Be Digital A R115.2 Billion Opportunity for South Africa's Short-Term Insurance Industry - Accenture
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Be Digital A R115.2 Billion Opportunity for South Africa’s Short-Term Insurance Industry
Table of Contents Executive Summary 1 Sizing the Digital Opportunity 2 Is The Market Ready For Digital? 4 Winning Propositions 4 Customers Are Already Making Use Of Digital 5 Five Essential Strategies To Re-energise Customer Relationships 6 Conclusion 14
Executive Summary
The short-term insurance The survey showed a clear
sector in South Africa has preference for digital
been slow to go digital. By insurance solutions, and
leveraging digital technology, readiness for digital
Accenture estimates that engagement. However,
short-term insurance providers to realise this digital
in South Africa can increase opportunity, insurance
their gross written premiums providers will need to do
(GWP) by R115.2 billion by more than just make digital
2020. an additional channel of
distribution. They need to
To understand the status embed digital into their
and appetite of the local systems and process, in
market for digital short- addition to dealing with key
term insurance services customer challenges such
and solutions, Accenture as lack of trust and failure
conducted a survey of 1,500 to meet service quality
insurance customers across expectations. They will have
South Africa. The survey to re-imagine their business
tested customer sentiments services and solutions around
and perceptions, their the customer. They will
behaviour and preferences know they have succeeded
in terms of communication when they have met five
with insurance providers, imperatives: be accessible,
and their responses to digital trusted, responsive, relevant
offerings and insurance value and smart.
propositions.
1
Sizing The Digital Opportunity
By 2020, R115.2 billion in gross written premiums can be
unlocked by going digital.
The short-term insurance sector technology to 2020. A standard financial services crisis in 2008/9
in South Africa has been slow to Cobb-Douglas Production – figure 1. In the five years after
go digital. Our research indicates Function states that output (Y) is the financial services crisis (2009
that this has curtailed its growth equal to a combination of capital – 2014), the insurance industry’s
considerably, presenting a (K) and labour (L). In order to total GWP grew at a compound
significant opportunity to maximise measure productivity (α) we used annual growth rate (CAGR) of 0.5
existing business through cross- and what is called a ‘Solow residual’, percent. Had the sector leveraged
up-selling. Accenture calculates* which accounts for additional digital more during this period,
that by the increasing use of digital, output that was not attributed that growth over the same period
short-term insurers can increase to the capital and labour factors would have been 5.9 percent.
their productivity levels as measured of production. In lay terms, the
by gross written premiums (GWP) by model states that output is Going forward (2016 - 2020), the
R115.2 billion by 2020. measured by a combination of digital opportunity for the short-
labour, capital and technology term insurance sector is R115.2
To identify this R115.2 billion (digital advancement). billion in GWP growth. If the sector
opportunity, Accenture used continues with business as usual,
the Cobb-Douglas Production Y=f(K,L,α) its GWP will grow by only R44.1
Function’s Multi-Factor billion over the same period – a
Productivity Model* to quantify The analysis revealed that output huge missed opportunity.
the potential GWP that can increased from 1998 but slowed
be realised leveraging digital down with the onset of the global
Figure 1
Digital Revenue Opportunity
Total Gross Written Premiums
(Rand Billions)
120 40
35
100 Digital Opportunity
Total Gross Written Premiums
R115.2 billion 30
Digital Opportunity
80
25
60 20
15
40
10
20
5
0 0
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2017 2018 2019 2020
Business As Usual Digital Digital Opportunity
* See Methodology on page 17 for more information
2
3
Is The Short-Term Insurance Market Ready For Digital?
