‘Protect Me!’How to maximise future value creation in the UK Life & Pensions industry

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These are challenging times for the UK Life & Pensions industry. The voice of the customer has never been stronger, the regulators never more active and technology never more disruptive.

Having successfully rebuilt financial returns since the Eurozone Crisis, organisations must break through the shackles of their legacy and accelerate harder towards an end state where customers feel protected and in control, not insured and confused.

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By embracing new ways of working, Life & Pensions (L&P) firms can proactively respond to the various disruptive forces that are reshaping the industry over the next 10 years. Those that succeed will deliver enhanced customer value and increase ROE by +4 to +6 percentage points:

• Delivering greater value to the customer is now critical to the industry. Recent Financial Conduct Authority (FCA) and Budget announcements reflect this priority and highlight the current fragility of the UK L&P market

• With further industry disruption on the horizon, the UK L&P industry will look very different in 2025 from how it does today

• Although this threatens the status quo, it presents an exciting window of opportunity for L&P incumbents to move quickly to change their operations.

UK Life & Pensions – the time for action has arrived

Drawing on Accenture research, case studies and the findings from our Life & Pensions Customer Survey 20141, we have mapped out the current landscape in UK L&P – and predicted how the industry will continue to change over the next 10 years. On the strength of these predictions, we believe L&P firms must address four fundamental areas in order to succeed. Those that do so with conviction – reinventing their business models, partnerships and profit pools – will define the future industry.

Value creation under pressure

We believe that value creation in UK L&P can best be understood across two dimensions – Customer Value and Financial Value. Over the past three years, UK L&P firms have had great success in restoring financial value. Asset turnover, operational efficiency and growth in the present value of new business premiums (PVNBP) have improved since the Eurozone crisis.

1Accenture Life & Pensions Customer Survey

In 2014, Accenture conducted online interviews with more than 3,000 Life & Pensions customers in the UK and Ireland. Our survey probed perceptions and behaviours governing customers’ relationships with Life & Pensions providers, levels of satisfaction with service experiences, and the factors that influence provider selection.

Source: Accenture 2014 UKI FS Customer Survey

Figure 1. Perceived levels of service delivery in decline (2011 – 2013, x/10)

7.57.26

7.07

6.94

7.18 7.17 7.13 7.12 7.08

6.876.94

6.81

6.61 6.63 6.63

7.0

6.5

6.0

5.5Trustworthy

brandValue for money

(i.e. I get more for

my money)

Speedy and efficient service

Competitive pricing

(i.e. I pay a lower price)

Personalised and

appropriate products and

services

Ability to contact my insurer at

a time that suits me

Broad range of flexible,

high quality products

Ability to manage my policy in a way that suits me

Innovative products

and services

Ethical and sustainable

business practices

Attractive media image

Polite and knowledgeable

staff

Clear and transparent

communications

6.27

2013

2012

2011

6.246.37

6.476.55

6.556.67

6.486.61

6.846.70

6.80

6.72

6.526.44 6.49

6.476.35

6.236.10 6.07

5.67

6.81

However, a perceived lack of personalised products and services, and poor perceptions of value for money and brands, have resulted in a steady decline in customer value over the same period (See Figure 1).

Looking ahead, the outlook for long-term value creation is uncertain. Where customer value is concerned, customers want new types of products to support their long-term financial planning. New business Annual Premium Equivalent (APE) has fallen significantly across the industry (-7.7 percent CAGR since 2008) and close to 40 percent of consumers now find L&P products too complicated. Tellingly, 51 percent of those without life insurance or pensions claim they do not need any help with their long-term financial planning (See Figure 2).

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Figure 3. Integrated Distribution Sales Force (1991 – 2012, ‘000s)

Figure 2. Customer Perception of L&P Products

Source: Accenture 2014 UKI FS Customer Survey

Source: Cazalet Consulting

“I think life and pensions products are too complicated and unnecessarily confusing for consumers. I wish the products/T&C were much simpler.”

Disagree Neutral Agree

Overall

39%

10%

51%

18-24

30%

11%

59%

25-34

39%

7%

54%

35-44

37%

9%

55%

45-54

37%

12%

52%

55-65

43%

11%

46%

65+

43%

14%

43%

Across the industry, understanding and accessing customers is now critical to successfully engaging them in long-term financial planning. There are a number of reasons for this. The CAGR in integrated sales force numbers has dropped by 18 percent since 1991. Despite early signs of a rebound, Bancassurance has retrenched dramatically (the percentage of new business premiums sold has fallen by more than half since 2008). And the Retail Distribution Review (RDR) has caused severe disruption to intermediary revenue models with a sustainable economic model still to be found (See Figure 3).

