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Leading the transforma0on of consumer behaviour
By Mishal ALMana
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Change Vs
Transforma0on
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Globaliza0on &
Technology
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Technology Vs
Social Revolu0on
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Transi0on Vs
Evolu0on
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Social behavior Vs
Consumer behavior
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Ra0onal Vs
Emo0onal
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Business Behaviour Vs
Consumer Behaviour
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Des0na0on Vs
Journey
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Changing Consumer Behaviour
Encyclopaedia
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Britannica Encyclopaedia
1768
1980s
Consumer behaviour ShiL
to PC
Encarta transforma0on of Encyclopaedia
1993
1996
Britannica Sold Below Book
Value
Changing Consumer Behaviour
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Changing Consumer Behaviour
Behaviour ShiL to Internet 1990s
2001 Wikipedia Lunched
Behaviour ShiL to Cyber
Interac0on 2002
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Encyclopaedia
MicrosoL tried to Rescue Encarta
By 2008 they can no longer compete
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Encyclopaedia
By that 0me Wikipedia received
the largest online views
The second was Encarta
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Encyclopaedia
97.00%
1.25% 1.75%
Wikipedia Encarta Others
Online Views 2008
Online Views
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Encyclopaedia
2,500,000
50,000
Wikipedia Encarta
Ar/cles in English 2008
Ar0cles in English
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Encyclopaedia
In 2009 MicrosoL stopped Encarta
and refunded all subscribers
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Wikipedia
40,000,000 Ar0cles
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Wikipedia
287 Languages
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Encyclopaedia
1,900 Britannica
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MENA
Free Vs
Convenient
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Changing Consumer Behaviour Consumer behaviour ShiL to Internet 1990s
2001
Wikipedia Lunched
Consumer Behaviour ShiL to Cyber
Interac0on
2009
Encarta Stopped
Consumer behaviour ShiL to Mobile
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Changing Consumer Behaviour
The only constant is Change
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Kodak “portable” Camera
George Eastman 1880 The Google of its days
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Kodak “portable” Camera
They were in the business of Story Telling
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Changing Consumer Behaviour George Eastman Portable Camera 1880
1975 90% films
85% Cameras
First Digital Camera, Steven Sasson
1975
1990s Consumer ShiL to digital
Cameras
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Kodak “portable” Camera
First “portable” Digital Camera 1975
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Kodak “portable” Camera Steven Sasson
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Changing Consumer Behaviour digital
technology would
cannibalize its film business
1990s
1996 4th Brand 145K Emp. Rev $16 Bil
Mrkt Cap $31 Bil
2012
Kodak Bankrupt Prin0ng Co
Mrkt 30 Million
Today Kodak Market Cap @ $32 Million
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Changing Consumer Behaviour
Its not about the industry or product its about the Market & Consumers Its about asking the right ques0ons Kodak saw them selves in the film business instead of the story telling business
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Changing Consumer Behaviour
Why did the largest companies Fail?
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Changing Consumer Behaviour
Shareholder Centric
Industry Focused
Product Focused
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Changing Consumer Behaviour
Consumer Behaviour Keeps
Changing
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Changing Consumer Behaviour
Consumer Focused
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Changing Consumer Behaviour
What Consumers need the most is the experience they are expec0ng!
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Changing Consumer Behaviour
Insurance industry Vs
Consumer Transforma0on
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Changing Consumer Behaviour
It's not rocket science because you
are dealing with Humans
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Changing Consumer Behaviour
These are evolving humans
empowered with revolu0onary technologies.
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Changing Consumer Behaviour
The ques0on is not can we Survive,
but can we lead the changing consumer behaviour?
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Insurance Industry
Shareholder and Cost Focused
Challenges in ALer Sales services
Disconnect with customers
Nega0ve short-‐sighted sales strategies
Lack of Customer focus
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Leading Consumer Behaviour
How can we Lead the Changing
Consumer Behaviour?
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Changing Consumer Behaviour
Solu0on
Dynamic plaiorm
Need Adaptability
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Changing Consumer Behaviour
Developing Countries Vs
Technology
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Changing Consumer Behaviour
Insurance industry Vs
Alterna0ve Channels
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Leading Consumer Behaviour
Alterna0ve Delivery Channels (ADC)
ATM/ Kiosk
Call Center
POS
Social Media
Online
Mobile Apps
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MENA
ADC Vs
Arab Spring
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Leading Consumer Behaviour
ADC is in all Retail Industries
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Leading Consumer Behaviour
Are Insurance companies missing
the boat?
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Leading Consumer Behaviour
ATM
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Leading Consumer Behaviour
53% 33%
14%
Consumer Channels
Online Banking
Tele-‐Banking
Branch Visits
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Leading Consumer Behaviour
86%
14%
Consumer Channels
Alterna0ve Delivary Channels
Branch Visits
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Benefits of ADC for Insurance
Enable bemer mobility for Sales forces
Reduce cost of acquisi0on
Reduce cost of Sales
Compe00ve Advantage
Less management
Consumer Language & Experience
24 hour ALer sales service
Customer Reten0on
Feedback & Product
Management
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Leading Consumer Behaviour
The future of ADC in the Insurance
Industry
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3x
3x
3
3 x 3 x 3
2002 2005 2008 2011
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Leading Consumer Behaviour
Innova0on Vs
ACE Strategy
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Leading Consumer Behaviour
ACE Strategy Vs
Business Unusual
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Leading Consumer Behaviour
Freedom of Mindset Vs
Consumer Revolu0on
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Innova0on
Ini0a0ves &
ACE Strategy
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Innova0on
Mobile Revolu0on Vs
Consumer Revolu0on
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Innova0on
Mobile Banking Vs
Leading Consumer Behaviour
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Innova0on
Developing Countries are at an advantage with
Innova0on and Technology
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Thank You