Insurance in a digital world: the time is now. EY Global Insurance Digital Survey 2013

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1 Insurance in a digital world: the time is now EY Global Insurance Digital Survey 2013

2 Overview Insurance in a digital world: the time is now This is the third in a series of EY customer-focused studies and thought leadership. Following our 2012 Global Consumer Insurance Survey, Voice of the customer: time for insurers to rethink their relationships, we launched The journey toward greater customer centricity to explore what insurers must do to become more customer-centric. Both reports highlight digital s key role in meeting consumer expectations, spurring this research to find out if the insurance sector is raising its digital game and how. Our definition of digital: an enabler, as well as a distribution channel Our scope extends beyond online distribution channels to a wide range of digital technologies: mobile (smartphones, tablets and apps); social media; cloud computing; analytics to mine business data and turn it into actionable insights; and digital platforms to interact and share information among insurer, agent and consumer. These technologies can be applied across the entire insurance value chain, from engaging and interacting with customers and distributors to sales and marketing, service fulfillment (underwriting and payment) and reinvestment. Case studies appear throughout the report to demonstrate the use of digital applications in a variety of industries. They exemplify how digital is being applied to improve the customer experience. Contents Executive summary 4 01 Our findings: global overview of key themes 8 02 How should insurers respond? How EY assists clients digital business development 36 Conclusion Our findings: regional highlights 44 Contacts 56 2

3 Introduction Insurance in a digital world: the time is now Insurance companies face conflicting challenges. They must contend with continuing instability in financial markets, low interest rates, increasing acquisition costs, changing regulation and catastrophic losses from ongoing natural disasters. Yet the global insurance market shows unprecedented growth potential, whether it is the sizable global population moving into retirement with greater life expectancy and health protection needs or the massive emerging markets of South America, Asia and Africa demanding the full suite of insurance products. But the toughest challenge faced by the insurance sector is the one that is transforming consumer behavior and business models digital technology. Digital is a new market force that is driving a massive change in consumer expectations. It will require a different set of skills, culture and measurement. Industries such as telecommunications, consumer products, and media and entertainment have already harnessed digital to attract and retain new customers. It is time for insurers to evolve and respond: they cannot afford to be on the sidelines of the shift to digital. In light of this imperative, EY undertook a ground-breaking survey of more than 100 industry players to understand how the digital agenda is reshaping the sector and to what extent life and non-life insurance companies are grasping and exploiting the shift to digital. To complement these insights, our report outlines examples of digital innovation and, based on our experience, suggests practical areas that insurers should prioritize now to tackle the challenges ahead. At a time when the speed of digital change is so fast that standing still means falling further behind, this new survey provides fascinating insights into how insurers can respond to and succeed in the digital future. We hope you find our survey results informative and thought-provoking. Shaun Crawford EY Global Insurance Leader Graham Handy EY Global & EMEIA Insurance Customer Leader 1

4 EY Global Insurance Digital Survey Research approach and methodology During 2Q 2013, EY conducted a global survey with participants from more than 100 insurance companies to understand how the digital agenda is reshaping the insurance sector. An even split of participants from life and non-life insurance companies included large global organizations, regionally focused insurers and single jurisdiction insurers. The three main geographic regions targeted were Europe, Asia-Pacific and the Americas, with additional contributions from Africa. Within these regions, we targeted specific countries in the scope of our survey, although additional countries are represented because some companies provided a regional response. For example, while our primary focus in Europe is the UK, France and Spain, we received additional contributions. The table below shows the final list of countries included in the scope of our survey. Given the wide spread of companies, we aimed to weight responses to provide a balance of views from a diverse mix of insurers. Specifically, each response was given an equal weighting at the national level by company. In situations where there were multiple respondents from one company in a country, the responses for that company were averaged. To extrapolate regional views from country results, the gross written premium (GWP) of insurance business and the purchasing power parity (PPP) of countries were used to weight the country responses. 1 Scope Europe Americas Asia-Pacific Africa and Middle East Target countries UK Spain France Other countries Germany Ireland Italy Netherlands Poland Turkey US Canada Mexico Chile Argentina Brazil Colombia Uruguay Australia Hong Kong Thailand Singapore Malaysia Indonesia Japan South Korea India China Taiwan Vietnam Philippines Bangladesh South Africa Kenya Namibia Nigeria UAE 1 GWP data for each country was obtained from Swiss Re Sigma report (No 3/2012) for both life and non-life business. The PPP of each country was obtained from the OECD website (using USD as the base currency). The GWP for all countries was then scaled by their PPP (providing an adjusted GWP ). 2

