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Digital maturity, challenges and
global trends in the Insurance Sector
Jan Verlinden
Insurance Leader Belgium
Capgemini
World Insurance Reports bring Insights on the Insurance Sector
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Customer
Experience
Index (CEI)
15,500 customers
30 markets
Exploring three dimensions:
• products
• networks/channels
• customer lifecycle
Efficiency
Ratio Model
14 countries
Five ratios analyzed:
• Claims Ratio
• Acquisition Ratio
• Operational Ratio
• Underwriting Ratio
• Investment Ratio
Spotlight
Digital Capabilities
of Insurers • Current state of insurer
digital capabilities
• Need for insurers to go
digital given the growth of
internet and mobile channels
• Digital transformation
to achieve top and
bottom-line growth
Customer Experience Index (CEI)
measures the Customer Experience Across Three Dimensions
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Channels/Networks
CEI
Research and Getting a Quote
Policy Acquisition
Policy Servicing
Claims Servicing
Insurance Agents
Insurance Brokers
Bank Branches
Life and Savings
Pensions and Annuities
Automobile Insurance
Property Insurance
Phone/Call Centre
Internet
MobileSource: Capgemini World Insurance Report, 2014
A Satisfied Customer has not necessarily a Positive Customer Experience
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Source: Capgemini World Insurance Report, 2013 & 2014
67%
70%
70%
72%
21%
20%
17%
17%
12%
10%
13%
11%
40%
37%
44%
40%
55%
57%
52%
54%
5%
6%
4%
6%
CEI
Satisfaction
CEI
Satisfaction
CEI
Satisfaction
CEI
Satisfaction
Belgium
The Netherlands
France
Germany
Customers with a positive Customer Experience are more as twice as
likely to refer a friend
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
71%
58%
46%
37% 36%
21%
41%
34%
28%
19% 19%
12%
0%
20%
40%
60%
80%
100%
Latin America
Developing APAC
North America
Developed APAC
Europe Belgium
Life
33% 67% 26% 74% 40% 60% 25% 75% 30% 70% Overall % of customers with positive
and neutral or negative
experiences
Customers likely to refer a f riend as a percentage
of customers with Positive Experience
Customers likely to refer a f riend as a percentage of
customers with Neutral or Negative Experience
68%
54% 52%
35% 37%
25%
44%
36%
25%
17% 19%
8%
0%
20%
40%
60%
80%
100%
Latin America
Developing APAC
North America
Developed APAC
Europe Belgium
Non-Life
40% 60% 31% 69% 52% 48% 33% 67% 40% 60%36% 64% 46%54%
Source: Capgemini World Insurance Report, 2014
Internet is emerging as preferred channel, also in Belgium
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Source: Capgemini World Insurance Report, 2013 & 2014
53%
39%
51%
75%
55%
63%
59%
42%
59%
63%
50%
60%
68%
40%
57%
USA
Europe
Germany
France
The Netherlands
Belgium
32%
37%
24%
56%
52%
58%
52%
58%
43%
59%
48%
57%
48%
56%
46%
23%
25%
18%
22%
22%
15%
42%
31%
33%
27%
25%
16%
18 – 34 years35+ years World Insurance Report 2013
Intermediary Internet/PC Internet/Mobile
How can Customer Experience be infuenced?
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Source: Capgemini World Insurance Report, 2007
26%
45%
20%
9%
N° of interactions of customers with their insurer
1 interaction
Customers expects Digital and Mobile connections
in Sales and Claims processes
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
1/3Nearly
of insurance business is expected to
be generated via digital channels
within the next five years
26%Firms with a strong digital presence
and customer focus are 26% more
profitable than other firms
39.5% of non-life customers and 37.5% of life customers
say the ability to research products and receive price
quotes online is the most important digital capability40%
Nearly
24.5% non-life customers view
the ability to service their claims
via mobile as important 25%
Nearly
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
Some examples …
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
Some examples …
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Research
& Quoting
Policy Acquisition
& Underwriting
Policy Administration
& Servicing Claims Servicing
But … Insurers can do more
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Digital Transformation is more than Window Dressing
• Social listening
• 360°view of the customer
• Digital marketing & campaigns
• Workflow Management
• Big Data Analytics
• Predictive Modelling
• Realtime Data Warehouse
• External Data Sources
27-11-2014 Digital maturity, challenges and global trends in the Insurance Sector
Jan Verlinden – Insurance Leader Belgium at Capgemini
Questions ???