Achieving High Performance Advice-Led Life Insurance Distribution

8/11/2019 Achieving High Performance Advice-Led Life Insurance Distribution

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Achieving High Performancein Advice-Led Distribution


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Achieving high performancein advice-led distribution 3

The Right Customers 4

The Right Offers and Experience 5

The Right Operating Model,Technology and Infrastructure 7

The Right Talent 11

The Right Metrics 13

References 14

Table of contents


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A multi-trillion

dollar opportunityconfronts life insurancecompanies and otherproviders of financialadvisory services.Many households, both in developed andemerging markets, are under-insured lacking basic life insurance and a credible

financial plan. They value neither the roleinsurance plays, nor the advice offeredby a life insurance agent. As complicatedsituations or life-events arise, it isbecoming increasingly rare that someonein the Gen X, Y or Z demographics wouldponder: I wonder what my insuranceagent would think about this?

The opportunity only begins with lifeinsurance. In the U.S. and throughoutthe world, traditional pensions whetherprovided by state or local governments,

or by private companies are eitherdisappearing or facing the prospect ofmassive shortfalls. By most estimates,the aggregate shortfall for state andlocal government pensions in the U.S. isbetween $3 and $4 trillion ($500 billionin California alone) and these shortfallsappear in country after country.

Individuals are, more and more, facingthe prospect of funding and managingtheir own retirement. The need for advice

has never been greater; the question iswhether insurers will be successful inmeeting this need, or whether they willlose ground to brokerage firms, assetmanagers, investment advisors, onlinepersonal financial managers and othersscrambling to fill the advice gap.

The options for insurers are diminishing.As the economic crisis persists,and investment returns continue todisappoint, their ability to competewith other financial institutions for

new customers is constrained. Thechallenge will be to use innovationto open up new arenas wherethey can be more competitive.

The risk facing insurers is that their rolewill be reduced to that of exclusivelya manufacturer, where their brand andexperience no longer extend to the endcustomer; thus being disintermediatedby those who can better offer a moretailored and engaging multi-channelcustomer experience.

Customers expectations regardingthese experiences are being setanywhere but in financial services,and those who can match thoseexpectations will win more than their

fair share of attention and loyalty.

So to address the challenge andopportunity, leading-edge firms arechallenging themselves with thequestions such as:

What is the core valueproposition we are delivering?

How do we maintain the valueof our brand and the experiencewe deliver to those who wouldpurchase our products?

How do we lead with advice soas not to be relegated to beingexclusively a manufacturer?

What are the value-added featuresour customers are willing to pay for?

How do we optimize the valueof each relationship for thecustomer and the firm?

How do we meet customerexpectations and allow customers

to interact with us on their terms? How do we change the discussion

from price to value?

How can we maximize loyalty?

How do we simplify life insuranceso that our prospects and customerscan better understand our offerings?

How do we make the offerings morerelevant to our customer segments?

Clearly, the life insurance industry is

facing difficulties as it strives to makeand keep connections with its customers,and to provide significant financialvalue. With their margins constrained,insurers will need to innovate to attract

and retain customers. There will beopportunities for new entrants, butalso for traditional players to breakaway from the pack by simplifying theirofferings and by delivering a customized,branded message. Life insurers that getthis right will convert more prospects tocustomers and will increase the lifetimevalue of each customer relationship.

Accenture believes that insurers that wishto become high performers in advice-leddistribution must develop and integratetheir capabilities to meet five key needs:

1. The right customers findingcustomers who have both the needand the ability to pay for morecomplex advice-driven solutions;

2. The right offers and experiences not only providing customers andprospects with offers tailored to theirneeds, but doing so in a way thatmeets their expectations as to when,where and how service is delivered;

3. The right operating model,

technology and infrastructure understanding and applying differentbusiness models and approaches tomanufacturing and distribution roleswhile supporting both with effectivetechnology and customer service;

4. The right talent taking newapproaches to finding, developing andretaining sales talent that can adaptto meeting simple needs in a digitalenvironment, and complex needs inan advice-led environment; and

5. The right metrics keeping scorethrough testing ideas and hypotheses ontargeted segments, and making mid-course corrections quickly and effectively.

In this rapidly changing environment,we believe that successful retailfinancial service providers will delivercompelling customer experiencescombined with trusted advice. Lifeinsurers are presented with significantopportunities among under-insuredand under-advised consumers, alongwith individuals seeking sophisticatedproducts to address tax concerns,and in new markets where they havenot yet built strong relationships.

