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Avoid Commoditization in the Insurance Industry with Value Engagement

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To avoid commoditization, insurers must add value outside of quotes and renewals. But what is that value? Find out as we review our new Value Engagement report from Ovum. You’ll learn what customers value, how much they’re willing to pay for it and how insurers are responding to the challenge. You’ll learn how SAP Hybris Commerce can add value and how AI can be leveraged to improve the customer experience.

For more from SAP Hybris, please visit us at: https://hybris.com/en/solutions/industries/insurance

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Avoid Commoditization in the Insurance Industry with Value Engagement

  1. 1. PUBLIC October 18th , 2017 Stefan Mueller, SAP - Hybris Avoid Commoditization in the Insurance Industry with Value Engagement
  2. 2. 2PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ DISCLAIMER The information in this document is confidential and proprietary to SAP and may not be disclosed without the permission of SAP. This document is not subject to your license agreement or any other service or subscription agreement with SAP. SAP has no obligation to pursue any course of business outlined in this document or any related presentation, or to develop or release any functionality mentioned therein. This document, or any related presentation and SAP's strategy and possible future developments, products and or platforms directions and functionality are all subject to change and may be changed by SAP at any time for any reason without notice. The information on this document is not a commitment, promise or legal obligation to deliver any material, code or functionality. This document is provided without a warranty of any kind, either express or implied, including but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. This document is for informational purposes and may not be incorporated into a contract. SAP assumes no responsibility for errors or omissions in this document, except if such damages were caused by SAP intentionally or grossly negligent. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, and they should not be relied upon in making purchasing decisions.
  3. 3. 3PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Fundamental Question § What makes a good financial institution different from a bad one? Simple Answers § Good FIs deliver high value ideas to customers on how to reach their goals § Good FIs make those ideas happen for their customers quickly and simply Market Differentiation How can your FI stand out?
  4. 4. 4PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Agent / Advisors Role § Proposed Ideas (Advice & Solutions) – Personalized, contextual § Made those ideas reality – Jungle guide: applications, documentation, etc. § It Worked Because Agents & Advisors – Knew their customers and their industry – It wasn’t just about sales The Proof is in the Past Branch Agent / Advisor Model
  5. 5. 5PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Digitalization changed everything
  6. 6. 6PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Digital age technology to deliver Ideas Replicating Branch/Agent Personalization
  7. 7. Insurance - What Customers Value Beyond Sales
  8. 8. 8PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Premise: • To avoid commoditization insurers must engage customers with value more frequently. Primary Research • Customer surveys (Property & Casualty) • Insurer Interviews in • EMEA • NA • APJ Ovum - Driving Growth Through Value Engagement
  9. 9. 9PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Factors Influencing Consumer Choice When Purchasing P&C Insurance Findings • Although price was by far the largest factor, there are opportunities to add value on a more continuous basis.
  10. 10. 10PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Relative importance of sources of Value Engagement Findings • Reducing customer risk is the greatest source of Value Engagement. • “Minimize the impact” when a claim occurs and “Convenience & Rewards” are other sources of Value Engagement Source: Ovum
  11. 11. 11PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Consumers’ Willingness to Pay Increased Premiums for Value Engagement Findings • Customers will pay for Value Engagement Source: Ovum
  12. 12. 12PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Conclusion & Recommendations Findings • Reducing a customer’s risk should be the focus of initial Value Engagement offerings • Value engagement is part of a wider repositioning strategy. www.hybris.com/engageinsurance
  13. 13. 13PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ Make Insurance smarter
  14. 14. 14PUBLIC© 2017 SAP SE or an SAP affiliate company. All rights reserved. ǀ FSI Demo Booth D3 FSI Sessions: FSI Demo Booth and FSI Presentations Session Title Location Day Start End Speaker 52556 Price you products forMaximum Impact Microtheater 3 Wednesday 13:30 13:50 Stan Wandowicz 52557 Engage the Disengaged:Retail Banking in the Digital World Microtheater 5 Wednesday 14:30 14:50 Birgit Kurz 52592 Avoid Commoditizationin the Insurance Industry with Value Engagement Microtheater 5 Wednesday 17:00 17:20 Stefan Mueller
  15. 15. Further questions? Please reach out to … Contact information: Stefan Mueller Director Insurance Financial Services Industry SAP SE Dietmar-Hopp-Allee 16, 69190 Walldorf, Germany Stefan0.mueller@sap.com
  16. 16. No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE or an SAP affiliate company. The information contained herein may be changed without prior notice. Some software products marketed by SAP SE and its distributors contain proprietary software components of other software vendors. National product specifications may vary. These materials are provided by SAP SE or an SAP affiliate company for informational purposes only, without representation or warranty of any kind, and SAP or its affiliated companies shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP or SAP affiliate company products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty. In particular, SAP SE or its affiliated companies have no obligation to pursue any course of business outlined in this document or any related presentation, or to develop or release any functionality mentioned therein. This document, or any related presentation, and SAP SE’s or its affiliated companies’ strategy and possible future developments, products, and/or platform directions and functionality are all subject to change and may be changed by SAP SE or its affiliated companies at any time for any reason without notice. The information in this document is not a commitment, promise, or legal obligation to deliver any material, code, or functionality. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, and they should not be relied upon in making purchasing decisions. SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. All other product and service names mentioned are the trademarks of their respective companies. See http://global.sap.com/corporate-en/legal/copyright/index.epx for additional trademark information and notices. © 2017 SAP SE or an SAP affiliate company. All rights reserved.

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