Globally, digital transformation However, a 360-degree single and perceptions, switching and
in sectors such as retail, banking view of the customer is needed in retention, distribution channels,
and telecoms is assisting order to personalise interactions. digital offerings and insurance
companies to increase their This requires the use of targeted value propositions.
business agility, respond faster strategies and the application of
to customer needs and market digital intelligence solutions to The survey results clearly indicate
shifts, and extend their reach optimise channels and implement that leveraging digital improves
into new markets, including multichannel strategies. the customer experience and
under- and unserved segments. interactions, enabling short-term
Digital technologies are creating With local short-term insurance insurance providers to increase
an economy in which service is providers slow to make use of customer satisfaction and retention.
personalised, is real-time and is digital technologies to engage Two key findings that support the
measured by outcomes. customers, Accenture posed need for digital include:
the question: is the short-term
Traditional insurance models insurance market ready for digital? • The winning value propositions
based on pooling risk and To understand the readiness are digital, and
calculating average pricing are for digital, we conducted a • Customers are already making
being replaced with models that survey of 1,500 retail insurance use of digital technologies and
enable insurers to assess and customers across South Africa, channels.
price risk directly and individually. testing customer sentiments
Winning Value Propositions
Accenture tested four value propositions: instant insurer, holistic insurer, ecosystem insurer and
social insurer - figure 2.
Figure 2
Qn. Would you consider using any of the following types of insurer?
Instant insurer 68% 60% Holistic insurer
• Knows customer is involved in an • One provider that covers car, home,
accident. travel, etc.
• Provides roadside assistance. • Manages all policies through the
• Assists with claims process etc. same means.
Digital Insurer
Ecosystem insurer
• Offers more than just traditional Social insurer
insurance products. • Understands customers’ online and
• Has partnerships with utility social media activity.
companies, retailers etc. • Offers relevant deals, products and
• Offers discounts on products, services.
benefits etc. 47% 47% • Insurance cover suits customers’
needs.
Instant insurer - responds instantly to customers’ needs in the event of an emergency.
Holistic insurer - covers all of the customer’s insurance needs.
Ecosystem insurer - offers loyalty programmes and a range of insurance and non-insurance services.
Social insurer - engages customers through social media.
4While more than half of programmes and engagement solutions that directly address
the respondents want their through social media. This their needs. Digital offers a
insurer to instantly respond to suggests that customers are not strong advantage in catering for
immediate needs and to provide looking for a specific short-term these value propositions.
holistic solutions, almost half insurance model; they want
also want to be offered loyalty to be able to pick and choose
Customers Are Already Making Use Of Digital
The survey also shows that customers are comfortable browsing and communicating via digital
channels such as social media but transacting and fulfilment are low – figure 3. Despite this,
80 percent of the respondents say they are ready to purchase insurance products online, further
indicating their readiness for digital.
Figure 3
Qn. How often do you use the following?
(At least once a week)
High
Browse internet from desktop or laptop 96%
Read social media posts
88%
Browse the internet on mobile 86%
Post to social media
70%
Do banking online 66%
Make or receive online payment 20%
Shop online 17%
Low
5Five Essentials To Re-energise Customer Relationships
Delving deeper into the findings and unpacking some of the key insights makes it clear that, to capitalise on
this substantial digital opportunity, insurers have to get five imperatives right! They need to:
1 Be ACCESSIBLE
2 Be TRUSTED
3 Be RESPONSIVE
4 Be RELEVANT
5 Be SMART
61 Be Accessible
Customers are multichannel users who that expect insurance providers to
be accessible through the channels of their choice.
The survey found that customers:
• Do not find their insurers easy or convenient to deal with
• Are gradually shifting to digital channels
• Do not use social media to interact with insurers
Insurers that go digital, utilising a telephonic conversations remain the to evolve even further as digital
multichannel strategy, will position dominant method of interacting with technologies give rise to a platform
themselves well to meet customers’ insurance providers, customers are economy and living services. A
needs. This is an imperative as our slowly shifting to digital channels. platform economy encompasses
survey results show that only 20 Email remains the most prevalent new ecosystems of digital partners
percent of insurance customers feel form of digital communication, that bridge industries and offer new
that their insurance providers are with 54 percent of insurance models of value creation, while living
easy and convenient to deal with. In customers indicating that they services refer to sophisticated services
fact, across the 13 industry segments already communicate with their that predict and react to consumers’
in the survey, insurance companies insurer this way, and more than a changing needs and circumstances.
