accenture insurance equity analyst survey

7/30/2019 Accenture Insurance Equity Analyst Survey

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Accenture Insurance Equity Analyst Survey

Outperforming the marketin uncertain timesWhat P&C insurers must do to meetanalysts expectations of risk control,growth and cost reduction


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IntroductionIn 2008 Accenture commissioned a survey* of insuranceequity analysts to find out what they wanted from thoseinsurance companies to which they gave their highestratings. A lot has happened in the industry since then: manynew problems have arisen and the old ones, if anything,have got worse. To learn how events have influencedanalysts expectations we repeated the survey in 2012**.

Perhaps the most surprising finding of the new survey is that,despite worsening market conditions, analysts have not loweredthe growth and profitability targets they expect the topperformers to achieve significantly higher growth in 2012 andvirtually the same ambitious return on equity (RoE).

Its necessary to point out that these expectations apply not tothe industry as a whole, but to those carriers which will receivethe most glowing valuations. It is also a fact that the mostsuccessful companies have comfortably exceeded these levelsover the past few years.

Nonetheless, all but a few insurers will have their work cut out ifthey are to satisfy these demanding stakeholders. To do so they

will need to focus firstly on risk control analysts believe thethree main external challenges facing insurers are the increasein natural disasters, investment volatility and new regulationsand reforms. Growth is their next priority, while cost reductiontrails in third place.

It is clear from analysts responses that insurers dont have theluxury of choosing which of the priorities they should focus on.Three out of three is the minimum requirement.

*Accenture Insurance Equity Analyst Survey, 2008**Accenture Insurance Equity Analyst Survey, 2012


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To gain insight into the factors driving the ratings ofinsurance companies, as well as the strategies thatinsurance CEOs should adopt to improve valuations of their

companies, Accenture commissioned Institutional InvestorMarket Research Group (IIMRG) to conduct a survey ofleading insurance equity analysts around the world.

IIMRG conducted telephonic interviews with 68 analystsfrom North America, Asia Pacific, Europe, Africa and LatinAmerica responsible for researching and rating insurancecompanies. The interviews, which were carried out inMarch and April 2012, were guided by a standardized

questionnaire designed by in-house industry experts alongwith external contributions from several equity analysts.

Survey scope & methodology


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What performance do you expect in 2012 from the P&C

insurers to which you give superior ratings?

What are the critical value drivers for insurers over the next

three years?

Pricing strategy

Data analysis

What are the biggest external challenges insurers will face

in the coming years?

Increase in natural disasters

What should insurers most important priorities be in the

year ahead?

Risk control

Sustainable growth

6.4% 14.2%

59%

29%

76%

51%

58%

Volatile investment returns55%

New regulations and reforms46%

Expected mean

pre-tax RoE

Expected annual

mean growth

3

Key findings what analysts think


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In pursuit of high performancePerhaps the most surprising finding of the Equity AnalystSurvey is the bullish expectations which analysts haveof the P&C industrys top performers they demand

strong growth in annual revenue in 2012, as well as a six-percent increase in pre-tax return on equity over 2011.Buffeted as insurers are by the global economic crisis,and struggling with high catastrophe claims and ever-more stringent regulatory requirements, they might havebeen forgiven for merely maintaining their positions.

A survey question about the impact ofthe tough market conditions providesinsight into analysts thinking: no fewer

than 49 percent expect the impact to bepositive for the industrys front runners.In other words the weaker players,unable to adapt to the more challengingenvironment, will lose share or beeliminated. The leaders, on the otherhand, will be forced by the prevailingcircumstances to strengthen theircapabilities. This will equip them to grow.

Most analysts anticipate that the P&Cinsurers to which they give high ratingswill find their most important growth

opportunities, over the next three years,in mergers and acquisitions in emergingmarkets (63 percent say it is critical).They believe organic growth needs tobe pursued primarily in emerging (37percent) and, to a lesser degree, inmature markets (19 percent).

The shifting landscapeP&C insurers are operating in a

challenging and fast-changingenvironment. Their businesses are underenormous pressure from a range ofexternal forces. The most demandingof these, the survey found, are a likelyincrease in natural disasters, volatility ininvestment returns, and new regulationsand reforms.

Other forces affecting them are slowinggrowth in core markets, increasingcompetition, and the sovereign debtcrisis. Changes in consumer demand is

another source of uncertainty. Two outof three analysts believe most customerswill demand differentiated, value-added products over the next threeyears, while a significant minority ofcustomers will shift toward standardized,undifferentiated products.


