Tag: CustomerExperience

Accenture: 2017 GLOBAL DISTRIBUTION & MARKETING CONSUMER STUDY

2017 GLOBAL DISTRIBUTION & MARKETING CONSUMER STUDY

Recap: Rise in acceptance of robo services creates challenge for financial services industry: strike a balance between humans and robots

Stats:

  • Seven in 10 consumers around the world would welcome robo-advisory services
  • Consumers are now open to robo-advice to help determine which bank account to open (71 percent), which insurance coverage to purchase (74 percent), and how to plan for retirement (68 percent).
  • Nearly one-third would switch to Google, Amazon or Facebook for banking services (31 percent), insurance services (29 percent) and financial advisory services (38 percent).
  • Nearly the same percentage of global consumers would also consider switching to a supermarket or retailer for their banking (31 percent) and insurance (30 percent) services.
  • The survey found nearly two-thirds of consumers are interested in personalized insurance (64 percent) and banking (63 percent) advice based on their individual circumstances, and when asked about wealth management advice, that increases to 73 percent.

The Survey:

  • Accenture surveyed 32,715 respondents across 18 countries and regions including the US, Canada, Benelux, France, Germany, Ireland, Italy, Nordic countries, Spain, the United Kingdom, Brazil, Chile Australia, Hong Kong, Indonesia, Japan, Singapore and Thailand. Respondents were consumers of banking, insurance and wealth management services; they were required to have a bank account and an insurance policy and were asked if they used an Independent Financial Advisor, Wealth Manager or Asset Manager, with total financial advisory responses totaling 9,987. Respondents covered multiple generations and income levels. The survey was conducted during May and June 2016.

Forbes: How A Global Insurance Brand Turns Customer Insights Into Long Term Success

How A Global Insurance Brand Turns Customer Insights Into Long Term Success

Recap: It’s AXA.

  • Instituted a system of insight called two-way customer feedback. This system gives us access to customer feedback very quickly at nearly all touch points, ultimately driving how we improve our customer experience
  • One of the first Insurance companies in the US to provide customer reviews on our website, across most product lines. The reviews provide both transparency to our customers as well as feedback on areas where we might improve
  • With respect to collecting customer insights, AXA works with third parties which help us understand the feedback without revealing our customer’s personal information
  • Speed: AXA redesigned some key annuity products after the financial crisis so they would be more resilient in a variety of market conditions, such as prolonged low interest rates
  • Complementary Product Development: AXA created the Employee Benefits Business in 2015 for small- and medium-sized companies with 20 to 500 workers. Our research showed this to be an adjacent, but underserved, market