ranked in sixth position, behind third indicating that they would Insurers that explore new partnerships
retailers*, banks and car dealers in like to do so in future - figure 4. for value creation and invest in
terms of ease and convenience to Younger insurance customers show a solutions for personalised customer
deal with. preference for digital channels while engagement will be well positioned
older ones prefer the telephone, to increase their customer base over
Customers want to interact via and middle-aged customers use a their peers. CLICK2GO model offers
multiple channels, with the human combination of channels. a good example of a multichannel
element playing a pivotal role in strategy – case study 1 – page 10.
interactions for older** and Insurers can expect their customers’
middle-aged customers. While channel preferences to continue
Figure 4
Qn. How have you interacted with your current motor Qn. Would you consider communicating with your motor
insurer in the last 12 months? insurer using any of the following methods?
Telephone 35% Regular emails 10% 36% 54%
conversation
Internet portal 32% 49% 19%
Digital channels 35%
Smartphone / tablet app 37% 51% 12%
In person 12%
Text message 51% 29% 20%
Post 8% Instant messenger 61% 31% 8%
Other 10% Social media 76% 18% 6%
I don’t want to interact with my insurer in this way
I would like to interact with my insurer in this way
I already interact with my insurer in this way
* Retailers – supermarkets, high street retailers and online retailers
** See Methodology on page 17 for age breakdown
72 Be Trusted
Trust and transparency are major concerns for insurance customers and
should be given strong focus.
• Banks and retailers are perceived as more trustworthy than insurers
• Customers need reassurance that their data is secure and protected
• More than half of customers can be incentivised to share personal data
Insurers should focus on introducing Customers are generally not if they feel that it is secure and they
strategies and business practices comfortable to share even personal can control what, when and how
that ensure transparency and inspire contact information, which most it is used. It is interesting to note
trust. This is an important issue insurance companies already hold – that almost two thirds of customers
that remains unresolved, hampering figure 5. Older customers are more can be incentivised to share more
digital uptake among customers. reticent to let insurers use personal personal data in exchange for
Despite two thirds of short-term data and almost half of these improved products and premiums,
insurance customers saying they customers do not like companies special discounts and services
are satisfied with their insurance tracking their online and everyday tailored to their individual needs.
providers, they rated insurance sixth behaviour and preferences. In addition
out of 13 industries in terms of to fears about the vulnerability of Digital trust is the currency of the
trustworthiness, some way behind their data, customers are concerned digital age. Without access to data,
banks, retailers and car dealers. that insurance companies will use this insurers will not be able to directly
data to increase premiums, and reject and accurately target their offerings
Asked about the sharing of data, or avoid paying claims. to customers. To secure digital trust,
customers made it clear they are data management and ethics must
aware of the vulnerability of their Nonetheless, the survey shows that be a core strategy for insurers. New
data. They also recognise that customers broadly understand that products, services and innovations
using digital services inevitably insurers need more personal data to must be ethical and secure-by-
increases their exposure. provide personalised services. Sixty- design. This will improve customers’
five percent of customers say they confidence in sharing personal data
will share their personal information and completing transactions online.
Figure 5
Qn. How comfortable would you be sharing the following information with your insurer?
Data held by the Licensing Department on 27% 36% 37%
vehicle and driving license
Personal contact information 24% 40% 36%
Precise location information 32% 37% 31%
Details of loyalty cards held 34% 37% 29%
Credit rating 37% 35% 28%
Usage patterns at home 37% 38% 25%
Social network data 53% 29% 18%
Online behaviour and preferences 52% 31% 17%
Credit card spending data 53% 32% 15%
Not comfortable Neutral Comfortable
83 Be Responsive
Despite high levels of customer satisfaction, more than a third of insurance
customers will switch to a new provider for the right price and/or benefits.
