Post-COVID Life & Work

OLOF SCHYBERGSON , Chief Experience Officer at Accenture Interactive | Digital Insurer Network Meeting 2020 | 16 Pages

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COVID-19has turned our world upside down Purchase Work Socialize Move around It’s forever changing the experience of being a customer, an employee, a citizen and a human being. Copyright © 2020 Accenture. All rightsreserved.

Businesses are facing tough choices and challenges. No industry is immune In a month, the average insurer has lost Source:Accenture Research based on analysis of global publicly listed insurers and MSCI ACWI Index (mature and emerging markets; last date item as of March 20, 2020) and Capital IQ data.

We see five major human implications to expect from people’s behavior now, and in the future. The cost of The virtual Every business is Cocooning The reinvention confidence century a health business of authority Each has deep experience implications for organizations

Three things insurance businesses should be thinking about 2020

We’re experiencing a new world. Some insurers are already responding AXA PPP has addedvirtual clinics to Admiralis offering its customers Tower Insurance is refunding any their cover with consultants via partial refunds on car insurance as motor insurance claims savings they phone, video or online. many drivers are stuck at home. The have caused by the pandemic. company is refunding £25 for each car it covered as of 20 April, a total Paytm, the Indian digital payment of 4.4m vehicles. AA Insurance has announced it firm, has together with Reliance would freeze premium increases for General Insurance, launched a its products. COVID-19 insurance plan which will Admiralis also waiving any excess cover loss of pay, quarantine fees for NHS and emergency service expenses and treatment costs. workers and giving them a free Hiscoxis one of several FTSE to courtesy car if their car is stolen or suspend their dividends over undrivable after an accident, to COVID-19. keep them on the road during lockdown.

2020’s meta trend is nothing short of a major realignment of the fundamentals. It’s tempting to misinterpret this as agloomy picture–instead, we think this is a once-in-a- lifetime opportunity to innovate in business models, services and products around new definitions of value. However it plays out from here, one thing is likely: those whoembrace the long-term view–by starting with their impact on the world and society, and the systemic complexity of the world–will emerge as winners. As we launched in December 2019, none of us could have foreseen the pandemic we are now finding ourselves in and the changes we are experiencing. These events have made our 2020 trends more relevant than we envisaged. Copyright © 2020 Accenture. All rightsreserved.

Liquid people for Insurance • People will look for insurers that can seamlessly adapt to provide coverage across changing life-cycle stages and day-to-day fluid lifestyle. • Purpose and positive impact will become paramount. There’s an opportunity to restore the industrial crisis of trust. • Focus on mindsets over traditional demographics. Build profiles outside the traditional labels and norms. Copyright © 2020 Accenture. All rightsreserved.

Designing intelligence for Insurance • Develop skills and strategies to deploy advanced analytics and artificial intelligence. • Human-centricity should be at the core when designing with AI. Identify pain points that could be simplified with AI. • Collaborate with your workforce to make sure that all diverse skillsets, mindsets and voices are heard, and that employees see AI as a career-enhancing extension of their own work rather than a job-replacing threat. Copyright © 2020 Accenture. All rightsreserved.

Digital doubles for Insurance • A new layer of interactions is needed. It will radically change how we reach and communicate with customers. • More data means better understanding of customers, allowing you to predict and model future behavior. • Using data from multiple providers and sources can drive new business models. • Practice data minimalism. Make people aware of the data they’re sharing, how it’s being used, and how they can access it. Copyright © 2020 Accenture. All rightsreserved.