NEDBANK INSURANCE
DOUBLE THE PROFITS: HOW HIGH PERFORMANCE INSURERS CAN CREATE VALUE FROM DIGITAL
TRANSFORMATION
AGENDA
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• Seizing the opportunity of Digital transformaJon. • Developing a business strategy for the Digital age. • AdapJng to a new Digital landscape (Nedbank Insurance Case Study). • Overcoming challenges in introducing new channels to market while simultaneously remodeling tradiJonal ones. • Is legacy and current industry culture prevenJng progress?
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SEIZING THE OPPORTUNITY
Changing consumer
Changing compe::on
Changing regula:on
Changing technology
Forces of change underpinning
digital
• A myriad of complex products in a highly compe::ve and commodi:zed market • Low levels of customer understanding and engagement. • The South African market is in a state of flux – a series of far reaching disrup:ve
changes occurring at the same Jme.
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SEIZING THE OPPORTUNITY – CHANGING CUSTOMER
• The Age of the Customer is upon us. • Customer experience is key and has become an area of
compeJJve advantage. • Customers want:
• Simplicity • Transparency • Speed.
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Source: PWC Insurance 2020
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SEIZING THE OPPORTUNITY – CHANGING TECHNOLOGY
• The are 5 Forces driving the Digital age:
Increasingly customers want to be able to buy insurance and manage claims via their mobile or tablet.
Customers are increasingly
concerned about their security and privacy when using digital
services – parJcularly about the safety of personal data and
informaJon.
SOCIAL MEDIA MOBILE ANALYTICS CLOUD CYBER SECURITY
Customers are increasingly using social media to
research insurance products and rate
providers. Social Media also
provides a very public medium to vent any
dissaJsfacJon.
“Big Data” provided by the wealth of data
created through social, mobile and sensor (telemaJcs) channels offers huge opportuniJes for
sharper client profiling and individual pricing
of risk.
Source: PWC Insurance 2020
Cloud compuJng frees insurers from the
constraints and costs of on-‐premise IT, allowing more flexible technology plaeorms and the ability to innovate new services and
soluJons with much shorter lead Jmes. Key for
winning in the digital arena.
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SEIZING THE OPPORTUNITY – CHANGING COMPETITION
• Insurers are no longer compeJng amongst other insurance companies – and customers are taking full advantage of this.
• 15% of customers would be willing to buy insurance from a major retail brand.
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DEVELOPING A BUSINESS STRATEGY FOR THE DIGITAL AGE
• There has been an evoluJon from building bolt-‐on digital strategies for business.
• To building business strategies for the Digital age. • Strategies that are dynamic, responsive, adaptable to
the constant flux in Customers, Technology, CompeJJon and RegulaJon.
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ADAPTING TO A NEW DIGITAL LANDSCAPE – CASE STUDY. NEDBANK INSURANCE
• Nedbank Insurance was faced with the challenge of adapJng, and took steps: • To develop a dynamic business strategy for the digital age and
evolve the business from a bricks & mortar, branch and broker model .
• To build a compe::ve digital channel (Web & Mobi), including contact center fulfillment, with cost effecJve Cost Per Lead (CPL) and Cost Per Sale (CPS)
• To develop and implement a complimentary digital marke:ng strategy, including Search Engine and Social Media MarkeJng.
• To build tracking and analysis tools to measure performance against business targets and benchmarks.
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ADAPTING TO A NEW DIGITAL LANDSCAPE – CASE STUDY. NEDBANK INSURANCE
• The principal step – Understanding the customer, and their needs.
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ADAPTING TO A NEW DIGITAL LANDSCAPE – CASE STUDY. NEDBANK INSURANCE • Customer insight is then translated into User Journeys, which influence
User Experience (UX) Design and the look, feel and funcJonality of the digital channel.
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ADAPTING TO A NEW DIGITAL LANDSCAPE – CASE STUDY. NEDBANK INSURANCE
• Search Engine MarkeJng and Social Media MarkeJng (Including YouTube) is used to drive awareness and drive traffic to Nedbankinsurance.co.za
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