Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry
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1 Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry
2 The traditional business model for insurance, though still a reliable source of revenue, is becoming less sustainable in large part because of digital innovation. As new technologies connect devices, homes, enterprises and entire cities, players in the insurance industry are asking themselves: What needs to be insured? How? With which partners? Through which services? These questions are catalyzing ideas for innovative business models in the industry. In particular, digital technologies comprising social, mobile, analytics and cloud (SMAC) along with the Internet of Things (IoT) have set the stage for a connected, as-a-service economy. To survive, traditional insurers in India must decide whether to move up in their industry s value chain, down the chain to become mere manufacturers, or out of the industry altogether. Those that can harness digital s power to reshape markets and create new ways of managing their operations will emerge as leaders in the future. But to do so, they need to understand the nature of the opportunity in front of them and then use that understanding to succeed in a transformed landscape. 2 3
3 The digital opportunity for insurers Customers and competitors Today s insurance customers are moving from having siloed needs (for example, buy a car, fix the car, insure the car) to having combined needs that they want satisfied through seamless, personalized service experiences. Using digital technologies, insurance companies can meet these more complex demands by forging closer relationships with customers. These relationships will be characterized by more frequent contacts than the traditional once or twice a year interaction aimed at renewing a policy or processing a claim. Through sustained relationships and frequent interactions, insurers can gain unprecedented amounts of information about their customers, and use it to develop successful new offerings. All this will help insurers manage the new forms of competition coming their way. In one Accenture study, 75 percent of the participating insurers said they believe industry boundaries will blur as IoT and other digital platforms enable interconnected business ecosystems. In such ecosystems, insurers will no longer compete just with other insurers, but also with players from a variety of traditional as well as innovative industries. Companies such as Google, Apple and Facebook armed with deep knowledge of customers may define the new competitive rules of the IoT economy, reducing traditional insurance offerings to mere commodities. To navigate in this landscape, insurers will have to find the right partners to complement their assets, core competencies and brand value so they can satisfy new consumer needs. New value propositions IoT will also affect the very core of the insurance industry: Risk. As many as 80 percent of the insurers in the Accenture study said they believe IoT will radically change the nature of risks covered. For one thing, new technologies (drones, for example) will present new risks requiring insurance coverage. And assessments of existing risks will need to take into account new parameters (for instance, self-driving cars controlled by autonomous systems). Reflecting rapidly changing customer expectations and IoT s transformative potential, 83 percent of the insurers in the Accenture study said they think digital devices are powering a shift from selling things to selling outcomes and experiences. This finding suggests that forward-thinking insurance companies will seek to operate in a wider range of links in the value chain, by offering new services aimed at satisfying customers multiple needs and their desire for more seamless, personalized experiences. Digital channels Digital channels abound for distributing products and services. Yet the use of direct channels, such as the purchase of offerings online or through mobile apps, has yet to gain traction in India s insurance industry. By contrast, e- and m-commerce have taken off in other industries. To leverage digital channels, insurers will need to simplify their processes to make it easy for consumers to buy products over the Internet using their computers or mobile devices. Meanwhile, most insurers have provided their agents with access to digital solutions for managing leads and analyzing customers and their needs. But to take the next step, insurance companies will need to also provide digital tools that help agents efficiently manage end-to-end policy issuance and servicing. The digital organization Truly digital companies have completely digitized the customer experience by deploying SMAC technologies to achieve new efficiencies and effectiveness in back-end as well as front-end processes. As a testament to this effort, more than 90 percent of customer servicing needs can now be handled through self-service technologies and systems. Indeed, many of today s consumers expect and prefer to use self-service because doing so lets them take care of their own needs at times and locations convenient for them. When customers can interact with companies through multiple channels of choice (digital and physical), their experience with companies becomes personalized. It is also seamless if a company treats them in a consistent way across different channels. 4 5
4 How to succeed in the digital age As IoT and digital pave the way for a revolution in business models, insurers will need to decide how they plan to remain relevant as well as stay ahead of the competition. Here are five keys to success: 1. Choose the role you intend to play: Insurers will need to operate in extended ecosystems, often collaborating with partners such as niche IoT firms to sell new kinds of offerings, including discounting and loyalty programs, home monitoring services and solutions for measuring driving habits and in-car smartphone usage. Companies can adopt different roles for each of their target markets, businesses or regions, depending on their ability to provide a differentiated offering that goes beyond insurance. For instance, insurers can offer technology-enabled products and services, such as using drones to conduct roof inspections and assess the extent of damage after natural calamities, with other industry players acting as aggregators of the extended offering. Insurers can also act as value aggregators themselves by directly selecting and managing the partners they need to provide offerings that go beyond traditional insurance products. 