THE FUTURE OF INSURANCE BLENDING PHYSICAL & DIGITAL FOR ... › _acnmedia › pdf-83 ›...
Transcript of THE FUTURE OF INSURANCE BLENDING PHYSICAL & DIGITAL FOR ... › _acnmedia › pdf-83 ›...
THE FUTURE OF INSURANCE: BLENDING PHYSICAL & DIGITAL FOR MAXIMUM IMPACTMark Howman, Creative Director Allen International
Insurance, a DIGITAL & PHYSICAL experience
JUNE 2018
3
In the battle of digital over traditional, the industry has focused on price and convenience, at the cost of customer experience and brand loyalty, leading to poor advocacy from both customers and agents
There are a number of truths that need to be understood -
THE INSURANCE INDUSTRY TODAY
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.4 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
CUSTOMER
LOYALTY
Customers typically
engage with their
insurer for one product
at a time.
They shop around and
find best price on-line.
TIED & NON-TIED
AGENTS
Agents suffer from lack of
investment in environments
and facilities, and are
caught in a price war that
drives away brand loyalty.
Non-tied agents lack loyalty
to the brands they serve
and have a reputation for
chasing commission
THE BRAND
Insurance brands do not
generally engage with
customers in their day-to-
day lives.
This, with a move to price
driven, commoditised
products = Lack of brand
advocacy
LACK OF PHYSICAL
PRESENCE
Inappropriately designed &
poorly located offices deter
customers and push them
toward home visits, or
online price driven products.
Loss of brand engagement
and loyalty
CAPTURING THE
YOUTH MARKET
Currently insurers
are not engaging the
younger millennial
market other than
low price one off
items such as travel
insurance and must
haves, such as
motor insurance
CONFUSING
PRODUCT OFFERS
Currently insurers
categorise their
products in to
specialisms. The
categories are
confusing and
complicated, and create
barriers to purchase
The Current Issues facing insurance distribution
THE RISE OF
DIGITAL
Raising the question
why agencies, why
advisors?
5
How do you create a more rewarding experience for the sale of insurance products & services -An experience that engages both customers & sales force, optimising physical & digital capabilities?
6
Becoming a Living Business Insurer
TARGET NEW
VALUES &
MODELS
DESIGN
PRODUCTS &
SERVICES
BUILD
ENGAGEMENT
CHANNELS
SCALE
PLATFORM &
ECOSYSTEMS
AGILE CULTURE
&
ORGANSISATIO
N
VALUE ROADMAPLIVE & RELEVANT &
FRICTIONLESSPERSONALISED &
HUMAN CONNECTED DATACUSTOMER
CENTRIC CULTURE
7
Brand engagement
Driving customer and staff advocacy
“Your brand is what other people say about you when you're not in the
room.”
Jeff Bezos, Amazon
© Accenture 2018 all right reserved.8
Brands differentiate
Brands add value above and
beyond functional delivery
Brands convince the head
and engage the heart
Brands create something that
customers can identify with
Brands have a purpose
Brands help to build loyalty
© Accenture 2018 all right reserved.9
10
THE POWER OF BRANDS TO ENGAGE
20€/kg
100€/kg
The personality of a brand, its behaviour and it’s interactions allow a commodity to be sold as an experience, at a premium
11
Insurance Advisor Network
Optimising distribution
12
Use all delivery channels in harmony to delight customers and increase revenue
A NEW CHANNEL DISTRIBUTION MODEL
Customers buy more when they can choose how they interact with a brand.
Brands that create ‘phygital’ hub & spoke networks benefit from the halo effect.
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.13 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
THE TRUST ‘HUB’
The hub is your flag
ship experience, where
your brand, your people
and all segments and
offerings come together
Create an ecosystem of Phygital opportunity
AGENCY OFFICES
Dedicated and
digitally facilitated
meeting spaces within
traditional agency
offices, away from
back office
MOBILE AGENTS
Mobile formats can relate
to daily or weekly kiosks,
or equipped individuals
that engage with remote
customers or areas where
there is currently a lack of
physical presence.