• Two thirds of customers are satisfied with their insurers
• There is nonetheless a high propensity to switch providers
• Insurers are failing to meet customer expectations in some areas
Insurers need to respond fast as lack same time, only 17 percent note aware of customer needs and be
of responsiveness, specifically failure dissatisfaction with their insurance more responsive, delivering solutions
to meet customer expectations in provider in the last 12 months. that are more relevant and tailored
key areas, is a big driver of customer to individual needs.
decisions to change providers. Forty percent of repeat customers
The survey found that there is a consciously renew their policies Insurers should address three key
high propensity among insurance motivated by customer service and areas in which they are failing
customers to switch providers price satisfaction, while another to meet customer expectations:
despite high levels of satisfaction. third stay with their provider out efficiency of claims services,
Fifty three percent of customers of habit or as a result of automatic provision of value-for-money
surveyed say they have been with renewal of their policy. offerings, and the ability to let
the same insurer for less than three customers manage their policies in
years and more than a third report To minimise churn and drive loyalty, ways that suit them - figure 6.
recently switching providers. At the insurers will need to become more
Figure 6
Qn. How important is each of the factors below in your selection of a motor insurer?
Qn. How well does your current motor insurer deliver on the factors below?
1.5 Key areas where Average of item on scale from 0-10 1.45
motor insurers Difference between expectation and actual delivery
1.0
are failing to
0.5 meet customer 0.41
expectations
0.0
-0.11
-0.24
-0.5 -0.38 -0.37 -0.36
-0.61 -0.53
-0.77 -0.74 -0.73
-1.0 -0.83 -0.81
-0.99 -0.97
Recommendations of appropriate
Innovative products and services
personalised and relevant to me
Polite and knowledgeable staff
insurer at a time that suits me
Products and services that are
Relevant offers or benefits on
policy in a way that suits me
Broad range of flexible, high
Speedy and efficient service
I am able to manage my
I am able to contact my
non-insurance products
Attractive media image
Ethical and sustainable
Efficient claims service
Clear and transparent
products and services
Competitive pricing
Trustworthy brand
business practices
communications
Value for money
quality products
9Case Study 1
Cattolica’s CLICK2GO Offers Multichannel, Multi-device Access
Italian Cattolica Group’s CLICK2GO functionality includes The insurance policy
CLICK2GO is an innovative budgeting, issuing policies and sales process
multichannel sales platform management of after-sales
that enables both traditional service, such as claim handling
and digital communication with and refunds. complex
the customer. By downloading yesterday difficult
the app, customers can interact Just eight months into its launch, time-
with their providers at any time consuming
CLICK2GO had more than 5,000
through a choice of Web, call customers using the platform for
centre, smartphone, or physically motor insurance products alone. immediate
through an officer, agent or easy today
consultant. The customer can fast
flexibly hop from channel to
channel, unlike with traditional
systems where the first channel
remains the preferred one. CLICK2GO
The multi-channel platform
designed to manage the
insurance business in just a click
10Case Study 2
Discovery Insure’s Vitalitydrive Shared Value Model Is Winning Market Share
Vitalitydrive makes use of to help develop its ‘black box’ safer driving behaviour, and
the latest vehicle telematics telematics device, to accurately rewards such as getting a
technology to measure clients’ measure various aspects of clients’ percentage of their BP fuel spend
driving behaviour and reward driving behaviour. More recently, back, Uber discounts and more.