Achieving high performance in

advice-led distribution


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Unfortunately, many life insurerstoday are unable to accuratelymeasure customer profitability, orto identify prospects with a highpropensity to become customers.

For advisory services to have themaximum impact, carriers and advisorsneed three key elements of context:

1. The customers financial personality what are his/her views on money?

2. Life events where is thecustomer in his/her life journey?

3. Personal P&L what does thecustomers balance sheet (debts andassets) look like, and does he/she havethe income to take meaningful action?

Analytics and segmentation are theusual starting point for firms toestablish go-to-market strategies basedon customer insights and businesspriorities. To undertake effectivesegmentation, the firm must understandthe needs and intentions which thesegments represent and then develop aset of solutions that meet these needs

and intentions. It then has to be able todetect the segment to which a customerbelongs, based on the informationavailable at the touch point. This is notan easy problem for most firms to solve.

Many firms have created personas asa way to bring segments to life, andthe idea of developing a distributionmodel based on these personas isappropriate if one can detect, at the

touch point, the persona which bestdescribes the individual customer. Thismay not always be possible, however,and therefore the segmentation needsbe tied to other attributes whichsignal the propensity to respondfavorably to a specific treatment.Finally, the segmentation approachneeds to be actionable; firms must be

able to create tailored and designedtreatments that can be delivered at thepoint of contact with the customer,whether that be through a phone,tablet, or across the kitchen table.

The Right CustomersThe central concern for firms facing thechallenges of advice-led distribution is how tofocus on the right customers, and deliver the

right offers and experiences to these customers.

Figure 1: Customers are changing fundamentally, and insurers must adapt their offers, experiences and business modelsto engage effectively with them.

Changing

Demographics

Increasingly

complex

interaction

requirements

Increased

C2C sharing

and learning

More

demanding

consumer

expectations


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To make the most of each interaction,firms must not only offer the rightproducts and services, but musttailor the offer and experience to thecustomer. Once the right customersegments have been indentified andthe needs and intentions of each

segment understood the insurer candevelop hypotheses about the offersand experiences which will draw theright reactions from customers.

Examples of offers include specificproducts or product bundles, tailoredpricing (e.g. risk-based, or relationship-based), channel preference, as wellas the tone, colors, content andmessage that are to be delivered. Toomany firms go through segmentationexercises without taking the logical

next step, which is to present thecustomer with a different offer andexperience based on their insightsinto the customers segment. It willbe increasingly important to designoffers that accommodate the realitythat simple needs will increasingly beaddressed through digital channels,and complex needs will require ahigher level of advice-led interaction.

Insurers should also not overlookopportunities to engage customers inthe product design process. Crowd-sourced product designs which takeadvantage of the information providedby social media can be extremely usefulin building a tailored experience.

Delivering a tailored, multi-channelexperience is one of the few ways thatinsurers can differentiate themselvesfrom competitors and maintainthe value of their brand. As mostfinancial services firms have learned,

it is difficult, if not impossible, tosustainably differentiate on product.

While the delivery of tailored, branded,scalable, multi-channel experiencesdoes provide differentiation, it is noteasy to maintain consistency andawareness of touch points acrosschannels. Insurers must understand anddevelop design principles in addition to

creating experiences which are channelaware and are not purely transactional,but span across days, months, andyears of the relationship. Channel-aware experiences take account of thenuances of how an interaction changesif it is occurring on a tablet, via a video-conference, or over the telephone. Suchexperiences must also be scalable andrepeatable, which often depends uponhaving capabilities in business processmanagement as well as collaboration.

As we have noted elsewhere, there arefive disruptive technologies that arechanging the nature of how customerexperiences are being delivered insideand outside financial services: mobile,social media, analytics, gaming/digital,and collaboration. In the aggregatethese technologies create moreknowledgeable, educated customers,but they also create better opportunitiesfor customer engagement. More andmore life insurers, for example, use

games or life simulations to givecustomers a vivid picture of what keylife events (such as retirement) mightmean to them. Customers who playthese games, in turn, provide insurerswith information about their own lifesituations, including their financialprofile and personal P&L status.

The companys web presence and its callcenters can serve important advanceroles here. For example, a well-designedwebsite can draw customers in and

encourage them to provide informationabout their financial profile and theircurrent status in regard to marriage,

retirement, college planning and otherlife events. Companies that collect,organize and analyze this informationproperly and then route it to theright producer can gain tremendousleverage in the critical first contactswith the customer prospect.