5 Digital is a catalyst for dramatic change, one that threatens rapid transformation of the competitive landscape and that established insurers are particularly ill-placed to deal with. 3

6 Key findings Executive summary New digital technologies are irrevocably changing the way consumers engage and interact with insurers. Traditional operating structures are being disrupted, driving insurance executives to reassess their business model. It is time for insurers to re-evaluate their future direction and make the digital agenda a high priority. Consider the following critical questions: how do you manage or operationalize your digital strategy; how do you establish a balance between pilot projects and exploratory initiatives versus more transformational change; to what extent is your digital program driven by opportunity realization versus risk and reputation; and how do you strengthen the partnership between the CIO and CMO to help create a compelling business case for change that convinces the CFO? While the majority of insurers believe in the importance of digitalization to deliver the customer experience, many express concern that they will be left behind as shorter-term corporate priorities lie elsewhere. This survey was conducted to determine where insurance companies are now, their approach to digital strategy and execution, their ambitions for future digital maturity and their views on what gets in the way. Our key findings 1 Insurers acknowledge their current low levels of digital maturity and the need to take action. Insurers trail the entire digital spectrum: customer engagement, use of analytics and adoption of mobile and social media. Almost 80% of respondents do not see themselves as digital leaders, believing instead they only play the digital game or are still learning to use digital capabilities for a competitive advantage. 2 Companies have high digital ambitions but are they grounded in reality? Insurers aspire to future digital leadership; however, attaining their goals will require significant and rapid improvement to close the current gap. By their own admission, more than two-thirds feel they have delivered some easy quick wins, but they have not made transformational progress to realize their ambitious digital objectives. 3 Insurers are holding themselves back. Internal factors legacy technology, slow pace of delivery and culture constraints not the external market, are hindering progress. Focusing on key enablers such as culture and innovation will release significant future value and enable companies to better grasp digital business opportunities as they arise. 4

7 Executive summary 4 It s all about retention through improved customer experience. The two biggest drivers of digital strategies are enriching the customer experience and regaining more direct control of the customer relationship far ahead of attracting prospective customers and increasing sales. While the cost of acquisition continues to rise, retaining existing customers is an increasing necessity and should be a critical and measurable benefit of any improvement in the customer experience, digitally enabled or otherwise. 5 Distributors are digital customers, too. Respondents consistently cite intermediary and agent channel strength or resistance as one of the top three inhibitors in implementing their digital strategy. But distributors face the same challenge as insurers respondents believe that improving the efficiency and quality of interactions with customers will be the most important use of digital for intermediaries and agents over the next three years. Sharing the benefits of investment in digital and communicating a clear mutual value proposition to deliver a better customer experience will help to minimize channel conflict. 6 Analytics are critical to digital success. With technology changing so rapidly, insurers need new skills to exploit the digital challenge. Analytics capabilities (segmentation, customer data and predictive modeling) emerged as the most in-demand skill set in both sectors (and most strongly in non-life), followed closely by technology and marketing capabilities. In our experience, many organizations do not deliver analytics capabilities early on, but they are a prerequisite for extracting maximum value from digital investment. 7 Insurers need to embrace the mobile and social media wave. Current focus on mobile products and services is limited. But with mobile and tablet use growing exponentially, neglecting mobile is turning one s back on the future. Similarly, insurers could be taking social media more seriously, recognizing its value as a relatively inexpensive marketing tool and a means to engage with and influence skeptical, digitally savvy younger consumers. This report explores the insurance sector s digital capabilities and the future direction of the digital agenda, based on our global insurance research. Survey findings are complemented by examples of innovative applications of digital from insurance and other sectors. 5

8 Executive summary 01 6

9 Our findings: global overview of key themes Section 01 Our findings: global overview of key themes Insurers are currently lagging behind the digital curve, and conditions for future success are not yet in place. As a result, many may struggle to deliver on customer expectations; new entrants and digitally leading competitors will look to exploit this failing. 7