2. Combine your product with technology and service: Insurers will need to define an offering that excels on three integrated fronts: Insurance product: Develop an offering that can be tailored to individual customers unique needs and profiles, moving from a standardized one-to-many product to a one-to-one product. To do this, they will need to adopt a modular and flexible coverage structure along with dynamic pricing, personalized through analytics. This could also mean developing new short-term/small-ticket insurance products such as extended warranties, protected bag insurance, mobile phone insurance, furniture insurance and bicycle insurance. Technology: Select digital technologies that best enable customers to connect with your products and other services provided in your ecosystem. For example, insurers in mature markets are partnering with home automation companies to offer discounts to customers who install wireless smoke and carbon monoxide detectors and agree to share data from the devices with them. The data can then be analyzed, using advanced analytics technologies, for better risk profiling, enabling personalized services. Ecosystem services: Define and select services that your ecosystem will deliver, to maximize the value provided to customers. Such potential services are virtually limitless, and can range from mobile inspection service for vehicles, in partnership with auto parts manufacturers, to providing analytical insights into a range of industries based on real-time data collected from monitoring devices, such as black boxes for cars, thermostats for homes and wearables for health. The right ecosystem services will be those that create customer value, improve profitability, and leverage the strengths and capabilities of each company in the ecosystem. 3. Extend, automate and adapt the insurance value chain: IoT will affect every process in the insurance business. To operate effectively in the new landscape, insurers will need to modify how they interact with their industry s value chain. Consider these three approaches: Extend: Leverage ecosystem partners to integrate value-added sub-processes. For example, a North American home insurer is providing its customers a free digital locker application to keep a detailed visual catalog of their valuables, organize items by rooms and categories, save their data to the cloud, and download their locker contents. Also, consider outsourcing noncore activities for ongoing operations (such as fleet management and maintenance) and execution of third-party services. Automate: Automate labor-intensive processes such as underwriting, claims processing and fraud management to achieve cost-saving efficiencies. Machine-to-machine interactions and predictive analytics capabilities can help, enabled by technologies such as Big Data and robotic process automation including cognitive computing and machine learning. Adapt: Sustaining ongoing, personalized interactions with customers and ecosystem partners requires profound changes to your operating model. In particular, you must make your core business processes adaptable. For example, instead of developing a standardized, mass-market new offering every two or three years, make product development a more frequent, iterative activity, one aimed at tailoring offerings to individual customers. 4. Share and collaborate through an open architecture: You will need to open yourself up to the outside world, sharing not only customer data, but also customers with your ecosystem partners. In the insurance industry, where ownership of the customer has always been a strategic priority, sharing in this way is likely to represent a significant disruption and require a shift in your organization s culture. However, you cannot afford to shy away from this effort if you hope to remain competitive and gain maximum value from your partnerships. To these ends, work to develop IT architectures that provide flexibility and interoperability with your external partners, so you can support development of a broader set of services and accelerate your time to market. 5. Foster a culture of innovation: As you transform your company to embrace digital, promoting a culture of innovation will prove critical to sustaining this change. To foster such a culture, design a governance structure that supports a fast, experimental approach to innovation while also enabling your company to maintain everyday, business-as-usual activities. A case in point is that of a global insurance company that has turned to augmented reality smartphone apps to help its managers improve their coaching, project management and people management skills. Then strive to infuse this new culture across your entire organization, from idea generation to workforce training and onboarding of new hires. Extend the culture of innovation beyond your four walls as well, to your customers and partners. While advances in digital technologies pose challenges for insurance companies in India, they also present valuable opportunities to reconfigure their business models in ways that reshape markets or create entirely new ones. By understanding how digital is transforming their industry, insurance executives can identify the changes they must make to not only surmount the emerging challenges, but also capitalize on the vital new opportunities at hand. 6 7
5 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 approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at Authors Piyush Narain Singh Managing Director and Lead Financial Services, Accenture in India piyush.n.singh@accenture.com Naman Vidyarthi Senior Manager - Financial Services, Accenture in India naman.vidyarthi@accenture.com Disclaimer This report has been published for information and illustrative purposes only and is not intended to serve as advice of any nature whatsoever. The information contained and the references made in this report is in good faith, neither Accenture nor any its directors, agents or employees give any warranty of accuracy (whether expressed or implied), nor accepts any liability as a result of reliance upon the content including (but not limited) information, advice, statement or opinion contained in this report. This report also contains certain information available in the public domain, created and maintained by private and public organizations. Accenture does not control or guarantee the accuracy, relevance, timelines or completeness of such information. This report constitutes a view as on the date of publication and is subject to change. Accenture does not warrant or solicit any kind of act or omission based on this report. Scan to access key insights, infographics and videos anytime, anywhere. Copyright 2016 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
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