drivers with incentives like up they partnered with US-based Clients further benefit from value
to 50% of their fuel spend back Cambridge Mobile Telematics adds such as ImpactAlert, which
each month for driving well. The (CMT) to develop an application detects severe vehicle accidents,
technology also enables Discovery that combines mobile technology alerts Discovery Insure’s 24-hour
Insure to provide unique safety and behavioural economics with emergency contact centre and
features like pro-active, real- telematics to measure driving allows them to send assistance
time emergency assistance. The behaviour, including cellphone use immediately. In such instances,
programme is a great example while driving. if Discovery Insure cannot get
of how an insurer can use hold of a client, emergency
technology, innovation and unique Benefits for Discovery Insure, assistance is immediately
partnerships and/or joint ventures creating and sharing value: dispatched to that vehicle’s
to offer digital solutions that Vitalitydrive provides Discovery location
benefit both the insurer and its Insure with better risk assessment
clients. criteria, reduces claims costs Vitalitydrive results:
by incentivising better driving, Discovery Insure launched in
Successful partnerships: enabling Discovery Insure to 2011. Over the last five years, it
To create the Vitalitydrive share this created value through has grown to cover over 140,000
solution, Discovery Insure significant client rewards for cars. The telematics offering
partnered with a number of driving well. Vitalitydrive’s shared reduces claims and lapse ratios.
specialists: Rory Byrne, a South value approach encourages Data collected by the insurer
African F1 engineering legend, loyalty, and allows Discovery shows that drivers improve their
who assisted with the model Insure, through big data analytics skills and habits dramatically
that uses complex actuarial to provide innovative targeted when receiving immediate
algorithms to translate driving offerings to clients based on feedback on their driving
behaviour into a Driver Quotient driving behaviour. All aspects of behaviour, promoting safer
(driver intelligence or DQ) Vitalitydrive are easily measured driving. Discovery estimates that
score, that is easy for clients and tracked to ensure the ongoing Discovery Insure now accounts
to understand and accurately effectiveness of the programme. for more than 12 per cent of new
reflects driver behaviour risks; and business market share.
Ctrack, global supplier of vehicle Benefits for clients:
tracking, insurance telematics Clients benefit from transparent
and fleet management solutions, rewards offerings, incentivised
The statistics found in this research show results for past and current driving trends only and do not represent future trends.
Discovery Insure Ltd is an authorised financial services provider. Registration number 2009/011882/06. Limits, maximum fuel and
Gautrain spend limits, terms and conditions apply. Go to www.discovery.co.za for more details or call 0860 751 751.
114 Be Relevant
Customers want personalised products and services that directly address
their needs.
• More than half of customers surveyed are interested in value-added services
• Customers understand that personalised services require more personal data
• Partnering with third-party providers can help insurers remain relevant
Accenture’s survey made it clear Among others, the survey shows that: relationships with comparison
that customers in different age • Younger insurance customers are platform partners, especially
groups find different products interested in targeted offerings those that offer a good customer
relevant and attractive to them. and retail loyalty propositions experience and streamlined direct
For insurers to retain and grow linked to their location. sales processes, could help insurers
market share, it will be important to • Middle-aged and older insurance close this gap.
understand these needs and present customers are more interested in
customers with tailored solutions products and services that give Insurers need to aim for a
via their preferred channels. To do them advice on the best ways to 360-degree single view of the
so they will need greater access to protect their properties and cars. customer. This will enable them
personal customer data and partner to gain a deeper understanding
networks. Price comparison platforms are of customers and personalise
an excellent example of how interactions. It will also assist
More than half of customers partnerships and joint ventures insurers to innovate, and partner
surveyed are interested in value- will help insurers develop relevant with other, often unrelated,
added services such as location- solutions and increase their reach. solution providers to create a
based deals and regular services A quarter of insurance customers broader value-adding offering that
and/or advice. These customers are visit a price comparison website meets customers’ lifestyle needs.
ready to part with more personal before renewing or purchasing Achieving a 360-degree view of the
information for the right offers and an insurance policy. However, customer will, however, require the
incentives. Already, the majority the majority do not complete the rollout of digital solutions together
of customers surveyed are actively transaction online, with over half with traditional ones.
using apps and devices that use of customers buying the insurance
location data and online activities to policy after contacting the
provide them with relevant services insurance provider telephonically
– figure 7. or via their website. Stronger
I don’t know
Figure 7 I don’t have a
Qn. During the last 12 months, have smartphone
you allowed any apps or devices 1% 3%
on your mobile phone to use your
location data or your online activities
to provide you with relevant services?