10 01 Our findings: global overview of key themes In just two decades, digital technology has transformed the world. There are almost as many mobile subscriptions as there are people 6.8 billion compared with the global population of 7.1 billion and 40% of the world is online. 2 Moreover, they are voracious new adopters: it took Google six years to reach 50 million users, while its social networking site Google+ needed just 88 days to reach that number. 3 As consumers increasingly shift from computers to smartphones and tablets, they can research, compare prices and buy anytime, anywhere. The easy access that Apple, Google and Amazon deliver is what consumers now expect from everyone. In our survey, we explored companies level of digital readiness and asked them to assess their current state of digital maturity and target future state 4 across areas such as digital strategy and leadership, implementation and customer experience. Here are our findings. 1 Insurers acknowledge their current low levels of digital maturity and the need to take action. Insurance companies (most notably life) trail the entire digital spectrum, from customer engagement and use of analytics, to adoption of mobile and social media. While the non-life business is more advanced, particularly in auto and home insurance, digital adoption is still inconsistent within global organizations. In their self-assessment of digital enablement, insurers are far from bullish. Digital leadership strategy development, business planning, organizational buy-in and execution merits just 1.8 to 2.8 out of 5 on the EY Digital Maturity Model (see Exhibit 1). Insurers perception of themselves as digital leaders received the lowest global average at 1.8; 45% say they are not setting the baseline for the digital game, while another 34% are still learning to develop digital capabilities for competitive advantage. 79% say they are not setting the baseline for digital or are still learning. A striking number have no up-to-date digital business case. Nearly half (47%) say they have no single cohesive digital strategy business case. More positively, 57% say that within three years, they intend to have a regularly updated digital business case that integrates detailed budgets and forecasts with financial and HR planning. A surprising number of insurers have no clear business case for digital, which is a necessary precursor to securing support from the top. 2 The world in 2013: ICT facts and figures, International Telecommunication Union, February Google+ Usage Skyrockets, Hits 50 Million Users?, PCmag.com website, accessed 6 September EY s Digital Maturity Model tracks digital capabilities; companies rate themselves against a set of defined multiple-choice answers on a scale of 1 5, with 1 as basic, 3 good and 5 leading. 8

11 Our findings: global overview of key themes Exhibit 1: Current and target future state levels of digital maturity Global current Global life current Global non-life current Global target future Global life target future Global non-life target future Digital strategy and leadership Do you see your organization as a digital leader in your industry? Do you have a business case for digital and is your investment integrated into the financial planning of the company? Do you have a clear, well-executed implementation plan for your digital strategy? Do you have the right operating model in place to deliver and run digital capabilities? Has your digital strategy got support from senior management? Do they lead by example? Customer experience How does digital inform and support segmentation? How do you use digital channels to attract prospective customers? How do you manage and build brand loyalty through digital channels? How does digital support your Customer Value Management? (Including cross-sell, up-sell and retention efforts) How do you reduce your cost to serve using digital channels? All average scores on scale 1-5 9

12 Our findings: global overview of key themes A majority of companies do not feel they have an appropriate operating model. 12% say their organizational structure facilitates their digital strategy, but more than half lack the right operating model to deliver digital capabilities. For example, one-quarter say our operating model is not very flexible to changes in the digital space; our organizational structure does not facilitate the execution of digital business strategy. Another one-third believes their model does not react to short-term changes but will adapt in the long term. Looking ahead, 78% aim to have an organizational structure to support their digital strategy within three years. 57% have operating models that do not facilitate digital. Most respondents say their digital strategy has support from the top but actions speak louder than words. Over 40% of insurers have support from senior management and a digital sponsor within their C-suite, but more than one-third of respondents believe senior management support is not always backed by actions, budgets or resources. Currently, only 5% say their C-suite execs personally lead by example and incorporate digital platforms (blogs, Twitter, Facebook, etc.) into their agenda; however, nearly one-third envisage such a future state in three years. The majority of insurers use digital at a basic level to support customer value management. Only 11% use predictive modeling to identify prospects for targeted, personalized marketing campaigns, use online product comparison tools or encourage development of an online community. A startling 89% do not leverage past interactions when recommending products or services to online customers. Just 1% currently offer online rewards, discounts, apps or live website assistance (e.g., virtual assistant, chat, click to call), although 27% expect to provide these benefits in the future. 89% don t consider past interactions when recommending products or services to online customers. There is poor alignment to the customer experience in particular. Current state findings reveal a marked inconsistency. Insurers assessment of their digital strategy and leadership is generally higher than their view of how digital supports their customer experience; clearly the value of the former is not reaching customers. This failure potentially leaves insurers on the sidelines of the shift to digital, exposed to both the loss of existing customers and a scarcity of new ones. Consequently, they stand to miss out on the chance to improve customer experience and retention levels at a relatively low cost. 2 Companies have high digital ambitions but are they grounded in reality? In their three-year plans, insurers return an average of 3.5 up to 4.5 on the EY Digital Maturity Model (see Exhibit 1). To close such large gaps, companies need to make extraordinary and rapid progress to reach their targeted future states outlined above. In view of the significant gap between current state and future ambitions, are insurers investing enough? Nearly 70% of respondents spend less than 10% of their business and IT development budget on digital. Some differences emerge: 79% of non-life companies spend less than 10%, with a further 11% spending in the 10