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Opportunities in a tough

marketOrganic growth will be challenging overthe next three years. Analysts believethat to achieve it insurers will need tobetter understand and predict customerbehavior and needs (26 percent say itis critical), develop and implement amulti-channel distribution strategy (24percent), and introduce new, relevantproducts (18 percent). Expanding thebusiness in new markets is regarded asan important opportunity for insurers(32 percent); even more so are revisitingtheir pricing strategies (42 percent) andimproving risk management and claimsfraud prevention (40 percent).

Sharpening the

competitive edgeCompetition in the P&C insurancemarket, from both traditional andnon-traditional players, remains fierce.While there is near unanimity that otherinsurers will continue to be their mostserious competitors, analysts also believenew players such as retailers (53 percent)pose a threat, as do aggregators (37percent) and banks (34 percent).

In order to be competitive, analysts say

P&C insurers must focus on improvingtheir operational performance. Processoptimization, lean management, aninterstate or international operatingmodel that includes platformconsolidation and shared services, andoutsourcing are among the actions theybelieve will drive the competitiveness oftop-rated P&C insurance companies inthe medium term.

Furthermore, analysts are of one mindthat insurers need to focus on aneffective pricing strategy 76 percentrate this as critical. They believe anadvanced data analytics capability willalso be a crucial value driver. Productinnovation will be important sinceanalysts foresee a growth in demandfor differentiated, value-added products

alongside more standardized products.In both cases innovation will need tomeet the requirements of relevance tocustomer needs, and understandability.

Technology and

profitabilityThe effective use of technology will bea key point of differentiation for thetop-rated players in the P&C insurancesector 35 percent of analysts say it

will be critical to profitability over thenext three years. Risk management(including underwriting) is not only thearea which analysts believe will generatethe greatest return on technologyinvestment; it is also the one which hasgrown the most in importance sincethe 2008 survey. Other priorities whichanalysts believe insurers should focus onare claims management and pricing.

Fifty-four percent of analysts regardP&C insurers technology performanceas good and three percent rate itexcellent. However, no fewer than 97percent believe improvement is needed.


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M&A growth in mature markets

Q: How important is it for an insurance company to take the following actions

in the next 3 years?

Organic growth in emerging markets

34% 37%

M&A growth in emerging markets

Organic growth in mature markets

49% 19%

29% 16%

Important| Critical

63%37%

6

Figure 1. Sources of Future Growth

Q: How important will each of the following be to support organic growth over

the next 3 years?

Develop & implement a multi-channel distribution strategy

Develop new products

Enter new lines of business

Understand & predict customers' behavior & needs

49% 16% 65%

55% 18% 73%

79%55% 24%

58% 26% 84%

Important | Critical

Figure 2. Actions & Capabilities Likely to Support Organic Growth

Q: What are the most important value drivers for insurers over the next three years?

92%41% 51%

Data analytics

Quality of service

72% 19% 91%

Product innovation

67% 17% 84%

24% 76%

Pricing strategy

100%


Figure 3. Pricing & Data Analytics the Primary Value Drivers


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Q: Please rate the following drivers according to their positiveimpact on competitiveness for insurers in the next 3 years?

Outsourcing & near/offshoring

35%

Selling closed books

42%36% 6%

Cross-border/interstate operating model

62%51% 11%

Lean management

79%60% 19%

89%73% 16%

Process optimization

Q: How important is operational performance to strengthencompetitiveness over the next 3 years?


Important

Critical

98%

Not really important 2%

58%

40%

Figure 4. Drivers of Operational Performance & Competitiveness

Q: In your opinion, how important will each of the following external challenges befor insurers in the next 3 years?

Geopolitical instability

3%

Decrease in customer loyalty

9%

Increased customer price sensitivity

15%

Changes in customer needs/attitudes

18%

Sovereign debt crisis

21%

Increasing competition

30%

Slowing growth in core markets

39%

New regulations and reforms

46%

Volatility in financial investment returns

55%

Environmental issues

58%

Figure 5. The Most Important Challenges Facing P&C Insurers


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Important

Critical

97%

Poor

significant improvement

required

Good

some improvement required

Excellent

no significant improvement

required

3%

43%

54%

50%

47%

Q: How would you rate the importance of

technology in the insurance industry over the next

3 years?

Q: How would you rate the current level of technology

performance of most insurers?

