2022-09-19-安永-Nine_customer_types_defining_the_next_wave_of_insurance_19页_4mb

EY NextWave Insurance: Consumers and Small Businesses Analysis Summary

I. Core Concepts & Vision

• Customer-Centricity: The future of insurance hinges on putting customers at the heart of offerings, enabling hyper-personalization, real-time risk protection, ecosystem integration, and new product innovation.
• EY NextWave Vision: A global perspective on insurance trends, based on over 60 experts' insights, aiming to drive a purposeful, profitable future through customer-centric transformation.
• Key Message: Better questions, better answers, and better outcomes for the world.

II. Defining the Future: 4 Powerful Trends

1. Consumer Revolution: Demand for hyper-personalized, intelligent micro-segmentation to meet unique individual and situational needs.
2. Real-Time Risk Protection: AI, ML, automation enable instant, personalized protection at scale.
3. Rise of Ecosystems: Insurance blurs industry lines; insurers orchestrate or join ecosystems for ubiquitous offerings.
4. New Risks & Products: ESG, personal data ownership, virtual worlds necessitate innovative protection.

III. Nine Customer Types: Key Segments to Engage

Consumers:

1. Point-of-Sale Purchasers: Simple, automated protection at purchase; opportunities in embedded finance.
2. Virtual Vanguards: Protection for digital assets, virtual identities, and metaverse interests.
3. ESG Devotees: Eco-conscious products, carbon offsets, green materials; insurers must prove genuine commitment.
4. Bubble Protectors: Holistic, multi-risk coverage ("all-in-one" policies).
5. Data Capitalists: Share data for value; personalized dynamic pricing, proactive insights.
6. Minimalists: Affordable, basic insurance; micro-insurance, simple one-price models.

Small Businesses:
7. Work-Life Integrators: Protection for hybrid work, gig economy, home-based businesses.
8. Efficient Entrepreneurs: Simple, digital tools for comprehensive risk coverage.
9. Conscious Owners: Greening business operations; insurers with ESG expertise gain advantage.

IV. Recommended Action Plan for Insurers (16 Priority Areas)

Front Office & Customer Experience:

• Define clear customer journeys with AI-powered segmentation.
• Create personalized multichannel distribution, digital storefronts, unified billing.
• Hyper-personalized offers, claims processing, influencer/partner marketing.

Back Office & Operations:

• Build product "factories" for rapid design/launch.
• Implement low-touch underwriting, real-time dynamic pricing.
• Nimbler IT architecture for seamless integration and hyper-personalization.

Enterprise-Wide Culture & Transformation:

• Purpose-led commitment to ESG; break down organizational silos.
• Leadership embracing agile, design thinking, risk-taking.
• White-labeling readiness and cross-industry ecosystems.
• Data and analytics capabilities for risk insights and predictive modeling.

V. The Historic Shift

• Transition from product-centric to service-led, customer-centric cultures.
• Insurance focused on customer value, experience, and protection.
• Distribution shifts to include non-traditional channels (banks, tech firms).

VI. Key Insights

• Digital Transformation: Insurers must fully operationalize customer centricity and embed it across all functions and technologies.
• To Win: Four future directions: purpose-led (authentic ESG), hyper-personalization (micro-segmentation), ecosystem integration, and real-time protection.

This report positions EY as offering guidance for insurers to lead in a dynamic future by understanding diverse customer needs, leveraging technology, embedding sustainability, and fostering a truly customer-centric culture.