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Insurance, what’s next?June 2015
Agenda
2
1. Introduction
2. Move to digital
3. Broker social
4. The challenges
5. More than price
6. Innovation
7. Roadmap
3
Introduction
4
HeathWallace
Creative and user centric cross channel solutions
Effective use of technology to empower clients
Highly scalable and robust delivery methods
Expertise in financial services
______________________
Founded in 2001
Create solutions that offer their customers an immersive, rich and rewarding experience
Joined WPP in 2008
150 people, 8 offices, £12.5million annual turnover
4
5
Move to digital
Share of individuals who purchased insurance policiesor shares online in Great Britain in 2014, by age and gender
Source: Office for National Statistics (UK)
Men
Women
16-24
25-34
35-44
45-54
55-64
65+
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
25%
18%
13%
28%
29%
28%
21%
9%
Share of respondents
6
7
Move to digital
• By 2020 Millennials will be the majority generation in the workforce.
• They are incredibly digital averaging 96 hours per week online.
• “Why can’t I just do this online.”
• The challenge will be moving them from the research phase (browsing) into purchase.
• Millennials are prepared to be involved and make an experience work better for them.
8
Leading Sources that Influence Insurance Purchasing Decisions Among UK Millennial Internet Users, March 2015
Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Millennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015
Comparison website
Searching online
Word-of-mouth from friends
Parents' recommendations
51%
48%
27%
24%
% of respondents
9
Important Factors When Selecting Insurance Among UKMillennial Internet Users, March 2015
Note: ages 18-34 who have purchased or plan to purchase insurance Source: Pegasystems and Capgemini, ‘’Born Yesterday: Will Milennials Disrupt the Insurance Industry?’’ conducted by Decode, May 14, 2015
Cost
Reputation
Ease of purchase
Availability of real people to talk to at an Insurer
Brand
Quality of digital services
70%
46%
40%
25%
21%
19%
% of respondents
Thank you
www.heathwallace.comp @heathwallace