13 Our findings: global overview of key themes Exhibit 2: Current and planned future spend on digital development Current spend on digital* 0%-10% 10%-20% 20%-30% 30%+ Global 68% 23% 8% 0% Global life 69% 28% 4% 0% Global non-life 79% 11% 10% 0% Europe 84% 9% 7% 0% Asia-Pacific 52% 43% 5% 0% Americas 61% 30% 10% 0% 0%-10% 10%-20% 20%-30% 30%+ Over 1 year Over 3 years Over 5 years Over 1 year Over 3 years Over 5 years Over 1 year Over 3 years Over 5 years Over 1 year Over 3 years Over 5 years Expected increase in digital spend* <5% 5%-10% 10%-25% 25%-50% 50%+ Global 18% 38% 23% 8% 15% 9% 17% 36% 21% 16% 7% 8% 22% 39% 24% Europe 28% 46% 0% 0% 27% 5% 29% 29% 9% 27% 5% 8% 17% 33% 37% Asia-Pacific 2% 34% 55% 2% 7% 0% 2% 55% 34% 9% 0% 2% 26% 60% 12% Americas 21% 31% 19% 19% 10% 19% 14% 31% 27% 10% 10% 11% 22% 36% 21% <5% 5%-10% 10%-25% 25%-50% 50%+ *Excluding Don t knows 11

14 Our findings: global overview of key themes 10% 20% range (see Exhibit 2). In contrast, 68% of life insurers spend less than 10%, with a higher proportion, 28%, spending 10% 20%. This reflects the current state of sector capability, with the less advanced life sector currently spending more to transform. Globally, few companies intend to significantly increase their investment. The majority expect their spend to increase 5% 10% over the next year, 10% 25% in three years and 25% 50% over five years (see Exhibit 2). A surprising number of respondents do not know how much they spend, highlighting the disparity between ambition and delivery. From our experience with other sectors, the most common reason technological transformation projects fail is because of a disconnect between ambition and level of investment. With consumer industries rapidly expanding their digital capabilities, it is critical that the insurance sector s projected spend is realistic and clearly matches its ambition. 67% implement digital as part of business-asusual activity. The pace and style of delivery are not commensurate with the scale of transformation required. Some 67% of insurers are implementing digital as part of business as usual or using pilot programs to test and learn. Only one-quarter have introduced incubator units or single digital programs, and even fewer have used NewCo operations (although non-life companies make more use of these techniques). Insurers style of delivery contrasts sharply with other industries. An EY survey of the media and entertainment industry in 2012 found that almost one-third have a central visionary team or digital center of excellence responsible for digital strategies. A central digital mission control at the heart of a business helps break down silos and enables a more collaborative approach to accelerate digital transformation. 68% believe they have delivered some easy quick wins but not made transformational progress. Many insurers realize they are falling short of their ambitions. More than two-thirds have delivered some easy quick wins, but only 10% cite transformational changes to digital capabilities. To realize their ambitious digital objectives, insurers need a well-defined and achievable ambition, matched closely with realistic investment, and a significant increase in the pace of delivery. 3 Insurers are holding themselves back. Insurers face many internal barriers and challenges with respect to digital, and many have not yet framed a compelling case to rewire their businesses. This may be attributed to a traditionally internally focused business that has not been subjected to the same consumer pressures as retail industries until now. Regardless of the reasons, failure to embrace digital exposes the industry to considerable risk. Senior management has a collective need to drive this from the top, which is not as much the responsibility of the CEO and CFO as it is the CIO and CMO in tandem. Insurers digital progress is largely impeded by internal factors, not the external market. The main inhibitors of digital progress are legacy technology constraints (80%), slow pace of delivery (64%), and intermediary and agent strength or resistance (40%). The first two impediments present difficulties that only insurers can resolve; the third one offers an opportunity to exert a strong influence. 12