SHOP IN SHOP
DIGITAL KIOSKS
Stand alone digital
formats which can
be positioned in any
environments. i.e.
car showrooms
EVENTS PROGRAMMEHaving a physical space within
your Trust Hub, or pop-up which
engages customers. i.e.
health/sports clinics (Life/Health
insurance), First time buyer
showcase & connected homes
technologies (Home Insurance)
automotive launches, telematics
stores (Car Insurance)
Formats
POP UPS & KIOSKS
Creates a flexible
network, cost effective
and scalable. Creates a
brand experience &
impacts the
community.
© Allen International 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.© Allen International 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
In the new omni-channel world, the pop-up & shop in
shop format could be the versatile solution insurance
companies have been searching for…….
Education
Acquisition
Testing
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.15 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
Engagement
Bot
Desktop
Tablet
Mobile
THE TRUST ‘HUB’
MOBILE SALES
FORCE
SHOP IN
SHOP/DIGITAL
KIOSKS
POP UPS
3RD PARTY
SALES AGENT
TRAD
OFFICE
• Search Product
• Contact sales force
• Visit the Pop - Up
• Attend a home security seminar
• Take a health check
• Product recommendation from trusted agent
• Use online digital tools
• Connect with subject expert through video link
• Complete sale
• Traditional office / Branch meeting.
• Use digital kiosk / VR for consultation
• Complete sale
• Contact centre enquiry
• Contact centre engages mobile salesforce
• Advisor travels to home fully equipped & branded
CUSTOMER
Re-imagine ‘Phygital’ customer journeys
Voice
VC
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.16 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
Bot
Voice
Desktop
Tablet
Mobile
THE TRUST ‘HUB’
MOBILE SALES
FORCE
SHOP IN
SHOP/DIGITAL
KIOSKS
POP UPS
3RD PARTY
SALES AGENT
TRAD
OFFICE
• Search Product
• Contact sales force
• Meet at the Trust Hub
• Attend a home security seminar
• Take a health check
• Product recommendation from trusted agent
• Use online digital tools
• Connect with subject expert through video link
• Complete sale
• Connect with contact centre
• Use digital kiosk / VR for consultation
• Complete sale
• Contact centre enquiry
• Contact centre engages mobile salesforce
• Advisor travels to home fully equipped & branded
VC
CUSTOMER
Re-imagine ‘Phygital’ customer journeys
Engagement
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.17 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
Bot
Voice
Desktop
Tablet
Mobile
THE TRUST ‘HUB’
MOBILE SALES
FORCE
SHOP IN
SHOP/DIGITAL
KIOSKS
POP UPS
3RD PARTY
SALES AGENT
TRAD
OFFICE
• Search Product
• Contact sales force
• Meet at the Trust Hub
• Attend a home security seminar
• Take a health check
• Product recommendation from trusted agent
• Use online digital tools
• Connect with subject expert through video link
• Complete sale
• Traditional office / Branch meeting.
• Use digital kiosk / VR for consultation
• Complete sale
• Contact centre enquiry
• Contact centre engages mobile salesforce
• Advisor travels to home equipped & branded
VC
CUSTOMER
Re-imagine ‘Phygital’ customer journeys
Engagement
18
Engaged Staff
Rolls and skills in the new model
The power of a brand will influence people, employees as much as consumers
© Accenture 2018 all right reserved.19
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.20© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
Define new engagement roles that inspire staff to become business & brand ambassadors
© allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.21 © allen international 2017 all rights reserved. For evaluation purposes only. Can not be used without prior written consent.
UNIVERSAL INSURER
Cross category
knowledge, digitally
capable and well versed
in risk mitigation. Able to
manage client
requirement from sign
up to claim and follow up
The new distribution model engages staff in the client relationship
REMOTE ADVISOR
Repurpose existing
sales roles to video /
call centre role
powered by CRM
system
MOBILE AGENT
A universal insurer fully
equipped to fulfil all
customer requirements
when travelling to out of
office locations.
Well versed in the desired
brand behaviour, digitally
capable and knowledgable
around risk mitigation
RISK COACH
The best insurance is
mitigation of risk. Well
trained staff will engage
with customers as
coaches to mitigate
their risks rather than
as salesmen selling
products
EXPERT / GURU
A trusted industry expert
/ team of experts, able to
recommend and guide
customers through the
mine field of products
and services, able to
make next best action
recommendations
Staff skills and roles
DIGITAL
AMBASSADOR
Technologically capable
staff that educate and
assist customers in the
use of digital channels.
As well as training and
mentoring colleagues
22
Thank you