55% Yes
No 41%
125 Be Smart
There is high awareness of digital offerings such as telematics, but usage
is very low.
• Awareness of telematics is high in South Africa
• Trust and transparency hinder telematics uptake
• Customer interest in telematics can be incentivised
Smart solutions such as connected offered, only a tenth of respondents and transparency in the short-term
homes, wearables, nearables and are certain that they will switch to insurance industry.
tracking algorithms, can present an insurer that offers this product.
insurers with significant advantages. While the majority of customers Smart solutions can present
Telematics, a great example of say they may be incentivised to insurers with significant
a smart solution that can lower try telematics if it meant lower advantages but will require
risk and costs for the insurer premiums and other incentives building strong partnerships and
and customer, is a case in point. and benefits - figure 8, almost 60 securing the trust of customers.
Awareness of telematics is fairly percent say they are concerned that Exploring partnerships with other
high among South African insurance insurance companies will use the players can help insurers develop
customers (41 percent), especially information to increase premiums or differentiating smart offerings.
when compared to UK customers avoid paying claims. Discovery Insure shows how
(38 percent), but uptake is low. Vitalitydrive wins customer trust
These perceptions surrounding and builds strong partnerships -
Only 16 percent are using telematics offerings highlight the case study 2 - page 11.
telematics and despite the benefits urgency of addressing issues of trust
Figure 8
Qn. Are you aware of Qn. Are you interested in Qn. Which of the following benefits of telematics
any insurers offering changing your car insurance might convince you to try it?
telematics? to a telematics policy?
Lower premiums 70%
Discounts on motoring needs 64%
Rapid response in emergency 54%
I don‘t know 51%
Loyalty card points from retailers etc.
Yes Understand impact of telematics 51%
41% 41% Additional services e.g. theft tracker
No 48%
49%
Ability to view driving score 40%
59%
No E-billing based on actual usage 38%
10% Special offers to meet specific needs 37%
Yes Ability to compare driving score 21%
13Conclusion
To become insurance providers their systems and apply essential
of choice, short-term insurers strategies to address customer
should harness the power of digital concerns and re-energise customer
technologies to re-conceptualise relationships.
their business models around the
customer. Through a combination The five strategic imperatives that
of information, business resources, Accenture has identified will not
digital technologies and innovative only help insurers meet changing
strategies, they can create unique customer demands and leverage new
customer experiences that will help opportunities. They will also help
them to grow. create a foundation for participation
in a fully digitalised business
Accenture believes that the R115.2 environment.
billion GWP opportunity is within
reach for South Africa’s short-term
insurance providers if they digitise
1415
Methodology
For the primary research survey, channels, digital offerings, and value order to measure productivity
Accenture interviewed 1,500 retail propositions. (α) we used what is called a
customers with active personal “Solow residual”, which accounts
lines insurance policies across all Accenture applied the Cobb-Douglas for additional output that is not
nine provinces of South Africa. Production Function to quantify the attributed to the capital and labour
Respondents were contacted through revenue opportunity through digital factors of production. In lay terms,
a panel using a third-party provider. by 2020. A standard Cobb-Douglas the model states that output is
The survey looked at sentiment Production Function states that measured by a combination of
and perception, switching and output (Y) is equal to a combination labour, capital and technology
retention, distribution and digital of capital (K) and labour (L). In (digital advancement).
