AGEFI Luxembourg - Avril 2020 - édition gratuite

By Emiliano LUZZI, Insurance Lead Accenture Luxembourg T he insurance industry is frequently viewed as a primary area inwhich di- gital disruption can take place. Tradi- tional and incumbent players as well as disruptive competition now commonly re- gard the industry’s perceivedweaknesses as opportunities to gainmarket share; the in- dustry’s conservative approach to customer engagement, it’s complex catalogue of pro- ducts and services, and customer willin- gness to switch providers now shape battlegrounds for future business. In recent years especially, insurers have felt the pres- sure to reinvent their businesses to keep pace with rapidly evolving technologies, competition, regula- tions, risks and ever-growing consumer expecta- tions. Organizations have now started to adopt innovation at an increasing rate, in order to create competitive advantages. As a result of which, lead- inginsurershavestartedembracingnewandemerg- ing technologies such as artificial intelligence, blockchain, virtual reality and automation to trans- form their businesses. Individually, these technol- ogy-driven initiatives represent a pivot towards developingpersonalized, creativeanddisruptiveof- ferings. However, when these innovative efforts are viewed as part of a larger strategy, it illustrates the role of technology as an enabler of growth. By em- bedding innovation at the core of offerings, technol- ogy becomes an indispensable part of how customers consume products and services. Moreover, insurers are aware that technology alone cannotretainandcreateloyalcustomers.Theythere- fore appreciate the necessity of a human focus as a means of crafting a new path forward. Embracing customer-centricityand improving the customer ex- perience are now priorities for all major insurance houses.Thisisnewethosisespeciallyvitalintoday’s environment where digital pioneers disrupt incum- bents and threaten their customer bases. To that end, Accenture’s 2018 Living Business re- search confirmsashiftinconsumertrends,withcon- sumersshoppingaroundmorethaneverbefore.The traditional concept of customer loyalty has evolved, with theburdenof responsibility fullyon the insurer to constantly adapt and cater products, services and experiences toeach individual customer. Inshort, in- surers can no longer rely on the methods of yester- day, to capture and consolidate customers of today and tomorrow.Moreover, and insteadof simply tak- ing steps to build loyalty, insurersmust dive deeper and think in terms attracting those same customers byoffering a consistently fast, personalizedand reli- able experience. Ultimately, brands need to keep up competition or risk losing customers. According to Accenture’s re- search, in 64%of all instanceswhere customers shift from one brand to another, it is explicitly to seek a more relevant product, service, or experience. This statistic is further substantiatedby Accenture’sMar- ket Pulse Survey 2019 for Insurance in Luxembourg that not acutely lays bare the threat insurers now face. In searchof better offerings, and if given a fresh start, 6 in 10 customers would retain their current provider. Toavoidcustomerdissatisfaction, insurers must cultivate an agile ethos, moving nimbly and continuously in order to accommodate ever-chang- ing customer needs and circumstances. Furthermore, insurers must be more than relevant – they must become hyper-relevant to their cus- tomers. To that end, as the Luxembourg Market Pulse Survey 2019 for Insurance alludes to, insurers must augment strong customer-centricity with high-quality services and a strong reputation. The latter is shaped by developing a strong personality that underpins organizational behavior. These per- sonality traits (e.g. innovative, competent and rele- vant) must be translated and reflected in customer perception. For those insurers not proactively trans- forming, the price of remain static can be a costly one.Accenture research revealed that across indus- tries in the US alone, the potential revenue that companies lost to competitors in 2017, by not being relevant enough, was a startling $1 trillion. However, howdo firms achieve sustained growth at a time of unprecedenteddisruption? The answer lies inbecomingaLivingBusiness.Firmswiththismodus operandicontinuouslyadapttotheevolvingneedsof their customers and market conditions, with speed and at scale, to achieve total relevance. Our research notonlyexploredthenatureofLivingBusinesses,but extends to how sustainable growth firms differ from their peers. We observed that these growth compa- nies: