustainable supply chains, & improve CX in the new normal.
Insuring the insurance business with actionable analyticsWNS Global Services
The Insurance Industry is faced with a myriad of challenges such as a need to manage costs better, keep update with stringent regulations and the ever increasing demands from consumers. Analytics can play a vital role in assisting Insurance Executives navigate the technical and operational complexities to accelerate the growth of the industry.
Covering key aspects like Reporting, Descriptive or the advanced Predictive and Prescriptive analytics, this Whitepaper “Insuring the Insurance Business with Actionable Analytics” examines a complete view on how analytics can transform the insurance business to create value for all stakeholders.
Learn how the shift of back office systems to new cloud-based digital platforms is transforming how insurance and other financial products are administered and customers are handled.
How can TCS help Banking & Financial Services industry achieve successful digital transformation through customizable solutions to stay ahead of customer's needs and drive down costs?
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
Are you in control of your customer communications?Scriptura Engage
Customer Communications Management (CCM) is subject to changing market conditions driven by digitalization, the Internet, a rich choice of media types, and changing regulations. Under these market conditions, organizations are advised to take a closer look into their customer communications practices.
Nevertheless, in-depth research by InfoTrends revealed that most organizations struggle with getting CCM to work. This document discusses the challenges associated with this and presents a grow path for CCM to help organizations improve their customer communications, reduce the cost associated with these communications, and to deepen their customer relationships.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
In this presentation, Andy Pearch stated that the current models of performance evaluation, relationship management and remuneration have each failed to reflect that changes in the media landscape, in communications technology and in consumer empowerment over the last 20 years. He suggested that current ‘best practice’ is sometimes counterproductive and discourages media agencies from taking commercial or creative risks for their clients. The industry needs a reboot.
A presentation a friend and I worked on while brainstorming ideas for a technology startup. Our objective was to explore opportunities in industries we're familiar with and industries we believe are ripe for disruption. The presentation lays out key industry metrics and profiles successful companies (somewhat startup-focused) within each industry.
Forrester Research outlines key areas for technology and business leaders to focus on in 2021.
It should point businesses and leaders in the right direction if it desires to stay relevant.
Webinar on Minimizing Waste and Optimizing ROI in Digital AdvertisingAudienceScience
Global digital advertising is now a $117 billion industry. However, AudienceScience has discovered that many marketers lack the transparency and control needed to effectively measure and optimize their digital campaigns. With digital continuing to grow in importance for marketers globally, it is essential to overcome these limitations, including many of the misconceptions they have about digital advertising.
CMOs: Time for digital transformation or risk being left on the sidelinesruttens.com
CMOs: Time for digital transformation or risk being left on the sidelines. Digital Transformation checklist for marketeers.
Based on the Accenture Interactive 2014 CMO Insights Survey, CMOs are selling themselves short. The question isn't whether CMOs can effectively take advantage of digital channels – they are proving they can – but whether they can be more visible change agents for digital transformation across the organization.
As every business becomes a digital business, C-suite executives will need to collaborate to drive successful digital transformation. No CMO wants to be left on the sidelines.
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Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how creating effortless experiences are so simple and easy with our data-driven strategy framework to drive growth. Read more.
Whole-brain leadership prepares C-suites for the digital challenges ahead, ensuring seamless growth and high-value problem solving capabilities. Read more.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
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Accenture's Applied Customer Engagement (ACE) is a proven approach to re-thinking and revitalizing contact center operations for the digital era. Read more.
ALIP customers Get More…more product launches, more out-of-the-box functionality and efficiency, more personalized digital capabilities, more delivery “know how”. Read more.
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
Accenture's CMO Survey unveils some important insights on the role of the new CMO and how the role is changing in the digital age. Read more: https://www.accenture.com/us-en/insights/consulting/cmo
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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• Three (3) key tips to maintain a disciplined workplace.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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1. Digital channels will play an
increasing role at every stage
of the sales process
Insurers on average expect
31% of P&C Personal Lines
sales to be concluded
digitally from start to finish
in three years time; also
24% of Commercial and
26% of Life sales
53%
1
Reimagining insurance
distribution
Insurers are accelerating the shift to a
radically different distribution model,
where digital plays an increasingly
important role in the majority of
interactions and agents’ efforts are
refocused to add more value. Only one
out of five carriers reject this model. The
most disruptive distribution innovation is
the Internet of Things (IoT) which, among
other things, is driving insurance beyond
indemnification to real-time protection.
Key findings
Make innovation and
customer-centricity the
cornerstones of
distribution strategies
Strive for simplicity of
access, transactions
and offerings
Focus agents on advice,
value-add and deeper
customer relationships
Commit to your chosen
business and distribution
models, moving beyond
a succession of pilots
Proactively define your
position in new
ecosystems, cooperation
models and partnerships
Move from
indemnification to
real-time protection
2 Agents are being
refocused to where they
can add the most value
79% of insurers are
redesigning their
remuneration model – or
discussing it – for today’s
omnichannel environment
3
Insurers expect aggregators
to increasingly disrupt the
economics of distribution
53% of carriers
expect to use
aggregators under
sub-brands in 3
years’ time
4 Insurance is being integrated into a
more end-to-end buying experience
that blurs industry boundaries
72% are planning to
form new distribution
partnerships in the
near future, or have
already done so
5 The IoT is expanding insurance
beyond indemnification to
real-time protection
44% of insurers
consider connected
devices to be a
driver of revenue
growth
6
To maintain competitive
advantage in a disruptive
marketplace, insurers need to
move swiftly & assertively.
Get the full survey report at accenture.com/InsuranceDistributionSurvey
Recommendations
Leading insurers are
taking customer intimacy
to a whole new level
63% prioritize the
use of customer
data for needs-
based selling