Y=f(K,L,α)
Figure 9a Figure 9b
Input And Ouput, Base 1998 Multi-Factor Productivity
(Rand Billions) (Rand Billions)
180 90
165
80
150
70
135
120 60
105
50
90
40
75
60 30
1998 2001 2004 2007 2010 2013 2016 1998 2001 2004 2007 2010 2013 2016
Premiums Labour Capital Business As Usual Digital
Figure 10 In Figure 9a, GWP increased from
Digital Revenue Opportunity 1998 but flattened out after the
Total Gross Written Premiums
global financial crisis, while capital
(Rand Billions)
and labour exhibited cyclical
120 40
downward trends. In Figure 9b,
productivity increased from 1998
35
100 Digital Opportunity to 2012 but declined thereafter.
R115.2 billion 30
We then developed two scenarios,
Total Gross Written Premiums
Digital Opportunity
80
25 with the first analysing what would
60 20
occur if 2012 productivity levels
were maintained and the second
15
40 scenario looking at increasing
10
productivity in an upward trend.
20
5 For this model, GWP forecasts were
0 0
calculated using gross domestic
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2017 2018 2019 2020 product (GDP) growth projections
Business As Usual Digital Digital Opportunity from the IMF’s World Economic
Outlook database and historic GWP
** Young insurance customers – 18 – 34 years old in an econometric model.
Middle insurance customers – 35 – 54 years old
Old insurance customers – 55 years old and above
16References
1. Cattolica Assicurazioni Soc. Coop. 4. Copyright © 1996 - 2015 Financial 6. International Monetary Fund,
© 2015, Group Website; Cattolica Services Board (FSB)Insurance World Economic Outlook, October
Assicurazioni Soc. Coop. © 2015, Division, Quarterly Report on the 2015 Update, Copyright All Rights
CLICK2GO Website Results of the Short-term Insurance Reserved.
2. Copyright 2015 Discovery Limited. Industry, various reports from 1998
3. Robert M. Solow, “Technical Change - 2014
and the Aggregate Production 5. © Statistics South Africa GDP Time
Function,” The Review of Economics Series, In Constant 2010 Terms,
and Statistics, 39:3 (August, Insurance Specific Consumer Price
1957), pp. 312-320. © 1957 by the Index Time Series
President and Fellows of Harvard
College and the Massachusetts
Institute of Technology.
17For more information, please contact
William Mzimba Lee Naik Jean Olivier
Chief Executive Officer Managing Executive Insurance Lead
Accenture Sub-Sahara Africa Accenture Digital Accenture Financial Services
lee.naik@accenture.com jean.a.olivier@accenture.com
Elizabeth Hakutangwi Contributors to this document:
Financial Services Lead Dumisani Mthethwa, Christine Yiannakis, Geoffrey Nolting, Madhu Vazirani,
Accenture Research Andre Schlieker, Yusof Seedat, Saleem Motlekar, Arusha Paima
About Accenture About Accenture Digital Made by Accenture Research
Accenture is a leading global Accenture Digital combines Accenture Research is a global
professional services company, Accenture’s capabilities in digital team of industry and digital
providing a broad range of services marketing, analytics and mobility analysts who create data-driven
and solutions in strategy, consulting, to help clients unleash the power insights to identify disruptors,
digital, technology and operations. of digital to transform their opportunities and risks for
Combining unmatched experience businesses. We help clients use Accenture and its clients. Using
and specialized skills across more digital technologies to deliver more innovative business research
than 40 industries and all business meaningful and relevant customer techniques such as economic
functions—underpinned by the experiences across all channels value modelling, analytics,
world’s largest delivery network— and customer segments, as well crowdsourcing, expert networks,
Accenture works at the intersection as to create new products and surveys, data visualisation and
of business and technology to help business models and to optimise research with academic and
clients improve their performance the efficiency and effectiveness of business partners, they create
and create sustainable value for their their internal operations. hundreds of points of views
stakeholders. With approximately published by Accenture every year.
373,000 people serving clients in
more than 120 countries, Accenture
drives innovation to improve the way
the world works and lives. Visit us at
www.accenture.com.
Copyright © 2016 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.You can also read
