Posts Tagged ‘Insurance’
Posted on April 25th, 2013 at 1:05 pm by Tom van der Spek
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Theme: Business Transformation, Latest Post | Tags: Finance, Financial Services, Insurance, Risk adjusted operating model, Risk management
Many insurers are battling to come to terms with the increased emphasis on risk management required by the current financial situation. In addition, new regulations require insurers to provide complete and transparent documentation of all processes which bear risks.
Accenture’s 2011 Global Risk Study, indicated that insurers see improving risk measurement and modeling, reducing the cost of risk management compliance, and integrating risk and finance information and processes within the organization as the most significant challenges they face. New regulatory requirements have contributed greatly to these challenges.
While this can pose a significant challenge, it can also provide an opportunity to review the existing process landscape and can serve as a way to remodel existing process or design new ones.
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Posted on December 5th, 2012 at 1:50 pm by Tom van der Spek
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Theme: Business Transformation, Latest Post | Tags: data analytics, Equity Analyst Survey, Financial Services, Insurance, IT modernization
“What performance do you expect in 2012 from insurers which you give superior ratings?”,
“What are the critical value drivers for insurers over the next three years?”
and “What are the biggest external challenges insurers will face in the coming years?”
In order to answer these questions and gain insight into the factors driving the ratings of insurance companies, Accenture conducted The 2012 Equity Analyst Survey. As a follow-up to a similar study conducted in 2008 the survey of leading insurance equity analysts around the world learns us how turbulent times have influenced analysts’ expectations.
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Posted on May 30th, 2012 at 1:01 pm by Tom van der Spek
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Theme: Business Transformation, Latest Post | Tags: Consumer behavior, Consumer expectations, Digital channels, Digital Media, Digital opportunities, Digital world, Financial Services, Insurance, Insurance agents, JD Power
Competitively speaking, social and digital media matters like never before. Shoppers expect to learn online about the carriers, compare products, obtain price quotes and purchase a policy quickly and easily.Visionary agents and insurers know they need to make a real shift now as part of a modern agenda to support high performance.
Similar to consumer behavior already widely observed in other industries i.e. Finance and Retail, rather than replacing one channel with another, many insurance consumers are diversifying and using more channels than ever to meet the demands and needs of today’s consumers. Of the consumers looking to buy insurance, many are incorporating digital channels as part of their buying process.
Although many consumers ultimately buy insurance from a human (either a local agent or a contact center associate), numerous studies have shown consumers research online prior to making their purchases. Recent research by JD Power showed that 54% of auto insurance shoppers report getting their quote online. Therefore insurers and agents unwilling, or unable, to integrate and engage will effectively lose relevance and ultimately miss out on growth opportunities.
Two major trends suggest that business as usual is no longer viable: 1) the growing number of online shoppers, 2) and the increasingly intense competition from direct writers.
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Posted on May 24th, 2012 at 12:11 pm by Tom van der Spek
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Theme: Business Transformation, Latest Post, Talent Organization | Tags: Client centricity, College graduates, Finance, Financial Services, Human capital strategy, Insurance, Millennials, New technology, Recruitment, Talent Management, Wall Street Journal
The Insurance Industry is going through an innovation and transformation process that has a lot of impact on the workforce. Focusing on client centricity, continuous improvements, using new technologies to increase employee productivity, all influence the way of working and the required skills that are needed to build and maintain a high-performance insurance organization. In the light of this transformation, the talent shortage in the insurance industry is a big concern.
According to The Wall Street Journal, insurance ranks 97th out of the 100 least-attractive industries for college graduates to enter. In addition, 50 percent of the current workforce will retire in the next ten years and retention rates are about 15 percent after four years. This implies that the pool of current college graduates can only replace half of the workforce set to retire. Therefore, insurers must transform their human capital strategy to be able to achieve high performance in this challenging environment. Three aspects of the human capital strategy are critical in facing this challenge: retaining top performers, recruiting top talent, and providing an operating model in which talent can thrive.
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Posted on May 7th, 2012 at 4:14 pm by Michele Lagioia
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Theme: Business Transformation, Latest Post | Tags: Gartner, High Performance IT, Innovation that works, Insurance, Intelligent Infrastructure, Internet of Things, Mobile Health, Remote Patient Monitoring, RFID, Smart Cities
Advances in sensor technologies and internet availability revolutionize the way in which we look and sense the world around us. Weather forecasts or stock prices can be checked anytime and everywhere by using smart phones. According to Gartner more than 50% of Internet connections are currently related to objects instead of PCs or mobile devices.
Although broader themes like Intelligent Infrastructure are attracting more and more attention, RFID is still considered a powerful technology allowing objects and sensors to communicate to each other. In both cases, our lives will keep on being changed by smart objects capable of measuring for example temperature, humidity and atmospheric pressure, send this information through the internet, and enable bigger insights out of it.
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Posted on December 2nd, 2011 at 11:22 am by Tom van der Spek
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Theme: Business Transformation, Latest Post | Tags: Consumer behavior, Consumer expectations, Consumer experience, Customer-driven innovation, Financial Services, Insurance
In my previous blog post titled ‘Insurers’ need for Consumer-Focused Innovation’ I discussed that traditionally conservative insurers are having to come to terms with two powerful, inter-related trends: ‘Changes in consumer attitudes, perceptions & behavior regarding insurance’ and ‘The rapid emergence & adoption of new technologies which affect insurance’. Together these are forcing insurers to develop new approaches to growth – in particular, to customer acquisition & retention.