Customer expectations for interactingwith a service provider are increasinglybeing set in industries other thanfinancial services. New entrants suchas aggregators, borrowing from otherindustries, threaten to take marketshare by delivering tailored experienceswhich match customers intentionsand expectations. The threat here isthat insurers become relegated tobeing manufacturers, where theirbrand and experience are masked

by the aggregator. In businesses likelife insurance, where the experiencehas traditionally been deliveredacross the kitchen table, it will beimportant to enhance and scale thatexperience with digital interactions.

With changing expectations and theability to deliver rich experiencesonline, we are seeing that simple needswill increasingly be satisfied digitally.Complex needs will continue to requiremore advice. And in a world which isincreasingly dominated by social media,the advisor will need to fit into a modelwhich balances the wisdom of theexpert with the wisdom of the crowd.Agents will also need to find creativeways to co-exist with the social networkof those they are selling to in order togarner referrals and stay relevant.

The Right Offers and ExperienceLife insurance has traditionally been a productwhich is sold, not bought. Firms deliver theiroffers and experience, traditionally via an agent,

but also directly to customers through web,mobile, and call center capabilities.


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Figure 3. Design and delivery of the customer experience.

Figure 2: Key ingredients for success in delivering multi-channel, tailored, segmented insurance offers and experiences.

ccenture er xper ence ramewor

Define the offer

Deliver theexperience

Support the offer

Home Life Annuities

Target

Auto Disability

Business Capabilities

Customer Needs & Intentions

Connecting...

Interact Transact Service

Branch

Target Segments

...Through...

Channels

...To...

Products

Delivered through

Insight Driven

Interactions

Enabled by...

Capabilities

Internet Call Center Agent

3rd Party

Broker Other

Technology Capabilities

People and Organizational Capabilities

With business rules based on the enterprise strategy, and a customer-centric design, experience deliveryresults in a dynamic, tailored one-to-one experience at each touch point.

Experience delivery &outcomes arecontinuously evaluated

to ensure the next besttreatment is served tothe customer with theexpected results

Actionable Real-Time Instructions

Assess outcomes &adjust variables

Data

Business rules Hypothesis

Channel BestPractices &Preferences

Call Center Script Web Page Design Email Design Agent Call

Pricing / FeeWaiver

Product / ServiceOffering

Transaction Alerts& Updates

Real-TimeAdvice

ClientExperience

Design

ExperienceStrategy

Channel Selection

Message / Content


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The Right Operating Model,

Technology and InfrastructureLife insurers use a wide range of

distribution channels, including bothcaptive and independent agents,direct distribution via telephone, mailand online, and affiliate marketing.

In recent years, the growth of socialmedia and aggregators has changedthe roles of both the customer and theadvisor, with the customer passing on

comments and recommendations toan ever-broadening network, and theadvisor acting as coach and counselorto an expanding digital community.

Like banks and credit card companies,insurers are also exploring the benefitsof delivering products through affinitygroups, who might be alumni of aparticular university, veterans groups ormembers of a professional organization.By delivering the right offers togroups of like-minded individuals,insurers can help ensure that moreof their product is bought ratherthan sold. Social media can amplify

this effect by turning customers intoadvocates, telling sanctioned storiesvia Facebook and other outlets.

Most organizations are not structuredto deliver on a segmented, tailoredexperience, as they tend to alignbudget, P&L and political powerwithin product silos. Making thetransition from product-centricity tocustomer-centricity poses significantchallenges related to operatingmodel, processes, governance andinfrastructure. One of the firstchallenges many firms encounteris the need to separate productmanufacturing from distribution.

We believe that manufacturingand distribution should be viewedas separate business models,with different measurements of

success. Manufacturing should befocused on optimizing unit costsand seeking any and all distributionoptions, while distribution shouldbe focused on optimizing the valueof each relationship for the endcustomer and the firm. Regulationsmay further amplify this need forseparation. For instance, in the UK theFinancial Services Authoritys RetailDistribution Review edict separatesmanufacturing and distribution,

forcing firms to charge directly foradvice and not allowing compensationto the distribution / advice channelout of the product revenue.