i) have a better understanding of the changing digital needs of customers; ii) pivot growth strategies to profitable areas beyond their core focus; iii) fund newgrowthby optimizing costs elsewhere. Additionally, our findings indicate that the path to- wards this continuous and sustainable growth de- pends on scaling up five interdependent sets of capabilities. Each capability set is focused ondeploy- ingadvancedtechnologieswithprecision.Inturn,and byaugmentingskillswithintheseclusters,companies sharpen their ability to conceive, design, and exploit distinctiveofferingsthatmeetcustomers’demandsat the exactmoment that customer need themmost. Inshort,bydevelopingthesecapabilitiesallowinsur- ance carriers to consistently deliver hyper-relevant services that transform static companies into Living Businessesachievingcontinuousgrowth;thesecapa- bilities sets are as follows: 1. Target new opportunities : Launch core and dis- ruptive growth initiatives to fuel responsive inno- vation. In essence, targeting is about identifying and selectingnewvalue andbusinessmodelswisely by balancing core growth with disruptive growth to fuel responsive innovation 2.Designforcustomers : Createproductsandservices as hyper-relevant platforms. Insurers sometimes de- batewhetherornottheyshoulddevelopandbringto market products that are flashyandalluring, or those which are staid yet practical. Carriers that have be- comeLivingBusinessesknowthatthesedecisionsare not binary. They also knowhow tomeet different— and evolving—expectations. The “win” lies in find- ing the right balance by designing hyper-relevant productsandservicesthatrespondinrealtimetocus- tomers’ changing circumstances. 3. Build engagement : Develop intelligent marketing and sales experiences. Insurers must develop robust operatingmodels that facilitate testing, building, and scaling of intelligent physical and digital experiences thatareimmediatelyrelevanttocustomers.Thissetis aboutusingengagementchannelstothegreatestpos- sibleadvantage—forthecustomerandthecompany. 4. Scale with partners : Expand operations with a broad and new set of ecosystem alliances. Geared towards achieving market potential, insurers need to establish collaborative relationships with for- ward-thinking partners and a broad set of ecosys- tem alliances beyond traditional industry boundaries. LivingBusinesses share and select data purposefully andefficiently—internally andacross a broad ecosystem of partnerships — to achieve a powerful multiplier effect. 5. Rewire culture : Renovate workforces with a cus- tomer-firstmindset.InsurersaimingtobecomeaLiv- ing Business strive to develop a workforce that combinesthepowerofhumaningenuityandartificial intelligence. This requires a cultural rewiring. Rewiring your organization can seem complex, but Living Businesses understand the return that comes fromsuch an investment.As re-skilling and continu- ous learning shape the workforce, insurers must act proactively, rather than reactively, when it comes to being relevant. To truly evolve into a Living Business, firms must do awaywith asset-heavy infrastructures that limit the ways in which customers are served with both personalizationandrelevance.Outdatedmarketing, promotion and channel strategies, developed to ex- ploit the ability to deliver volume at scale, are now barriers toovercome.Yet howcanestablished insur- ers unlock growth with relevance? They do so by designing with agility and ensuring customers are positioned at the nucleus of relevant offerings. In turn, relevancehas become a critical factor for insur- ers; customers nowmake unflattering comparisons between innova- tivedigital serviceproviders offer- inghighlypersonalizedexperiences, and traditional, product-centric carriers that seemrigidand remote. Agrowing number of industry mainstays are con- versely making the difficult and far-reaching changes. These are needed and ensure incumbents remain relevant to their customers. Though, as the competitive pressure mounts, many insurers are asking themselves what exactly is relevance and howdoes it materialize in strategy and service? Our researchhas nowallowedus todefine relevance as a commitment to provide products, services and experiencesthat‘wraparound’individualcustomers, byconstantlylearningmoreabouttheirneeds,intents and preferences. By retaining a high degree of rele- vance, insurers may flex and adapt to make them- selves and their offerings more engaging and useful. Achieving relevance requires more than just a new product portfolioandamultichannel distributionca- pability.Tobecometrulyrelevant,insurersneedtobe- come truly