Recently the second part of Accenture’s Consumer-Driven Innovation Insurance Survey 2011 was conducted and confirms that many insurers are already experiencing that loyalty has weakened, expectations have risen, and growing numbers of customers expect to switch provider to find what they are looking for.
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Posted on July 27th, 2011 at 11:58 am by Tom van der Spek
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Theme: Innovation that works, Latest Post | Tags: Customer acquisition, Customer retention, Customer-driven innovation, Emerging markets, Financial Services, Innovation that works, Insurance, Insurance industry
For decades insurers cherished their reputation for conservatism because individual and corporate customers demanded solidity and constancy from the recipients of their premiums and investments. But things have changed. Today, the more conservative insurers are under threat, and innovation has emerged as the key to future success.
The first part of Accenture’s global Consumer-Driven Innovation Insurance Survey 2011 conducted in 13 countries of over 7,000 insurance consumers reveals that 90 percent of consumers are either “very” or “somewhat satisfied” with their insurers. They are fairly satisfied with and have high expectations of their insurance providers, which sounds very promising, but compared with an earlier survey the “satisfied” level has declined by 21 percent since 2009. An other interesting finding is that 33 percent of the respondents in the 2011 survey say they are unlikely to recommend their life insurance providers to others.
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Posted on July 13th, 2011 at 12:14 pm by Tom van der Spek
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Theme: Analytics, Business Transformation, Latest Post | Tags: Behavior, Business Processes, Consumers, Data analysis, Financial Services, Fraud, Insurance, Insurance Consumer Fraud Survey, Integral approach
From claiming a pair of sunglasses that is not actually stolen to organized fraud by criminal organizations: Insurance fraud is becoming an increasingly bigger problem in the Netherlands. According to the Dutch insurers alliance ‘Verbond van Verzekeraars’ an estimated 1 Billion Euro (over 10 percent) of all claims annually are fraudulent.
Last week the Dutch magazine for financial professionals ‘Het Verzekeringsblad’ published my article on the topic ‘fraud’ and how to prevent this using an integral approach. Read more…
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Posted on April 26th, 2011 at 3:49 pm by AccentureNL
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Theme: Driving Growth, Marketing | Tags: Bank, Financial Services, Insurance, Sales, Service, Social CRM, Social Media
Blog post written by Robert Neumann. Robert is a former blogger on Blogpodium and is a Consultant within Accentures CRM Service Line with a focus on Sales Transformation.
“Social CRM isn’t just another communication channel to market”.
Following-up on my last blog entry, I found a blog about the current status of social CRM and where it could go next: Social CRM at a crossroads? According to the author social CRM evolved from an innovative new tool used by a few companies to a mainstream functionality that practically all companies use (in one way or another). The big question is what to do with it now and how to really create value with this new technology?
The author outlines three main possibilities:
- A new communications channel, used to communicate and market to new customer groups, but doing it mainly from the perspective of the company (and not the customer).
- A new social CRM technology solution, implemented in order to follow the crowd and “have it”, but failing to create real value.
- A way to co-create value together with customers, incorporating the perspective of the company, the customer and their touch points. Based on this understanding value can be created for both parties.
While the author sees the third option as the only one providing sustainable success for companies implementing social CRM, Dutch banks and insurance companies are still very much figuring out which way they would like to go. I do recognize abovementioned options one and two among them, but have not yet seen anything that really goes beyond that.
And this is the step a lot of companies need to start thinking about right now. The emergence and increasing usage of social media and other Web 2.0 tools has dramatically altered the ways in which companies interact with their customers. If they want to make social CRM something sustainable or something more than just the next hype, they need to make it more than a communication channel or another CRM functionality. They need to make it part of their overall CRM concept, something that is fully incorporated in their sales and service strategy. Companies should adopt a “social CRM” strategy.
I’m very much looking forward to the first Dutch bank or insurance that manages to do that. Or, even better, help to develop and implement it.
What do you think is next? What should companies do to respond to these changes?
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Posted on December 13th, 2010 at 2:40 pm by AccentureNL
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Theme: Marketing | Tags: Bank, Facebook, Financial Services, Hyves, Insurance, Sales, Social Media
Blog post written by Robert Neumann. Robert is a former blogger on Blogpodium and is a Consultant within Accentures CRM Service Line with a focus on Sales Transformation.
When working in the Dutch Financial Services industry today it is fascinating to see the increasing interest of FS companies in social media. Having made it through the financial crisis, a lot of these companies are currently focusing on aligning their sales channels with today’s digital and mobile environments, one important and ever growing aspect of this being social media.
Having this in mind and being triggered by a recent news item stating that Facebook is now the leading social network in 115 of the 132 countries they are active in, I wanted to find out how Dutch financial services companies are doing on Facebook and the current no. 1 in the Dutch market, Hyves (about three times as large as Facebook).
Focusing on the top 3 banks and insurers my quick research revealed a surprisingly large room for improvement:
- On Facebook all of the top Dutch banks have a company page, but hardly go beyond a simple description taken from Wikipedia. The combined crowd of people who like these pages does not pass the 2000-person mark (equaling a certain lack of interest and popularity, at least compared to a Dutch Facebook champion KLM with almost 85.000 people liking their page). Most insurance companies are a bit further with their Facebook pages and are managing them actively with the use of a public “wall”, photos and events. In contrast to these activities stand the rather low numbers of people who like these pages, being often less than 100 persons.
- On Hyves this picture is only slightly more diverse. While most banks and insurers do not have an official Hyves page, the Rabobank currently manages a community of about 350 members and is offering product-specific forums, testimonial videos and specific marketing activities leading to their own website. Read more…
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