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The manufacturersapproach to distribution

Many firms in life insurance todayare essentially manufacturerswhich distribute through advice-ledexperiences facilitated by intermediariessuch as brokerages, independent agents

or registered investment advisors. Thesefirms must be easy to do businesswith, along with having a sophisticatedand cost effective multi-channelwholesaling capability. At the endof the day, the wholesaling group isresponsible for gaining shelf space withthe intermediary, and many firms willdecide that the way to ensure shelfspace is to be the shelf. This meansbuilding platforms and tools whichintegrate into the daily workflow of theintermediary, and, while providing an

open architecture platform, deliveringa more seamless experience with theirown products. The retail analogy wouldbe a high-end brand which is availablethrough a variety of channels: in its ownstores, in department stores, throughits website presence, through affiliatemarketing, and a range of others asappropriate. There are also exampleswhere those firms, concerned about thediminishing margins associated withmanufacturing, have launched into new

business models, forming their ownaggregators with green-field systemsand operations to compete differently.

Distributors

Some firms will address simpler needsin their product and distributionequation as more transactional andless advice-based. They will employa simpler, more direct distributionconcept, using gaming interfacesand other unique digital interactions

to drive purchase decisions.

Those that own their own distributionwill emphasize the delivery of advice,unbundled from any product, with theintent to address a higher and higherpercentage of the needs and intentionsof the end customer. Selling one productinto one need will simply not be costeffective for a complex, expensivedistribution model and workforce. Theadvice will be delivered in multipleformats, but at its core it will shapeand bundle solutions sourced from oneto many manufacturers. The advicewill range from a digital experienceexplaining how people like you haveconsidered specific solution sets, to ahigher-end, fee-only advice model.

While in the near term the agentexperience is likely to remain centralto buying and selling life insurance, itis clear that a larger and larger partof the experience will be delivered

digitally. Leading firms are alreadyexploring ways to enhance the face-to-face experience with mobile, chat,tablet, call center, video, and othercollaborative capabilities. This createsa richer, more interactive experiencewhile increasing the number ofhouseholds each agent can reach.

The wisdom of the crowd is alreadystarting to dominate how advice isdelivered. Many would-be customersare already seeking advice and guidancefrom their own social network, aswell as obtaining analytics-basedadvice (e.g. people who boughtthis book also bought that book.)Firms that continue to own customer

relationships via distribution will haveto learn how to balance the wisdomof the expert with the wisdom of thecrowd, seeking new ways to influencereferral sources within communitiesbefore product decisions are made.

Many financial services firms arebuilt upon a business model that isstill tied entirely to product revenues.The systems with which producersand customers interact are product-specific, implying a close and possiblyinextricable linkage. Because ofregulatory changes and the needto deliver more relevant offeringsto attract the next generation ofcustomers, leading firms are evaluatingnot only how they design the customerexperience but how they organizeand govern in a world that separatesmanufacturing and distribution.

As firms separate manufacturing anddistribution and begin to segment

and tailor experience, they face thechallenge of determining who withinthe firm owns the customer andtherefore gets to decide on the advice,offers and experience delivered toeach segment. For example, it may bea struggle to agree upon ownershipof the tone, messaging, content, and


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product offers for a prospect, or evenfor an existing customers landingpage. Each product group is likely toclaim ownership of the relationship,and to seek to position its productas the key to the relationship.

With this ownership issue it is easy tounderstand how individual relationships

could be optimized for an individualproduct group, but not for the firm as awhole. Many firms explore the conceptof driving ownership of segments withindistribution often posting a shadowP&L by customer segment to pushcustomer-centricity to the forefrontand to begin to address the issuesassociated with control and governance.

More aggressive firms introduce theconcept of a chief customer off icer,or establish a head of distribution,

which creates a seat at the table andreinforces the importance of owningnot only the customer relationshipbut the people, processes and toolswhich sustain the relationship.

In addition to organization, governance,and change management challenges,there are other issues associated withinfrastructure and technology capability.

As is the case with many companieswhich have been predominantly focusedon face-to-face distribution, thetechnology capability of life insurancecompanies is often not leading-edge as it relates to front-office andend-user delivery. Such firms needrapidly to develop an understandingof the implications of analytics and

segmentation, collaboration, businessprocess management, web/mobile/tablet, video-enabled call centers, andother capabilities required to enablenext-generation experiences. Sincefor many firms these front-officecapabilities dont exist, a growingnumber are looking to source thetechnology as a service, reducing theirIT footprint and creating strategicpartnerships with other providers toincrease their nimbleness in delivering

next-generation experiences.