Not really important 3%

Figure 6. Perceptions of Insurers Technology Performance

Underwriting risk management

Claims management

Pricing

Underwriting

Distribution channels

Investment risk management

Customer service

Policy administration

Q: What are the 3 most important areas in which insurers should invest in new

technologies to improve their business performance?

42%

47%

25%

7%

7%

11%

36%

22%

42%

39%

51%

42%

69%

53%

31%

67%

2012 Survey| 2008 Survey

Ranked within Top Three Choices

Figure 7. Technology Investment & Business Performance


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Comparing the 2008 and 2012 surveys

A lot of water under the bridge

The 2012 Equity Analyst Survey is a follow-up to a similarstudy conducted in 2007/8. The fieldwork was completed

in December 2007, when the current recession had begunbut well before markets crashed and the depth of the crisisbecame apparent.

At that point, analysts predicted thatthe highest-performing P&C insurerswould grow at an average annual rateof 4.7 percent over the ensuing threeyears. As it turns out they were undulyconservative in the 2012 survey theyreport that the companies to which

they gave the highest ratings grewby 7.5 percent in 2011. Although theirprediction of 6.4 percent growth for2012 indicates greater optimism thanthey felt in 2007, they clearly believe thetough times are not yet over.

With regard to profitability, theirexpectations are more consistent: in thefirst study they predicted an average14.4 percent pre-tax return on equityfor the top performers, in the secondthey reported that 13.4 percent had been

achieved in 2011, and they forecast a14.2 percent RoE for 2012.

Considering the upheaval of the pastfour years, it is remarkable that theexternal challenges which analystsbelieve confront P&C insurers havechanged so little. Climate change and anincrease in natural disasters maintainsits position as the number-one threat,

and new regulations and reforms is stillat number three. However the volatilityof investment returns has, unsurprisingly,shot up from sixth to second position,displacing aging technology.

The perceived importance of technologyto the industry over the next threeyears has risen from an already high 88percent (important and critical) in2008 to 97 percent. At the same time,analysts are somewhat less impressedwith the performance of insurers IT:

whereas 65 percent rated it as good orexcellent in the first survey, this hasdeclined to 57 percent in the second.


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Figure 8. Risk is a Greater Priority for Equity Analysts in North America than

Those in Other Regions

The companies that analysts rated mostfavorably achieved average growth

rates in 2011 of 6 percent in NA, 7.4percent in Europe and 13.6 percentin APAC. They expect, in 2012, thesame of NA insurers (6.1 percent) andsomewhat less of European (6.7 percent)and APAC insurers (11.0 percent).

Profitability, however, is forecast torise. The average pre-tax return onequity of the leading NA insurers isexpected to increase from 12.1 percentin 2011 to 13.7 percent in 2012, inEurope from 15.5 to 16.4 percent, andin APAC from 13.1 to 13.8 percent.

While the challenges facing insurersworldwide are similar, their relativeimportance varies. Analysts believeinvestment volatility (71 percent)and new regulations and reform (52percent) are the biggest threats toNA carriers. For European companies,regulations come first (61 percent)and investment volatility second (57percent). In APAC, regulations are by far

analysts greatest concern: they score92 percent, compared to 67 percentfor slow growth in core markets and50 percent for investment volatility.

NA insurers, if analysts are right, willachieve most of their growth organicallyin mature markets; their other prioritiesshould be organic growth and M&Ain emerging markets. For Europeancompanies, organic growth in emergingmarkets is by far the most promisingsource of growth. In APAC, M&A andorganic growth in emerging markets areviewed as marginally more importantthan organic growth in mature markets.

Analysts are undecided as to theactions that insurers in NA should

take to support their quest for organicgrowth they assign similar priority todeveloping new products, implementinga multi-channel distribution strategy,and gaining a better understanding ofcustomer needs and behavior. In Europe,however, understanding the customeris significantly more important, whilein APAC a multi-channel distributionstrategy is clearly the first priority,followed by new, relevant products.

The greatest opportunities for NAinsurers, analysts believe, are to revisittheir pricing strategies and to improvetheir risk management capabilities.Its no surprise, therefore, that themost important value drivers over thenext three years are considered to bepricing strategy and data analytics.

For European carriers the biggestopportunities are to reduce costs

and improve pricing the valuedrivers are the same as for their NAcounterparts. In APAC, expandingbusiness in new markets is the mostimportant opportunity, followedby implementing a multi-channeldistribution strategy and de-riskingthe investment portfolio. Pricing andservice quality are the key value drivers.