15 Our findings: global overview of key themes In our experience, the most common reason technological transformation projects fail is because of a disconnect between ambition and level of investment. 13

16 Our findings: global overview of key themes Creation of a compelling business case for investment is a major challenge. When CFOs are faced with an immediate choice over capital investment, digital development often loses out. The business case for digital is multifaceted and non-linear, and it must focus on extracting value from the in-force customer-centric data that is generated. Culture is a major issue for both sectors. Internal company structure or cultural constraints and creating a culture of innovation are top challenges in delivering digital strategy (see Exhibit 4). As insurers accelerate their digital progress, they must address the internal barriers that are impeding progress for their organization. Focusing on culture and innovation will release significant future value and enable them to better grasp digital business opportunities as they arise. 68% of life companies say internal company structure or culture constraints is the key challenge they face in delivering their digital strategy. Exhibit 3: Top inhibitors of digital growth in insurance market Global Global life Global non-life Legacy technology constraints Slow pace of delivery by insurers Intermediary/agent channel strength or resistance Lack of a compelling business case Regulatory restrictions/environment impeding digital growth Perceived customer/data security issues Insufficient consumer demand 80% 75% 88% 64% 66% 72% 40% 41% 45% 33% 34% 30% 32% 29% 29% 24% 24% 17% 19% 23% 12% 14

17 Our findings: global overview of key themes Exhibit 4: Key challenges faced by companies in delivering their digital strategy Shown in descending order for Global life sector Internal company structure or culture constraints Creating a culture of rapid innovation and development Global life Global non-life 68% 64% 63% 68% Systems issues in implementation 63% 65% Integrating digital with other distribution channels Gaining internal management buy-in and investment Lack of skills/difficult to find expertise Lack of resources (time and budget) Channel conflict Developing a clear technology strategy Building solutions with flexibility Designing new digital offerings effectively for customers Lack of methodology framework No business case for investment 61% 50% 52% 47% 50% 45% 47% 43% 46% 44% 44% 34% 41% 42% 40% 29% 34% 25% 21% 23% 15

18 Our findings: global overview of key themes 4 It s all about retention through improved customer experience. Improving the quality and frequency of contact boosts customer loyalty and retention. EY s Voice of the customer survey found a positive correlation in customer satisfaction between quality and frequency of contact, increased cross-selling and less switching to other providers, yet we found nearly two-thirds of customers claim they receive no, or just one, annual contact from their insurer. Digital technology can enable companies to improve and personalize communications, and thus the customer experience, without a disproportionate increase in costs. Insurers rate themselves poorly on how digital supports the customer experience. Global averages range from 1.2 to 2 out of 5 for marketing, sales and customer service; digital enablement of segmentation and customer value management (retention, up-sell and cross-sell) have the lowest current maturity levels. Insurers fail to communicate Exhibit 5: Drivers of companies digital strategy Global (life and non-life) Enriching the customer experience Regaining more direct control of the customer relationship Attracting prospective customers and increasing sales Reducing cost to serve customers and intermediaries Increasing internal efficiencies Managing and building brand Competitors are offering it and we want to keep up Increasing up-sell and cross-sell Other 32% 20% 14% 9% 9% 5% 3% 2% 5% 16