Instead of L&P firms moving to strengthen ties with their customers, the reverse appears to be happening. Seventy percent of policyholders report having had no contact with their L&P providers in the past 12 months and, as a result, customer-centric market entrants such as aggregators and platforms are winning market share (between 2001-2013, platforms grew assets under administration by £310 billion).

As niche providers position themselves to capture more value across the value chain, financial returns are coming under intensifying pressure. Increasingly volatile income streams are impacting asset turnover and dragging down 10-year shareholder returns by up to 4.5 percent, additionally profitability is being squeezed further by restrictions on fees charged to customers. How legacy businesses are managed will be critical to future profitability and the ability for L&P firms to adapt quickly to change. Although cost reduction has been on the agenda of major L&P providers for the past decade, increasing capital impacts and growing maintenance costs mean that long-term profitability of back books is decreasing. Ageing systems and mounting regulatory overheads mean that these costs are continuing to rise and will become unsustainable for many firms.

Faced with such profound challenges, doing nothing is not an option. L&P providers must respond by redefining their business models to capture long-term value in the UK. Whatever course of action they decide to follow, their ability to deliver value to the customer will be critical to success.

200

150

100

50

01991 1995 2000 2004 2008

–17.9%

2012

+ + + =

Prompt and decisive action already essential…

For 10 years Life and Pensions firms have delivered very strong Total Returns to Shareholders (TRS) of 8.3% CAGR. This has been underpinned by improved cash generation, NPE profitability and dividend pay-outs. But, despite this strong track record of performance, there has been little improvement in investors’ expectations of future performance (See Figure 4).

The need for prompt and decisive action has been escalated by the 2014 Budget and by recent Financial Conduct Authority (FCA) investigations into the L&P industry. Wiping nearly £6 billion off the value of listed UK L&P firms, these developments have highlighted how much importance investors attach to customer-centricity to create increased value in the future (See Figure 5).

As customer inertia will no longer be a key driver in the purchase of post-retirement products, trusted brands that can engage with consumers and are recognised for delivering value look set to be the winners in the new L&P marketplace. From 2015, consumers will become empowered to look after and take ownership of their own finances. Greater flexibility will drive the need for responsive and easy to understand guidance and advice in a much more varied product landscape – not just at and through retirement, but also during savings accumulation. Customers want protection throughout their lifetime, and many want it collectively held under one easy to use portfolio.

In this new environment, L&P providers with limited access to the customer will be unable to realise the benefits presented by increased customer choice. Diversified, flexible and personalised distribution channels will be essential. By the same token, firms that continue to focus on being ‘product manufacturers’, with complex or limited products, will lose out. Clear, personalised customer propositions built on in-depth customer insight will be essential to meeting customer demands.

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Figure 4.

1. Average TRS includes the average returns generated by Prudential, L&G, Aegon, Aviva over the last 10 years and Standard Life over the last 7 years (since the time Standard Life got listed)

2. represents change in corresponding metric

Source: Bloomberg, Analyst Reports, Accenture Analysis

TRS CAGR 3/2004 – 3/2014

Capital Generation Div. Yield

Drivers of Returns on

EquityExpectations

5.0%

6.7%8.3%

2.8%

–3.3%

–1.9%–1.8%

1.1%

–0.4%

Equity (Capital

Generation)

Div. Yield (Dividend

Policy)

NPE Profitability

(RoE Driver)

P/E Multiple

(Expectations)

Leverage (RoE

Driver)

Asset Turnover

(RoE Driver)

Shares Outstd (Capital

Generation)

NPE/Revenue

(RoE Driver)

Average TRS (03/2004-03/2014)

Significant as these developments will prove to be, we believe that this recent legislative change is just the start. Further disruption2 from three principal sources – customers, competitors, and government & regulators – means that the 2025 L&P market will look very different from how it does today:

Customers

As customers’ options at retirement become more diverse, traditional products will likely become more niche and suitable only to specific segments of the market. Increased capture of personal data through wearable technology, social media, mobile operators and telematics will produce opportunities for creating more individualised offerings (for example, risk-pricing) and micro-segment engagement models. But, at the same time, continuing loss of trust in financial institutions and the rise of online communities means more consumers will be likely to bypass L&P firms altogether, or fail to engage them in any meaningful long-term financial planning. Overall, with people living and working for longer, customers will demand instant access, simplicity and flexibility over existing products, advice and guidance propositions.