Across all three regions, analysts believeinsurers need to invest in technologyto improve their performance. Thekey areas for NA carriers to considerare risk management and pricing;in Europe it is claims managementfollowed by risk management; andin APAC it is risk management andcontrolling investment risk.

Comparing findings for North America, Europe and Asia Pacific

Different priorities in theglobal village

Given the markedly different conditions which confrontinsurers in North America (NA), Europe and Asia Pacific(APAC), no one would be surprised to learn that equityanalysts in the different regions have different expectationsof the insurance firms which they rate. Notwithstandingthe fact that many analysts rate companies which operatein multiple countries, the data bears this out*.

Q: What should be the most important priority for insurers in the year ahead?

42% 42%

European equity analysts

Asia Pacific equity analysts

43% 43%

25% 69%

North American equity analysts

Improve operational efficiency | Sustain growth | Control risk

16%

14%

6%

* Whereas the survey findings contained elsewhere in this report refer to P&C insurers only, in this regional comparison the data for P&C, life and multilineinsurers has been aggregated.


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Implications for insurersEquity analysts are clear: notwithstanding difficultmarket conditions, they expect the leading P&C insurersto achieve strong growth in the next few years. This is

probably because the largest firms* have grown at anaverage 6.5 percent between 2007 and 2011, with thetop five** P&C and multiline performers achieving noless than an average 11.2 percent. The mean annualreturn on equity (RoE) for the largest companies was12.5 percent since 2008, with the five most profitableP&C and multiline insurers averaging 26.6 percent.

What is certain is that analysts expectthe companies they evaluate to achieve

an RoE in excess of 14 percent. Growthwill go some way toward delivering thisprofitability, as will cost reduction, butthe primary focus will be on controllingrisk. They list a number of otherimportant considerations, such as pricingstrategy, data analytics, service qualityand product innovation, but these are allcontributors to their three priorities.

Achieving these goals will not be easy.The industry is facing severe headwinds.

Claims costs are running at an all-timehigh, with pressure on premiums makingit difficult for carriers to recover theselosses. Customers insist on enhancedservice and more convenient channels.While some want value-added productswhich are more costly to provide, othersare demanding more standardized oneswith narrower margins. Direct sellingand price comparison sites are squeezingrates even further. Solvency II and Dodd-Frank, together with a steady streamof other new regulations, are forcing

insurers to hold larger capital reservesand incur greater sales and other costs.

In emerging markets, conditions aremore promising. Consumer demand

is stronger, due to more buoyanteconomies as well as the rapid growth ofaffluent, under-insured middle classes.But to capitalize on this opportunity,global carriers need to equip themselvesfor success in unfamiliar environmentswhile grappling with complex regulatoryregimes and confronting localcompetitors which, in recent years,have become a lot more sophisticated.

Controlling riskIt is hardly surprising, in the light ofthe growing regulatory and economicpressures to which insurers aresubjected, that equity analysts placesuch a high premium on risk control.Even when underwriting is excluded,insurers are more exposed to differenttypes of risk than companies in manyother sectors regulations and reforms,natural disasters and investmentvolatility are the risks that analystsbelieve pose the greatest danger.

* All insurance companies with annual gross written premiums in excess of $50 billion.

** Excluding Chinese insurance companies


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They certainly agree that effectiverisk management is a more importantcontributor to profitability than costreduction. Without the stability whichrisk control brings, investment in growthand cost reduction is discouraged. Theappointment of a dedicated risk manager,supported by actuaries and reportingquarterly to the financial director, may

achieve compliance but is insufficientto realize the significant value that riskmanagement can generate.

It is worth bearing in mind that manyof the new regulations affectinginsurers are intended either to improvethe stability of the organization or toensure fair treatment of its customers.A good case can therefore be made foraiming beyond compliance. Risk shouldbe a more important consideration inoperational planning than it currentlyis. It should involve more than anunderstanding of the mechanics of risk,and should become a preoccupation ofeveryone in the company. It needs to bemanaged not quarterly, but daily, weeklyand monthly.

By aligning risk management withtheir overall business strategy, andintegrating it with their key businessprocesses, insurers will not only ensurecompliance but will enhance operational

performance, reduce costs and deliverdistinctively superior customer service.

For many carriers, the reliance on acomplex array of diverse, aging platformsis an obvious risk to the business. Whererisk cannot be avoided the decision toexclude catastrophe cover may not makebusiness sense better ways of sharingit need to be found. Investment volatilitycan be addressed by de-risking theassets on the balance sheet, a step whichmost companies will already have taken.