19 Our findings: global overview of key themes at critical times and miss opportunities to engage with the customer in the life cycle of a policy through the use of digital retention triggers and predictive modeling. As these areas have the most ambitious target future states, these are the biggest gaps to close. The top drivers of digital strategies are customer experience and control of the customer relationship. While insurers are using digital channels to help target potential prospects, the two biggest drivers of digital strategies are enriching the customer experience (improving long-term customer relationships) and regaining more direct control of the customer relationship (see Exhibit 5). Clearly insurers view digital as a key way to extract value from the in-force book, making investment in digital all the more essential. Online self service offers the potential to reduce costs. The introduction of self-service functionality is expected to increase most in importance in the future; however, this is perhaps more for customer convenience than cost reasons. Our survey found that cost reduction was not a top driver of insurers digital strategies, cited by only 9% globally, perhaps acknowledging the challenge (and expense) of redesigning legacy systems that many companies have experienced. While insurers have long been criticized for not improving service levels, they are now using digital to improve and enhance the service experience without a disproportionate increase in cost. Companies that fail to deliver a richer, more convenient customer experience can be left behind. Eastman Kodak Company the former leading US photographic film and camera manufacturer did not file for bankruptcy because people stopped taking photographs; it failed because it took a product-centric view. According to Forbes.com, Kodak did not fail because it missed the digital age. It actually invented the first digital camera in However, instead of marketing the new technology, the company held back for fear of hurting its lucrative film business, even after digital products were reshaping the market. When Kodak decided to get in the game it was too late. 5 A similar plight could happen to insurance companies, as supermarkets and airlines begin to sell financial services and insurance products online. And it is not too farfetched to imagine that Google with its rich analytical archive could become a formidable underwriter of the future. Case study: omni-channel integration Retail chain stocks up on digital Traditional UK department store chain John Lewis strengthened its customer relationships and revitalized its image by integrating its town center stores with digital channels. By identifying the increasing number of digital touch points in the purchasing journey, the upscale retailer developed an omni-channel customer experience for its 149-year-old brand. Initiatives include free in-store Wi-Fi, an iphone app to order and purchase for instore pickup, a shopping wall for consumers to photograph and virtually purchase products pictured in store windows, a click and collect service combining digital and physical channels, and an online portal for a personalized shopping experience. John Lewis has also entered the insurance market, offering car, pet, travel, wedding, event and life insurance online (using different insurance underwriting partners), which it successfully integrated with its core retail business. 5 Kodak Failed By Asking The Wrong Marketing Question, Forbes.com website, accessed 6 September

20 Our findings: global overview of key themes Case study: digital lowers barriers to entry AirAsia s owner takes off in insurance Tune Group, which owns successful regional low-cost airline AirAsia, launched an online insurer to leverage the airline s extensive digital infrastructure (the significant customer database of its online ticketing and reservations system). Tune Group offers travel insurance to customers when they book. Tune Insurance, which also offers life and non-life insurance and reinsurance, sold 6 million policies in 2012 and has sold 3.65 million policies in 1H 2013 across 13 countries, including Malaysia, Indonesia, Thailand, Singapore and China. Launched in 2011 and floated on the Kuala Lumpur stock exchange in 2013, the insurer added 1,000 agents and 15 branches across Malaysia and a wider range of non-life products through a 2012 acquisition. As Tune Group looks to buy insurance companies in Indonesia and Thailand, 6 its goal is to be recognized as ASEAN s leading regional digital insurance franchise by Life insurers in particular are complacent about the risk of losing customers. The majority of insurers (81%) believe they could lose competitive advantage if they fail to embrace digital, and 74% feel this may affect their ability to innovate. However, life insurers seem less concerned (46%) than non-life companies (60%) that customers will ultimately leave us or that partners may shift their business elsewhere (48% versus 58%, respectively). Undeniably, life insurance is a special case. Non-negotiable requirements, such as customer medical tests, limit whole life policies as exclusive online transactions, and long-term policies have infrequent touch points and exit policies, diluting the urgency of ongoing customer service. 6 Tune founder to swallow insurance firms, investvine website, investvine.com/air-asia-founder-to-swallow-insurance-firms, accessed 1 August Clearly, many life companies have not yet grasped the extent to which digital capability will soon be integral to success. In many markets, more digitally adept and agile companies are targeting prospective customers at key policy events, life stages or renewals. Insurers must recognize the emerging digital landscape as an opportunity to retain and grow customer value. Only 46% of life companies believe that customers will ultimately leave us if they fail to embrace digital. 5 Distributors and agents are digital customers, too. Intermediary and agent channel strength or resistance was consistently cited in the top three inhibitors to digital success and must be a high priority in digital planning. Investing in distribution network technology is fundamental to success. The effective integration of sales and service channels is essential for customers to have a positive, brand-affirming experience at every touch point. In the life sector, where many companies are now embedding direct channels into historically agent- or intermediary-based channels, integrating digital with other channels is a particular hurdle. Globally, both sectors consider it the fourth biggest challenge in delivering digital: 61% of life insurers and 50% of non-life companies. Agents and intermediaries face the same challenges as insurers. Our respondents believe that improving the efficiency and quality of interactions with customers will 18

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