customer experience the digital edge - finity consulting · customer experience – the digital...

Marc Bender, Accenture

10th November 2016

Customer Experience –

The Digital Edge

Finity Niche Insurance Conference

Copyright © 2016 Accenture All rights reserved. 2Copyright © 2016 Accenture All rights reserved. 2

80%Of customers ‘being

promised one thing and

delivered something else’

58%Have switched at least

one service provider in the

past year

83%Of ‘switchers’ believe

companies could have

retained them with better

experiences and

accurate expectations

Source: Accenture Global Consumer Pulse Research 2016; Data for Australia

73%Of customers want more

digital touchpoints when

interacting with businesses

13%Of customers find digital-

physical channels well

aligned


What does this mean for companies?

Customer Experience –

The Digital Edge

4Copyright © 2016 Accenture All rights reserved.

Today’s agenda

Meet the new Customer – Me2B

CX – The Digital Edge

Implications & Recommendations


Meet the new

Customer – Me2B

Copyright © 2016 Accenture All rights reserved.


The customer of today

is vastly different to

the customer of yesterday


Customers are continuously raising the bar of everything

and their expectations transcend expected boundaries

Today’s Insurance Customer

More empowered More social Higher

expectationsSignificantly different

buying habits

What is driving this change?


Digital is transforming what customers expect, and how

businesses operate and compete

Accenture Customer Vision 2016

Intelligent

Automation

Liquid

Workforce

Platform

Economy

Predictable

Disruption

Digital

Trust

Extraordinary results

at the intersection of

humans and

machines

Looking to digital

ecosystems for the

next waves of growth

from the Internet of

Every…Things

Technology-driven

business model

innovation from the

outside in

The new value

exchange in

today’s digital

economy

Fundamental change

of operation,

business, and

individuals

Source: Accenture Technology Vision 2016 & Accenture Customer Vision 2016


Disruptive combinatorial technology evolutions are both

fuelling customers’ expectations and business disruption

Technology S-Curves

Combinatorial

Effect

Key CX Implications

Customisation of

experience in B2C shapes

B2B expectations of ease

of doing business

Platforms provide end to

end basis for new business

models and value

propositions

Machines and software for

greater automation, self

service and lower costs


Customers are now owning the relationship to

businesses and dictate the ways of interaction

The Me2B Customer

From … Seven Customer Needs for Me2B

1. You know me, you remember me

2. You give me choices

3. You make it easy for me

4. You value me

5. You trust me

6. You surprise me with stuff I can’t imagine

7. You help me to do better and more

Source: Your Customer Rules!: Delivering the Me2B Experiences That Today's Customers Demand; by Bill Price and David Jaffe

B2C

B2B2C

Me2B

To …


Customer experience is the sum of

impressions formed by a series of

interactions – real and virtual – with

organisations across all phases of the

customer lifecycle


The path to purchase has changed dramatically, creating

the nonstop customer with liquid expectations

Nonstop Customer Experience

The path to purchase

used to be linear

DISCOVER

CONSIDER

EVALUATE

PURCHASE

USE

Now, enabled by technology, customers are

constantly evaluating, based on all their experiences

Accessible

Continuous

Dynamic

Discover

Consider

Purchase

Use

Expectation Reality

Promise DeliveryEvaluate

X-Industry

&

Open content & channels

Branded content & channelsFor more information: https://www.accenture.com/us-en/insight-nonstop-customer-model.aspx

https://www.accenture.com/us-en/insight-nonstop-customer-model.aspx


In the era of digital and liquid customer

expectations, where we can make

anything we can imagine, focusing on

‘what matters’ is paramount


Customer

Experience –

The Digital Edge



In the coming years, everything that can

be digitised will be digitised.

But there’s one thing that can‘t be

digitised…

That’s the customer.


Companies are beginning to recognise their over-reliance

on digital has come at a high price

The digital disconnect

Too much reliance on digital technologies has

given rise to ‘human-less’ customer services

Human interaction is a vital component of value

creation, even in the ‘digital age’

73%of consumers prefer dealing with

human beings over digital channels

to solve customer service issues

81%of consumers prefer dealing with

human beings over digital channels

to get advice

2xConsumers are more than twice as

likely to be upsold (45 percent vs. 18

percent) through a human interaction

than through a digital channel

48%of consumers say they are willing to pay

a higher price for goods and services if

it ensures a better level of services

Source: Accenture Global Consumer Pulse Research 2016


Every Customer is a Digital Customer – but different!