Other risk management priorities are theupgrading of data collection, analyticsand reporting capabilities, and thenthe definition and implementationof an enterprise-wide framework fordata management. Integrating riskand finance management processesthroughout the organization is a keystep, and a challenging one, but is vitalto leveraging compliance initiatives togain a competitive advantage.

Achieving growthThe demand for P&C insurance in NorthAmerica and Europe today is weak. Inorder to grow, therefore, analysts believeinsurers need to be in emerging markets.Mergers and acquisitions are theirpreferred strategy, but organic growth isalso vital.

Neither will be easy. Many countries,like China, are resisting the efforts ofglobal carriers to enter their markets andcompete against their local firms. As aresult, this approach increases the risk ofregulatory complexity which analystsrequire insurers to control. What is more,the lack of homogeneity of emergingmarkets the cultural differencesare more significant than in Europe makes it difficult for insurers to achieveeconomies of scale across borders.

While emerging markets may be crucialto the future performance of globalgroups, they are no panacea. Insurersmust continue to do whatever they canto coax growth from their traditionalmarkets. This may entail doing manythings differently than they have in thepast. There is little doubt that to increasesales at home they will need to be moresophisticated in the ways they manageand engage with their customers.

To achieve organic growth, insurers needto focus on four measures of success:lead generation, close ratios, customerretention and customer penetration.A stronger brand is vital not only tonew customer acquisition but alsoloyalty which in turn is essential toretention and customer penetration.The latter is especially important, withinsurers needing to direct their creativityto getting more out of their existingcustomer bases. One option is to use

aggregators to acquire customers andthen to sell them additional higher-margin features; another is to collaboratewith unconventional partners to offerinnovative products and services.

To act decisively in a transformingmarketplace, rich data, advancedanalytics and predictive modeling areinvaluable they help insurers not onlyunderstand and segment their markets,but also to develop and continually

refine their business and operatingmodels to ensure they are ideally suitedto customers needs.

The agility to swiftly create andconfigure new products is a keyattribute, especially as the demandgrows for more innovative as wellas simpler products. In many cases,

insurers are prevented by their legacycore platforms from respondingeffectively. An integrated multi-channeldistribution strategy, incorporatinginnovations like mobility and socialmedia, is also difficult to achieve witholder platforms. Yet it is essentialto meeting prospects engagementpreferences and delivering the kind ofservice experience many customersrequire today. It can also significantlyenhance the effectiveness of agents.

Strategies for supporting organic growthwill vary from region to region. Equityanalysts believe that in Europe, animproved understanding of customerneeds and behavior is their greatestasset. There is little doubt that in allmature markets, insurers will needto be more sophisticated in the waysthey manage and engage with theircustomers. In Asia, where investment inmulti-channel distribution lags the moredeveloped markets, this is regarded as

the priority to support growth.

In exploring the potential of emergingmarkets, P&C insurers should givecareful thought to the suitability oftheir business model. They need toguard against adding only volumeand complexity rather than scale andsynergy. A global operating model whichallows the insurer to capitalize on itsproven assets, processes and capabilities,while adapting to local needs, is essentialto geographic expansion.


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Shared services centers are oftenviewed as an important componentof a successful global operatingmodel. However, Western-style sharedservices centers often under-deliverin emerging markets. Their focus isinvariably on cost-reduction, and thereis less redundancy to eliminate andscale is more difficult to attain. A much

more powerful investment would beto create a growth-oriented sharedservices center which supports M&Aintegration and consolidation, andprovides distribution support in the formof customer segmentation and predictivemodeling; lead conversion analytics;agent recruitment, training, performancetracking and coaching; and perhapsdirect selling.

Many emerging markets are at thestage of maturity where the greatestpotential lies not simply in increasingthe number of agents, nor in deliveringa sophisticated, customized experience,but rather in effective cross-sellingto customers who have only one ortwo products. Anything that helpsagents identify and convert cross-salesprospects will contribute to growth inthese areas.

Reducing costs

This late in the game, after many yearsof trimming the fat, there is little to begained from isolated, piecemeal effortsto cut costs. These are more likely toimpair operational performance, andmarketing and sales effectiveness, thandeliver meaningful savings. What isneeded is a thorough review of the coststructure.

