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1 | Copyright © 2016 Deloitte Development LLC. All rights reserved.
DIGITAL DISRUPTIONEmbracing Change and Harnessing the Opportunity
January 18, 2017
2 | Copyright © 2016 Deloitte Development LLC. All rights reserved.
OBJECTIVES• Disruption is Upon Us
• Embracing Change: Disruption, Start-ups and New Services
• Digital Survey Results
• Actions Insurers May Take
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”It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change” - Darwin
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“Our intuition about the future is linear. But the reality of information technology is exponential, and that makes a profound difference.” –Ray Kurzweil
“With Digital Transformation the consumer, rather than technology, is in the driver’s seat, and this matters” – Karl Moore
“Innovation distinguishes between a leader and a follower” – Steve Jobs
“We cannot solve our problems with the same thinking we used when we created them” - Albert Einstein
“Never before in history has innovation offered promise of so much to so many in such short time” – Bill Gates
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DIGITAL TRANSFORMATION IS UPON USStart-ups attack the insurance value chain. New products and services expand and change the need for insurance
New ServicesDisruptors and Start-ups
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NEW TECHNOLOGIES AND SERVICESThe rise of new technologies and the sharing economy will impact the need for multiple types of insurance
Technologies Sharing Economy Services
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”The Year Ahead: Digital Transformation Tops CIO Agenda for 2017” – Steven Norton
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DIGITAL SURVEY RESULTS
90%
90% of respondents agree that digital technologies are disrupting the industry to a great extent
46%
Only 46% agree that they are adequately preparing for digital disruption
93%
93% agree that the objective of their digital strategy is to enhance customer experience and engagement
AND YET
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KEY ORGANIZATIONAL ATTRIBUTESDeloitte’s Digital DNA framework outlines the traits and characteristics of “being” digital, and what it takes for businesses to thrive in a digital world
Cultural AttributesAdaptability to Change
Work Style
Organizational Structure
Risk Appetite
Customer Experience
Legacy DNASlow, but innovating
Siloes
Hierarchical
Cautious
Customer focus
Digital DNAAgility
Collaboration
Distributed
Exploratory
Customer Centricity
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CALL TO ACTIONOur insurance industry is not immune to the impact of Digital Disruption on carriers, policyholders and agents. Carriers can harness this energy and position themselves to benefit from the pace of change.
Execute with Confidence
4
How will carriers respond to this wave of change?
Manage Expectations
2
How will expectations of agents and brokers change?
Learn From Outside
3
What can we learn from other industries?
Learn From the Past
1Steps
How is this similar and different from past technology waves?
11 | Copyright © 2016 Deloitte Development LLC. All rights reserved.
FOCUS ON THE DIGITAL EXPERIENCE FOR AGENTS
Agents will reward carriers that provide them tools to enable them to find new customers, close new business and provide customer service to the policyholder. It is not about having more tools but more effective ones.
Customer & Agents expect Omni channel
experience
Design all tools with a Digital Lens
1
Agents are using multiple channels
at once
Data is the new currency
4
Diverse use of technology across
demographics
Use Digital and Mobile to enhance agent interaction
3
Increased channel switching
throughout lifecycle
Identify and Plan for critical channel handoffs
2
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TECHNOLOGY IS NOT A SILVER BULLETEmbrace technology, but it is not a magical fix. The company culture must change as well
EMBRACE TECHNOLOGY TRENDS ADVANCE EMPLOYEE ENGAGEMENTINVEST IN HUMAN CAPITAL
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LOOK OUTSIDE AND CREATE AN ECOSYSTEMEstablished players in every industry develop an ecosystem for their customers. Carriers should strive to serve more of their customers’ needs
Expand along the value chain1 Enter new
geographies42 Grow new
products and services 5 Identify new
customer segments
3 Use new distribution channels 6 Move into the
“white space”
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CALL TO ACTIONOur insurance industry is not immune to the impact of Digital disruption on consumers and their expectations. Ignore this trend and miss an opportunity.
Learn From the Past Manage Expectations Learn From Outside Execute with Confidence
How will carriers respond to this wave of change?
How will expectations of agents and brokers change?
What can we learn from other industries?
How is this similar and different from past technology waves?
1 2 3 4
Steps
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”It is not the largest or strongest of companies that survive, nor the most intelligent, but the ones most responsive to change”
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This publication contains general information only, and none of the member firms of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collective, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Copyright © 2016 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited
THANK YOU.
Arun PrasadPrincipalaprasad@deloitte.com
17 | Copyright © 2016 Deloitte Development LLC. All rights reserved.
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