Competitors

The market leader of 2025 may not even exist today. But, even if it does, the rise of niche players will increase fragmentation throughout the L&P value chain, and as a group erode the value available to existing players. New and non-traditional competitors such as banks, P2P providers and retailers will seize market share, taking advantage of regulatory changes, demands for higher returns and more flexible accumulation and decumulation services. Equally, technology and data advances will enable the emergence of new business models and channels that leverage granular customer insights to manufacture individually tailored protection at an industrial scale, with valuable add-ons such as the emergence of “YouTube” style policy updates video-streamed personally to each customer (See Figure 6).

Government & Regulators

Further legislation is fundamentally changing traditional revenue/profit pools and cost structures and could continue to undermine the existing balance of power across the value chain (for example, if government imposed minimum return requirements). Future action by the FCA is another possibility. Investigations into conduct risk or actions geared to secure better customer outcomes could further erode customer trust and reduce barriers to entry and switching. Mandatory price transparency could also be imposed, further squeezing profit margins and income growth.

...and further disruption lies ahead

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Case study 1: Be driven by customer insights and focused on customer value…Launched as a digital-only service by National Australia Bank in 2008, UBank developed ‘People Like U’, an interactive platform that enables users to compare and benchmark the spending habits of different groups of people. Having logged on to the platform and created their own profile, users enter demographic data such as age, income, living situation (single, couple etc.), housing, and location. The platform uses this data as a filter and then generates a ‘Uniqueness Report’ that shows the spending habits of similar people in categories such as travel, shopping, and house and home.

Users can also use this data to find new stores locally, as well as identify popular holiday destinations and earn rewards when spending at suggested locations. The data used on this platform is sourced from the bank’s own systems, but customers can and do provide additional details that further enrich customer insights. A focus on the customer pays; by October, 2012, Ubank had raised £9bn in deposits, having reached 300,000 customers in 3 years. ‘That’s pretty much all you need, a good product and good customer service… It’s hard to believe that this service comes from a bank’ – Customer Review.

2Larry Downes, research fellow for the Accenture Institute for High Performance, and Paul Nunes, global managing director of research for the Institute, are co-authors of “Big Bang Disruption: Strategy in the Age of Disruption.” Access their theories and what your company can do to survive technological disruption at www.accenture.com

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Figure 5. UK L&P Firms’ Share Prices (rebased), %, 3/3/2014-4/7/2014

Source: Bloomberg

Aggregate Pru Aviva

Resolution Stand. Life Phoenix

3/3/1014 3/10/2014 3/17/2014 3/24/2014 3/31/2014 4/7/2014

120%

115%

110%

105%

100%

95%

90%

85%

80%

75%

70%

2014 Budget

FCA’s investigation announcements

Figure 6. Disruptive Tools and Technologies

Sensors are already proliferating, measuring our reality

Objects will be able to communicate with each other and with people…

Augmented reality will provide targeted and personalised advertising…

The future will see information from our immediate surroundings used to provide us with digital assistance

Some of this information will be monitored from inside our bodies, with biosensor chips becoming doctors’ eyes and ears…

Sensor networks will create intelligent cities and cars will be self driven…

Objects will be seamlessly networked into one’s own home…

People will use cash progressively less, with the phone becoming the new wallet

Even today, geographic distance is much less of a barrier, with technology we can see people more than ever and connect with them across great distances, making them feel closer…

However this disruption plays out in the years ahead, the speed and conviction with which L&P providers respond will shape the value they stand to capture (or forfeit) from the UK market. We have identified three scenarios – ranging from cautious and reactive responses to proactive and decisive actions – which we believe will determine whether firms are disrupted by change, or instead seize the opportunity to become the disrupters:

Scenario 1. Reactive – make incremental improvements to defend market share ROE impact: -1 percent to -3 percent

In this scenario, existing profit pools are steadily eroded by regulation, while product relevance continues to be diminished as consumers become empowered with more choice. New conduct controls and risks reduce consumer trust and increase churn rates. Enabled by technology and platforms, customers become more self-directed and incremental development of new channels by L&P firms is unable to halt asset flow out the industry. Additional choice and transparency further marginalise the use of existing products and APE derives mainly from churn in a slowly shrinking market. Competition continues to

escalate and technology enabled products and business models increase the fight for assets under administration (AUA). Meanwhile, new digitally literate entrants exploit search engines and social networks to scale quickly and achieve growth at the expense of industry incumbents.