Most of the potential for permanentlychanging the cost structure will befound in old, inefficient and inflexibleoperating models. Business andproduct silos from an operations andtechnology perspective have created anunwanted level of complexity. Portfoliooptimization focusing on products andmarkets among others, as well as new

sourcing strategies and organizationalalignment, are the main opportunitylevers. The introduction of innovative,lower cost distribution channels, andtheir integration with traditionalsystems, can also drive efficiencies.However, investment decisions needto take cognizance of the fact thattraditional channels are still the mostproductive, and in the short term mayyield a greater return a balancedapproach may be appropriate.

Many P&C insurers have realized thatan improvement in claims managementcan have a significant effect on theirexpenses. Claims transformation, whichincludes the expanded use of data andpredictive analytics, can improve claimsoutcomes and settlement accuracy,enhance the precision of loss reserving,and reduce the unit cost per claim while improving customer service. Thesame can be said for claims procurementmanagement arrangements with

suppliers, which can reduce settlementcosts and raise efficiency. Finally, with10 percent of all P&C claims in the USestimated to be fraudulent*, and fewerthan 20 percent of these being detectedor denied, even a modest increase in theability to detect and prevent fraud wouldhave substantial and immediate benefits.

Turning to distribution, while manycarriers have broadened their channelcapabilities, fewer have addressed thecost to market of new products. Inthe current market, the ability to priceefficiently can have a great and enduringimpact on costs and profitable growth.

Another powerful lever of cost reduction,

as discussed above, is scale. Two largecompanies may have the same grosswritten premium, but the one whoseoperations are concentrated on a fewmarkets or in a few geographies is likelyto be significantly more profitable thanthe other which is more widespread. Theformer affords the opportunity of allsorts of efficiencies, as well as a greaterreturn on investments in marketingand distribution due to a higherconcentration of resources.

If their expectations of profitablegrowth are to be met, insurers willhave to significantly improve theiruse of technology. There is no silverbullet for solving this; it is likelythat multiple levers will have to bepulled to simplify the existing legacyadministration environment. Platformmodernization will address the currenthigh cost of manufacturing whilealso positioning the organization forfuture growth by enabling strategic

capabilities in areas such as productconfiguration, analytics, digitalmarketing, mobility and social media.

* National Insurance Crime Bureau, Insurance Fraud: Understanding the Basics, 2010


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Meeting analysts expectationswill not be easyEquity analysts have set the bar high. To achieve a favorable

rating it will not be enough to tread water. Nor will sporadicinterventions be sufficient the market is changing toorapidly, and too fundamentally, for a fragmented approachto deliver the required results.

In order to rank among the highperformers of the future, P&C insurersneed to re-evaluate their businessmodels. Some will have the capability,the balance sheet and the appetite tooperate as a full-function carrier across

multiple lines of business and multiplegeographies. Others will realize theyneed to make some changes to competeat this high level. Certainly, without aneffective presence in one or more high-growth emerging markets, insurers areunlikely to receive a favorable rating.

Other carriers may decide thatspecialization achieving scale withina more confined operational, product orgeographic footprint is a surer strategyfor success. Whichever approach they

choose, the required mindset, operatingmodel, infrastructure and capabilitieswill differ vastly, and may require far-reaching reorganization.

Change on such a scale is daunting. Itneed not be undertaken all at once, butit does need to be planned with a clearend-state in mind. Only in this way canevery enhancement be a consistent steptoward the ultimate goal.

While insurers may choose to targetdiscrete market segments or geographies,or to specialize in specific aspects of thebusiness, they dont have the luxury ofselecting which of the equity analystspriorities they will concentrate on.Many carriers are currently achievingeffective risk management, growth orcost reduction. To achieve favorableevaluations in the future, however,nothing less than three out of three willsatisfy this influential group.

To find out more about the AccentureInsurance Equity Analyst Survey, andhow we can help you achieve a superiorrating, visit our website at www.accenture.com/insurance.


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About AccentureAccenture is a global managementconsulting, technology services andoutsourcing company, with more than249,000 people serving clients inmore than 120 countries. Combiningunparalleled experience, comprehensivecapabilities across all industries and

business functions, and extensive researchon the worlds most successful companies,Accenture collaborates with clients tohelp them become high-performancebusinesses and governments. The companygenerated net revenues of US$25.5 billionfor the fiscal year ended Aug. 31, 2011. Itshome page is www.accenture.com.

About Accenture ResearchAccenture Research is Accentures globalorganization devoted to Economic andStrategic Studies. The staff consists of150 experts in economics, sociologyand survey research from Accenturesprincipal offices in North America, Europeand Asia/Pacific.

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