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Double the profits through digital transformation - digital insurance in Africa

Tawanda Chatikobo, Digital Manager for Nedbank Insurance presented at the Digutial Insurance Conference in Johannesburg in 2015 on how digital transformation can increase profits in the context of bancassurance

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Double the profits through digital transformation - digital insurance in Africa

  1. 1. NEDBANK  INSURANCE   DOUBLE  THE  PROFITS:  HOW  HIGH  PERFORMANCE   INSURERS  CAN  CREATE  VALUE  FROM  DIGITAL   TRANSFORMATION  
  2. 2. AGENDA   |  2   •  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?  
  3. 3. |  3   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.    
  4. 4. |  4   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.     *        *       Source:  PWC  Insurance  2020      
  5. 5. |  5   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.  
  6. 6. |  6   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.      
  7. 7. |  7   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.          
  8. 8. |  8   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.      
  9. 9. |  9   ADAPTING  TO  A  NEW  DIGITAL  LANDSCAPE  –   CASE  STUDY.  NEDBANK  INSURANCE   •  The  principal  step  –  Understanding  the  customer,  and  their  needs.      
  10. 10. |  10   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.        
  11. 11. |  11   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      
  12. 12. |  12  

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