Page 29 - February2017

ROBO-INSURANCE

AGENTS?

Bring ‘Em On, Phygitally, Say Consumers

Phygital (physical plus digital) is a marketing term that describes blending digital experiences with physical ones. As
the channels of customer interaction and communication proliferate, companies aim to make combining these channels

frictionless and seamless, enabling a customer to make a phone call, then communicate in a social media platform, then send
an email, without the company losing the thread of the communication or a sense of the customer issues associated with the
customer account record.

consumers aged 18 to 21 years old, the number willing
to switch banking services to one of these companies
only rises to 41 percent, indicating that many younger
consumers see value in traditional financial institutions.

Tech giants are not the only ones putting pressure on
financial service firms; nearly the same percentage of
global consumers would also consider switching to a Personalization
supermarket or retailer for their banking (31 percent) and
insurance (30 percent) services. The Accenture survey found nearly two-thirds of consumers
are interested in personalized insurance (64 percent) and
According to Alan McIntyre, senior managing director, banking (63 percent) advice based on their individual
head of Accenture Banking, consumers expect nearly all circumstances, and when asked about wealth management
of their transactions to be on par with the service they advice, that increases to 73 percent. Nearly half of
receive from GAFA (Google, Amazon, Facebook and consumers (48 percent) want banks to play a supporting
Apple) companies, which poses a challenge for banks in role in the purchasing process for non-banking products,
particular. “Banks need to create branches that provide an such as a house or new car or services related to those
advanced digital experience combined with convenient purchases (i.e. insurance products, assistance with the sale
locations, while also developing an online digital and/or closing process). Consumers indicated that banks
experience that can compete head on with the tech giants,” could assist with these important decisions by sending
McIntyre said. “The vast majority of today’s consumers helpful information based on consumer location data, price
view their bank relationships as entirely transactional; range and other personal preferences.
in order to gain customer loyalty, banks have to be
more assertive in using technology to provide tailored, Data as Currency
personalized offerings when, where and how customers
want them.” The Accenture survey also found that consumers are
willing to share their data with financial services providers
According to a 2016 report on automating the insurance in exchange for benefits like less expensive and faster
industry by the McKinsey Global Institute report, up to services. Globally, 67 percent would grant their bank
25 percent of the insurance industry’s current full-time access to more personal data, but 63 percent want more
positions consolidated or replaced by technology over the tailored advice and demand a priority service – such as
next decade. Sales agents are among the most vulnerable expedited loan approvals – or a monetary benefit, such as
to having at least 30 percent of their tasks automated. As more competitive pricing, in return for the information they
many of 60 percent of the tasks sales agents perform could share. More than half (57 percent) of consumers would
be done by automation. For underwriters, that percentage grant their insurance provider access to personal data, but
is 35 percent. Even CEOs aren’t immune as robots or 64 percent want more tailored advice in exchange.
computers could do 25 percent of what they do, the report continued...
suggests. Actuaries are among the safest.

february 2017 insight 29