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Figure 4. Changes to the operating model include the shifting role of the agent to address only complex needs.

Figure 5. Traditional vs. emerging insurance distribution models

Changing consumer behavior & expectations suggest a re-examination of the distribution mix and an exploration of retail-product approaches to the brand and channel.

Brand protection and strong agentrelationships have a bias towardsagent distribution.

More consistently with retailers, insurersare rethinking their distribution mix andbrand positioning across different models.

Traditional

Insurer

AggregatorsAffinities

Social InfluencersRetail Partnerships

Direct

Captive / IndependentAgents

Captive / Independent Agents

Direct

Aggregators Affinities

Insurer

Emerging

VS

Simple Needs

Interactions delivered and acted upon digitally

Consumers shopping, seeking advice,and making purchase decisions online

Complex Needs

Face-to-face interactions continue to providereinforcement tied to complex needs

Interactions enabled through proactive insightinto the customer lifecycle


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While there are clearly opportunitiesto enhance and scale the customer /advisor experience with web, mobile /tablet, and service center models,the core of the relationship andthe effectiveness of distributionwill be grounded in how a firmmanages and deploys its talent.

Life insurers are having difficultyattracting and keeping top talent.

In a recent Wall Street Journal pollon interesting careers for collegegraduates, insurance ranked 97th outof 100 industries. Accentures ownresearch indicates that more than 85percent of insurance agents leave withinthe first two years of being hired. Theindustry itself estimates that half of itsagents will retire in the next 10 years.

Clearly, something needs to change.Life insurers need to apply analyticsto the sales-talent hiring process toidentify the competences, activitiesand personality factors that resultin long-term success. Many insurersapply Lean Six Sigma to improveback-office processes, but the sameprinciples of statistical analysiscan reduce the high error ratesseen in recruiting sales talent.

And as customers less complex needsget addressed digitally, agents willneed to shift from being order-takers

to becoming advisors equipped tohandle the complex needs. This impliesa different set of attributes whichwill make the agents successful.

Some companies will need to shiftthe sales culture from product-basedsales to advice-led / consultativesales practices. This is often tiedto structuring the appropriateprocesses and objectives (e.g. depthof relationship / share of wallet,profitability vs. volume) to enable the

sales force to be more effective for

the firm. Commission structures toowould need to be reviewed, aligningincentives with the revised objectivesand giving agents the chance tomake more money for themselves.

Other talent considerations includealigning sales and servicing expertiseto the specific customer segments.Often this enables those interfacingwith the customer to be more adept

at developing a deep understandingof the needs and intentions of theircustomers, thereby becoming morecredible, trustworthy and insightful.Better understanding and insight, inturn, increase the value of the adviceoffered, as well as the job satisfactionof the employee. This model alsoallows for a career path in whichproducers align with segments whichbest suit their talents and aptitudes.

Insurers also need to be aware ofchanges in the core capabilitiesneeded in the sales force. The skillsand personality traits involved incold-calling, setting up face-to-facemeetings, and asking for referralsare different from those related tocommunity building and managingrelationships. Better-educated andmore affluent consumers will be in aposition to buy (rather than be sold)products; the challenge for advisorswill be to leverage technology to

be in as many places as possiblein the course of a sales day.

Among other modifications beingexplored by leading-edge firms arenew ways to employ collaboration tomaximize the use of expertise. Businessprocesses associated with sales orservice can be designed to be moreconsistent and to include collaboration,making it possible to link in specificproduct or segment expertise at themoment of need via chat, phone orvideo. Providing the sales force with

mobile and tablet capabilities, as well asaccess to high-quality video technology,allows for experts to be pooled andbrought into interactions on demand.This reduces travel costs and begins tocentralize certain types of expertise.

Better use of collaboration improvesthe customer experience but also helpsprepare the producer or advisor toengage with the customer. Advisors

can make a tailored presentationto a customer prospect at an initialmeeting, reducing the overall numberof meetings needed to close a sale. Asmany firms have learned, it is not thenumber of minutes a producer spendswith a customer, but the quality of thepreparation and effectiveness of theface-to-face time that converts moreprospects to customers and increasesthe lifetime value of the relationship.

The Right TalentThe face-to-face nature of advice-led distribution is not going tochange overnight.


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Figure 6. The process of enhancing the capability of the agent to provide complex advice is not a trivial exercise,

but it offers a significant value proposition.