This requires a ‘multispeed’ customer organisation

Digital Customer ≠ Digital Customer

Digital Savvy

They make digital

technology part of all

dimensions in their life.

Mobile access is key.

Experimental

They strive to leverage

digital more broadly but

may not always be able

to do so.

Traditional

They mostly rely on

traditional channels &

interactions. Even then,

they leave digital traces.

Transitional

They selectively engage in

digital for utility value &

discovering how the

experience improves.

Increased Speed / Higher Digital Intensity

For more information: https://www.accenture.com/id-en/insight-create-true-customer-centricity-understanding-customers

https://www.accenture.com/id-en/insight-create-true-customer-centricity-understanding-customers


Don’t fall in love with COOL,

fall in love with MONEY


Example: Increasing digital intensity has a direct impact

on driving customer value AND business value

Digital Intensity is about Money

Digital SavvyExperimentalTraditional Transitional

18% 27% 41% 14%

$1,200 $1,700 $1,400

$410 $850 $370

$1,600 $2,100 $1,950

Banking

Wireless

Retail

5%

Shift$2.4B

$1.5B

$750M

Case Study

Incremental

Revenue p.a.


Not a single technology but the combinatorial effect of

digital drives huge value at stake

Value at Stake

Analytics Cyber-

Security

Cognitive

Agents

Social CloudMobility IoT/

Sensors

Wearable, Implant & Interface

Virtual

reality

RoboticsDigital

Platforms

Mature Improving / Emerging

EXPERIENCE:CX drives

1.7x ROI

EXECUTION:Up to 30%

cost efficiency

DIGITAL:$1B+ ‘capital-

free’ growth

PLATFORM:First mover to

10x market reach

IIOT:2-3x

Profitability

Combinatorial

Technologies

Value

Multiplier

Intelligent

Automation

Liquid

Workforce

Platform

Economy

Predictable

Disruption

Digital

Trust


It’s time to …

… Stop admiring the opportunity

… Be digital instead of ‘looking Digital’

… Drive multispeed customer growth


Implications &

Recommendations



Playing to win:

Take specific actions on Customer

Experience and build no-regret

capabilities for the digital edge


Changing behaviours & expectations continue to impact

customer experience and how insurers need to respond

Call to Action

1

Re-think physical channels – they still have their edge

Because of digital focus, get selected human interactions right

Not compromise product quality & service for price

Crack the code of data exchange based on Trust and Value

Solve yesterday’s frustrations to prevent switching today

Be more proactive in retaining and to win back customers

Optimise balance between own and indirect channels

Focus on customer experience to take on disruptors

Expect

Experience

‘Brilliant Basics’

Combine Digital/

Physical Experience

Plug into Disruptive

Experiences

Customers… Companies should…

2

3

4

5

6

7

8


To succeed, insurers require a clear set of capabilities

around data, innovation, security… AND people

Succeeding in the Digital Era

Built for

Change

Data

Driven

Embrace

Disruption

Digitally

Risk-aware

Changing the basis for

decisions at every level

of the organisation

Moving from data to

insights to action

Using technology to

inspire new visions of

how things can be done

differently

Driving innovation

and value exchange

Integrating security,

privacy and digital

ethics into all new

initiatives

Earning the right to

use and share data

Agile methodologies,

new skills, processes &

ways of working

Creating a culture

that accepts change


In an age where the focus is locked on

technology, the true leaders will place

people first

THANK YOU !


Your Contact

Marc Christian Bender

Senior Manager | Accenture Strategy

Advanced Customer Strategy,

Australia & New Zealand Lead

Mobile: +61 428 119 838

E-mail: [email protected]

About AccentureAccenture is a global management consulting, technology services and outsourcing

company, with approximately 375,000 people serving clients in more than 120 countries.

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business functions, and extensive research on the world’s most successful companies,

Accenture collaborates with clients to help them become high-performance businesses and

governments. The company generated net revenues of US$32.0 billion for the fiscal year

ended Aug. 31, 2016. Its home page is www.accenture.com.

About Accenture StrategyAccenture Strategy operates at the intersection of business and technology. We bring

together our capabilities in business, technology, operations and function strategy to help

our clients envision and execute industry-specific strategies that support enterprise wide

transformation. Our focus on issues related to digital disruption, competitiveness, global

operating models, talent and leadership help drive both efficiencies and growth.

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customer experience the digital edge - finity consulting · customer experience – the digital...

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