customer-centric. Theyneed the ability to listenandcollect data contin- uously, beyond the scope of their core service propo- sition, and touse this information to respond inways thatcreatevalueforcustomersatanyparticularpoint in time, at any specific location, or in the context in whichaneedordesirearises.Customers’expectations are shaped by the most relevant, real time, dynamic experiences they encounter fromproviders across all industries.Customersdonotswitchfromthesetrend- setting organizations to others; increasingly, they switchtothem.Successfulinsurersrealizethisandde- sign their customer experiences accordingly. Consequently, and in conclusion, companies aspir- ing towards becomingLivingBusinessesmust focus on creating new advantages before their current strengths fade. The contrast between their continu- ouslyhighly relevant offerings, and those of carriers that cling to outdated “best practices,” is stark. As our studies suggest, today’s consumers are priori- tizing relevance over other metrics – this will there- fore continue to serve as differentiator for the 1 in 4 customers who, according to Accenture’s Market Pulse Survey2019 for Insurance inLuxembourg, do not which provider to choose. Avril 2020 47 AGEFI Luxembourg Informatique financière 25%devotrepaiementseraverséauCentreUniversitairedeLuxembourg(CHL) qui lutte contre le coronavirus (une confirmationde votre donvous sera envoyée). 25% of your payment will be paid to the Center Universitaire de Luxembourg (CHL) for the fight against coronavirus (a confirmation of your donationwill be sent to you). 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Please select the desired subscription duration at https://www.agefi.lu/Abonnement.aspx Abonnez-vous / Subscribe How Insurers CanAchieve SustainableGrowthThroughHyper-Relevance L e groupe IBGraf, qui se spécialise dans l'intégrationde solutions de gestion (comptable, commerciale, etc) au sein des PME et fiduciaires, annonce l'acquisition de nonpas un, mais deux intégrateurs : Plug andGo Info enBelgique et Account IT au Luxembourg. Outre le renforcement de sa position sur cesmarchés, le groupe IBGraf voit grimper sonpersonnel à 45 collabora- teurs et son chiffre d'affaires consolidé à 5,5 millions d'euros. Les logiciels de gestion commeADNcommun IBGraf est un intégrateur actif depuis 40 ans dans l'informatique de gestion. Basée en Belgique (Liège etWavre) et auLuxembourg (Windhof), cette société accompagnelesTPE,PMEetfiduciairesauquotidien dans l'étude et l'analyse de leurs besoins, ainsi que le déploiement et l'accompagnement de leurs projets. Elle s'allie ici avec deux revendeurs de solutions de gestion comptable. Toutd'abordPlugandGoInfo,unintégrateurwallon ayant connu une croissance fulgurante depuis sa création en 2012. Ensuite, Account IT, un acteur majeur dumarché luxembourgeois depuis 2002. Cette acquisition intervient alors que l'informatique de gestion est en pleine transformation digitale avec la généralisation du modèle à l'utilisation (Software asaService)etnonplusàlalicence,lafameuseguerre des talents ainsi que les nouvelles attentes des géné- rationsYetZ(mobilité,connectivité,smartsolutions, smart services...) qui constituent aujourd'hui près de 50%du tissumanagérial. Ces divers éléments assoient la pertinence d'une alliancestratégiquequivientrenforcerlaproposition de valeur, le positionnement d'intégrateur et l'ap- proche liée à l'accompagnement (technique, humain...)d'IBGraf.Etau-delà,cetteévolutionreflète l'envie du groupe de croître par la création, l'alliance et l'innovation afin de répondre aux besoins actuels et futurs des entreprises belges et luxembourgeoises enmatière de digitalisation. Mutualisation et continuité Pour cette évolution, pas question d'imposer le style IBGraf. Chaque société conservera son nom, son ADN et sa culture d'entreprise. Plug and Go Info et AccountITgarderontleurindépendancetoutenpro- fitant d'une mutualisation en terme d'organisation, de ressources et de stratégie. Lescollaborateursetdirigeantsexistantstravailleront en parfaite synergie avec les équipes d'IBGraf pour proposer un service de qualité et acquérir de nou- velles compétences grâce aux nombreux domaines de discipline couverts par IBGraf (formation, sup- port, accompagnement, technique, développe- ment....). C'est donc la même approche que pour les sociétéssœursWebcom2you,spécialiséedanslemar- ketingdigital (siteweb, réseaux sociaux, emailing...), et Rcarré, qui proposedes solutions et services infor- matiques (cloud, hébergement, sécurité, téléphonie VOIP, etc). IBGraf dévoile ses ambitions en Belgique et au Luxembourg