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THE FUTURE OF INSURANCE: BLENDING PHYSICAL & DIGITAL FOR MAXIMUM IMPACTMark Howman, Creative Director Allen International

Insurance, a DIGITAL & PHYSICAL experience

JUNE 2018

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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?

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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


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

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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.


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


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


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


• Meet at the Trust Hub






• Complete sale

• Connect with contact centre


• Complete sale



• Advisor travels to home fully equipped & branded

VC

CUSTOMER


Engagement


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


• Meet at the Trust Hub






• Complete sale

• Traditional office / Branch meeting.


• Complete sale



• Advisor travels to home equipped & branded

VC

CUSTOMER


Engagement

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Engaged Staff

Rolls and skills in the new model

The power of a brand will influence people, employees as much as consumers


© 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


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

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Thank you

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