Scenario 2. Be disrupted – maintain the back-book as efficiently as possible ROE impact: -5 percent to -7 percent

Here, regulation continues to fundamentally change customer stickiness, barriers to entry and business lines. Existing L&P propositions fail to evolve in line with these developments and aggregator propositions take advantage, entering and dominating the guidance and advisory markets. The digital customer keeps on growing in importance and most interactions take place via mobile and/or tablet. As they become more disintermediated from L&P providers, a new generation of savers switches to more holistic wealth management offerings from new entrants. APE and asset values are slashed. In just a few years, new agile providers with customer-centric propositions take control of the value chain, offering new ways to attract, price and undertake long-term financial planning (See Figure 7).

Responding to disruptionScenario 3. Proactive – reinvent business models, partnerships and profit pools to become a disrupterROE impact: +4 percent to +6 percent

In this scenario, incumbent providers seize opportunity from the disruption to their industry. We see firms proactively partnering with regulators to define a future industry blueprint, with L&P redefined as the keystone of UK long-term financial planning. Informed customers are demanding more holistic solutions to match their individual needs. Technology increasingly opens up new ways to engage and understand customers, with wider data availability enabling micro-risk pricing. This plays into the hands of incumbents with existing expertise in product manufacture. L&P providers capitalise on their scale to re-engage with customers through new technologies and new partnerships. When new market entrants do emerge, they become part of a customer-centric ecosystem – with L&P firms at the centre.

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Figure 7. Major distribution shifts over last 25 years – proactive adopters

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Pro-active to Aggregators by owning / being first movers

• GWP growth +100% to +150%

Re-active to Aggregators

• GWP growth +10% to +25%

Resisted Aggregators

• GWP growth -3 to -6%

Year-on-year Gross Written Premium change

Percent, 2006-2010

1985 1995 1997 2006 2014

Direct Insurance Internet Re-Intermediation Online Aggregator Disruption

Telematics?

•Launch of Direct Line signalled the start of significant distribution shift

•Revolutionised insurance purchasing – rise of the telephone

•Price-focused offerings

•Drove increased commoditisation and led to consumers being comfortable purchasing without advice

•Since 2000, the internet gradually displaced telephone as main purchase platform

•Direct insurers, brokers, and other distribution channels all developed websites for quote and purchase

•Emergence of internet only brands

•Very sharp uplift in consumer uptake since 2006

•Emergence of retailers and other corporate partnerships / ‘brandassurers’

•Bancassurers developed growth aims outside of branch-based distribution

•Second-wave of re-intermediation in late 2000s – corporate partnerships moving away from solus arrangements with insurers to broker panels

•Rapid growth of price comparison sites since launch, driven by huge advertising spends

•Captured consumer imagination – tapping into price-sensitivity

•Taking re-intermediation to the next level

•Telematics is going through its second wave of development

•Falling cost of technology, high premium rates, government focus on young driver premiums, are all converging to create considerable impetus behind telematics initiatives

•Four of the top five motor insurers in the UK now have a telematics offering

Direct grew to 41% of private motor GWP by 2004Telephone peaked at c.80% of sales in 2000

Internet reached 50% of private motor sales by 2009 and is still growing

Corporate partnerships grew to 25% of private motor GWP by 2009

Aggregator sales by 2010 accounted for more than half (55%) of new motor insurance business and 15% of home

Around 3% of motor insurance policyholders have a telematics policy in the UK

Note: The term ‘direct insurance’ in the UK refers to insurers’ direct to consumer offerings over the phone or internet, in contrast to the US term ‘direct writers’ which also includes captive / exclusive agents.

Source: Trade Press, ABI, Datamonitor

Identifying the right response

We believe that the UK L&P industry has reached an inflection point. Depending on where priorities for adopting a proactive response to the disruption lie, incumbent providers now have an unprecedented opportunity to shape their future and become industry disrupters themselves (See Figure 8).