Hiring &On-boarding

ValueProposition

Substantial cost savings & revenue increase willaccrue throughout an agents lifecycle

Just getting started....

Agent CertificationNesting / Shadowing

New Hire On-boarding

New Hire Training

Hiring Process

Ads / Pre-screening

Revenue increase via: Improved hiring, matching

skill needs to hired agents

Cost savings via: Agent / manager

hiring rate increase

Decreased attrition Shortened on-boarding

timeline

Cost savings via: Account management Reduced admin activities

& info search Increased agent /

manager satisfaction

Cost savings via: Reduced attrition Sales role = a career

Cost savings via: Improved operational

efficiencies

Speed to delivery Consistency Proven tools

Revenue increase via: Increased customer

satisfaction Increased sales conversion

rate, up- and cross-sell Increased agent / manager

loyalty

Ongoing Training / DevelopmentRewards & Recognition

Performance Reporting

Results Monitoring

Ride-alongs / Direct Observation

Supervision & Coaching

Exit ProcessRetention Programs

Career Path

In the thick of it,doing the hard work.

Ready to explore newopportunities.

Consolidated folder of salesperformance history throughthe performance lifecycle

Delivering theCustomer Experience

Moving On Agent / ManagerPerformance Repository

Impacts to KeyBusiness LeversCustomer satisfaction,

revenue, margins, increasein closing, up-selling,

cross-selling

Leverage Right Tools,

Processes, Services

& ExperiencesDeliver a high performance

sales force


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In order to realize the full value ofcustomer-centricity it will be more andmore important to keep score andunderstand to what extent the tailoredexperiences are driving business results.Insurers can think of this as developinga test and learn culture, with

segment managers creating and testinghypotheses on customer segments,capturing feedback, and continuingto refine the offers and experiences.

In developing a new customer-centricapproach, insurers should design thecustomer experience to contain specificcalls to action and dashboards whichlend themselves to measurement. Withthe ability to capture feedback and runmore sophisticated analytics, insurerscan identify trends and shape new

hypotheses about customer behaviorand preferences. New metrics willemerge as well; rather than evaluatingadvisors strictly on premiums sold,annual commissions earned or policiesper customer, they may in the futurebe rated on life events served, activereferrals received, overall communitysize, customer tenure and individualcustomer profitability. This is a key steptoward industrializing the ability todeliver tailored experiences. Without

such dashboard and performancemeasurements, it is all too easyfor people to slip back to their oldways of doing business, undoingadvances and preventing firms fromreaping the rewards of customer-centric and advice-led distribution.

A new opportunity foradvice-led distribution

Changing customer expectations withregard to the insurance experience,shifting demographics, and newregulatory initiatives are redefining

insurers opportunity for advice-led distribution. The competitionis moving to major-league levelsas banks, insurers, and traditionaladvisory firms are all convergingon advice-led distribution as theirgo-to-market strategy, with allselling very similar products.

In order to grow profitably it willbe necessary for insurers to focuson delivering carefully designed and

tailored experiences, while creatingthe infrastructure and capabilitieswhich allow them to deliver thosenext-generation experiences both atscale and with a lower cost profile.Focusing on the right customers,with the right offers and experiences,delivered through the right operatingmodel, by the right talent willallow firms to capture a significantshare of the outsized, multi-trilliondollar opportunity before them.

To find out more about Accenturespoint of view on the changing roleof distribution in life insurance,visit our website atwww.accenture.com/insurance.

The Right MetricsFor many firms, establishing pilotprograms or developing newcapabilities to deliver a tailored,

branded, scalable, multi-channelexperience is just the beginning.


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Copyright 2011 AccentureAll rights reserved.

Accenture, its Signature, andHigh Performance Deliveredare trademarks of Accenture.

About AccentureAccenture is a global managementconsulting, technology services andoutsourcing company, with more than244,000 people serving clients inmore than 120 countries. Combiningunparalleled experience, comprehensivecapabilities across all industries and

business functions, and extensiveresearch on the worlds most successfulcompanies, Accenture collaborateswith clients to help them becomehigh-performance businesses andgovernments. The company generatednet revenues of US$25.5 billion forthe fiscal year ended Aug. 31, 2011. Itshome page is www.accenture.com.

Copyright 2012 AccentureAll rights reserved.

Accenture, its logo, andHigh Performance Deliveredare trademarks of Accenture

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Achieving High Performance Advice-Led Life Insurance Distribution