Case study 3: Reformulate the product set to be simple and flexible to customer needs…Launched in 2009 as an all-electronic banking suite, Simple is a consumer bank with no physical branches. Account holders are issued with Visa debit cards and have access to an online banking system available through simple.com or via mobile apps.

Simple earns revenue by collecting interest on customer deposits and through the collection of interchange fees. Features include cheques being deposited digitally, an online banking interface integrating hashtag searching, memos and location-based information for users’ transaction histories. A ‘Goals’ feature enables users to schedule specific savings targets and track performance against these. The company is now considering expansion into offering small business accounts, credit cards, mortgages and loans. By July 2013, it had 40,000 customers and had processed over £600 million in transactions.

Case study 2: Be driven by customer insights and focused on customer value…Founded in 1976, Nespresso, an operating unit of Nestlé Group, produces espresso coffee capsules and brewing machines. Nespresso pioneered the domestic use of pre-apportioned, single-use containers of ground coffee.

By developing this private label, Nestlé diversified its product mix and created a direct to consumer distribution model that differed from its traditional intermediated model. Seeking to maximise value from increased customer access and engagement, Nespresso implemented an aggressive direct distribution strategy, connecting with affluent customers via an online store, capsule dispensing stores in affluent locations and social media through a community named The Nespresso Club. In 2011, The Nespresso Club reached 10m members, up from just 220,000 members in 1997, and as of 2014, Nespresso has 320 stores worldwide (vs 1 in 2000). Today there are 9,500 employees (vs 331 in 2000) with approximately 70% of these in direct contact with consumers. The success of re-connecting with their customers has delivered large financial reward. In 2013, Nespresso was estimated to have made £3.04bn in sales, up from £2.36bn in 2011 (+13.5% CAGR) and accounted for approximately 30% of ground coffee sales in Europe that year.

Managing legacy costs critical to profitability and adapting quickly to change

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Figure 8. Responding to the changing environment Reactive Proactive

Challenges Facing L&P FirmsFundamental Requirements for an Effective Response

Responding to the changing environment

• Segment customers by need not product

• Bundle products

• Flexible guidance and advice

• Empower intermediaries digitally

• Develop aggressive pricing

• Leverage internal and external data

• Intelligent customer engagement around life events

• Integrate customer insights to sales force and risk controls

• Build a multichannel offering with direct digital access

• Simplify existing product features

• Provide alternative saving and income options

• Change the focus on IFAs

• Build product and guidance/advice propositions around multiple life events

• Make it easier for customers to plan for life goals

• Provide holistic products and services

• Innovate only where you can add value

• Assess performance against the customer journey

• Diversify across the ecosystem to increase customer value

• Acquire or partner to establish key capabilities quickly

• Progress cost reduction programmes

• Consolidate and manage data in underlying systems

• Rationalise systems and back office siloes

• Run a parallel organisation for NewCos

• Proactive approach to regulation

Understanding and accessing customers is now critical to engaging them in L&P

A relentless focus on delivering the optimal customer value

A passion and excellence in designing simple/flexible and holistic products

Create NewCos within your business

Customers want new types of products to support long term financial planning

A culture of innovation and optimisation must be encouraged

Niche providers are able to capture more value across the end-to-end value chain

Managing legacy costs is critical to profitability and adapting quickly to change

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Reactive Proactive

Challenges Facing L&P FirmsFundamental Requirements for an Effective Response

Responding to the changing environment

• Segment customers by need not product

• Bundle products

• Flexible guidance and advice

• Empower intermediaries digitally

• Develop aggressive pricing

• Leverage internal and external data

• Intelligent customer engagement around life events

• Integrate customer insights to sales force and risk controls

• Build a multichannel offering with direct digital access

• Simplify existing product features

• Provide alternative saving and income options

• Change the focus on IFAs

• Build product and guidance/advice propositions around multiple life events

• Make it easier for customers to plan for life goals

• Provide holistic products and services

• Innovate only where you can add value

• Assess performance against the customer journey

• Diversify across the ecosystem to increase customer value

• Acquire or partner to establish key capabilities quickly

• Progress cost reduction programmes

• Consolidate and manage data in underlying systems

• Rationalise systems and back office siloes

• Run a parallel organisation for NewCos

• Proactive approach to regulation

So how should L&P providers get started on the journey that lies ahead? We have identified four fundamental areas that we believe need addressing in order to move forward:

Getting started – 10 actions to succeed

Fundamental Requirements for an Effective Response Getting started – Actions for Success

A passion and excellence in designing simple/flexible and holistic products

4

5

Build a holistic suite of products that customers will want during accumulation and decumulation. Protect me for life, and death.

Break free from the constraints of legacy systems and processes with hosted solutions.

A culture of innovation and optimisation must be encouraged

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7

Re-design your business structures and operating model to support, not contradict, the customer journey.

Create a culture of innovation, embracing an acceptance of failure to enable ‘test and learn’ approaches to change and increase speed-to-market.

A relentless focus on delivering the optimal customer value

1

2

3

Determine where future value will be created, what customer insights are needed to capture it and where data can be sourced to generate these (internally and externally).

Be your brand. Undertake detailed action planning to deliver customer service that supports your brand, create a clear value proposition that protects customers and generates outsized returns.

Build channels that allow customers to access you however and whenever they want, during and after the key life events that trigger a need for long-term financial planning.

Create NewCos within your business

8

9

10

Design an operating model to split management of back-book operations and create agile NewCos that live the culture, agility and customer centricity required in the new world.

Proactively work with the regulator to support the customer focus, building the new capabilities required to do this and extracting maximum value from current and future changes.

Target key regulatory, business and customer value outcomes.

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Case study 4: Define where and how to compete in the value chain…Established in August 2010, Funding Circle was the first site to use the process of P2P lending for business funding in the UK. It was launched at a time when small businesses were struggling to obtain finance and becoming disengaged from high-street lenders. Businesses submit an application, which is reviewed by Funding Circle credit assessors. Once approved, businesses post their loan request on the Funding Circle marketplace. Funding Circle has an ‘Autobid’ function where the system automatically places bids according to criteria set by investors. Businesses can borrow between £5,000 and £1 million to finance working capital, expansion capital, asset finance, or one-off business expenses.

Talks of a partnership between Santander and Funding Circle were leaked in early 2014, indicating that the bank plans to break into the rapidly growing P2P lending market, helping to service customers that fell outside their lending parameters. Exemplifying how niche players can capture pockets of value by responding to specific and unmet customer need, by February 2014, Funding Circle had facilitated £223m in loans to small and medium sized firms.

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Next steps ContactWith further industry disruption inevitable, UK L&P providers face an uncertain future. By taking decisive steps to embrace change, rebuild customer value and diversify their operations across the L&P ecosystem, they have an exciting opportunity to position themselves as the disrupters of the future. Those who succeed in protecting their customers will protect themselves.

Case study 5: Engage in legacy system optimisation…Australia’s leading provider of integrated financial services, Commonwealth Bank processes 9 million transactions per day, handling 40 percent of card transactions in Australia, and maintaining 12 million account profiles. To achieve a step-change in cost efficiency and customer satisfaction, in 2009, it embarked upon a core platform replacement programme.

Having overhauled its 40-year old IT system, the bank is now regarded as an innovator in utilising customer data and real-time analytics to build loyalty and provide a superior customer experience. Its ability to forecast trends, model options, and predict outcomes is only likely to improve as customer data becomes increasingly accessible. The outcome? A decrease in cost-to-income ratio from 48.9% in 2008 to 45.5% in 2011 whilst customer satisfaction increased from 10.5% to 75.4% during the same period.

William Pritchett Managing Director, Insurance Head of Accenture UK&I Life & Pensions E: william.j.pritchett@accenture.com Direct dial: +44 20 7844 5485 M: +44 75 5411 0767

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Authors

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Fred Jones Director, Corporate Strategy & Valuation E: frederick.g.jones@accenture.com M: +44 79 3034 2908

Anand Shah Director, Corporate Strategy & Valuation E: a.shah@accenture.com M: +91 983 302 9120

Disclaimer: This report has been prepared by and distributed by Accenture. This document is for information purposes. No part of this document may be reproduced in any manner without the written permission of Accenture. While we take precautions to ensure that the source and the information we base our judgments on is reliable, we do not represent that this information is accurate or complete and it should not be relied upon as such. It is provided with the understanding that Accenture is not acting in a fiduciary capacity. Opinions expressed herein are subject to change without notice.

Copyright © 2014 Accenture All rights reserved.

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