1. TRANSFORMATION OF THE INSURANCE INDUSTRY
IRI Ops / Tech
IRI Ops / Tech
THE DIGITAL
TRANSFORMATION OF THE INSURANCE INDUSTRY
Breakout Panel

2. Challenges Carriers Face
Carriers face systems, digital adoption and regulatory challenges
Carriers have made substantial investments in legacy systems, but…
Many systems are outdated, disparate and do not communicate with each other
Lack ability to capture addresses
Even though enhancing these systems would allow for a better customer experience, it is often not cost effective to do so

3. Digital Adoption Dilemma
Carriers may not have direct access to the account holder
Customers have signed up for eDelivery but still receive paper
Single-digit consent rates are the norm

4. 4 Things Insurance Companies Should Know

5. Paper Reliance

6. Digital Drives Savings

7. Beyond

8. Consumer
Digital
Trends

9. 95% 87% Investors are Digital investors US adults Age is NOT a factor
use the Internet
investors
use the Internet
Income = $75K +
Apps and tools vary
Internet usage is consistent among
Millennial
Generation X
Baby Boomers
81%
Smart phone
55%
Tablet device
78%
Social network
Sources: Pew Research and 2015 KPCB Internet Trends Report

10. Digital Expectations Continue to Rise
Consumers are digital and they don’t communicate with their financial services providers in a vacuum
As a consumer your account holder lives an active digital life
Sources: ComScore

11. 35 51 70 Digital Behavior Spans Demographics
age of the oldest Millennials
age of the oldest
Gen X’er
age of the oldest Boomers
19 – 35 years old this year
36 – 51 years old this year
52 – 70 years old this year
In Q Millennials became majority of US workforce, outpacing both Boomers and Gen X ahead of projections
Use for work grudgingly
Are the most important demographic for asset retention and acquisition in the next 10 years
Gen X adults are looking more like the millennials − digitally savvy and driven by experience and convenience
Mobile usage is ubiquitous
This is the target demographic in the Robo Advisor Market
Boomer behavior is shifting; heavily influenced by co-workers, children and grandchildren
Media consumption is shifting from TV to online (16 hrs per week TV and 19 hrs per week online)
82% use internet to research health and wellness
Sources: Pew Research, Google, IPSOS

12. Changes in the Workforce Add Complexity
Sources: Pew Research and 2015 KPCB Internet Trends Report

13. Investors May Not Be Digital With You
With the exception of online banking, financial firms have been largely unsuccessful in establishing digital relationships
Retail Banking
Wealth Management
Insurance
Credentialed
75%
25% 6%
Active Users
60% 5% 1%
Total of Clients
Sources: Broadridge Data Analysis and Quantcast

14. A New Dynamic
and

15. Self-Service / Online only
Consumers Are Solving Their Own Pain Points
Self-Service / Online only
Full Service
Respondents from online survey
269
231
Have signed up for electronic delivery and turned off paper
40%
33%
Get paper statements but also review online
32%
49%
Store personal documents in the cloud
67%
60%
Online survey conducted in September, Age range 30 – Income $75k - $500k+. Education: any. Employment: any.
1. Survey Response: I turned off the paper and I only get statements electronically
2. Survey Response: I get the paper statement in the mail, but review them online as well
3. Survey Question: Have you ever uploaded a document or PDF to a cloud drive solution like Dropbox, Onedrive, Google Drive or Evernote?

16. What Consumers Choose to Store in the Cloud
Consumers are using cloud services as a personal archive for their most important financial documents

17. Innovations
&
Opportunities

19. Expand Your Reach into New Consumer Channels

20. Click to View Full Report
Transform Static Communications into Experiences
Click to View Full Report
Personalized
Created for each recipient
Rich Graphics
Interactive charts to pull investors deeper
Recipient 1: Rachel
Here the user’s preferences have been set to receive her annual report with more emphasis placed on details around the people who manage the fund, as well as high-level fund information.
Content Delivered in Blocks
Allows different content to be surfaced for each recipient based on preferences
Regulatory Compliance
The complete annual report available with just a click
Fully Interactive
Each element links off to more information
Relevant Information
Content is selected to ensure the highest level of engagement over time

21. Click to View Full Report
Make Your Communications More Valuable
Click to View Full Report
Personalized
Created for each recipient
Rich Graphics
Interactive charts to pull account holders deeper
Recipient 2: Ben
Here the account holder has different interests,
All of this is totally automated to ensure that each account holder is delivered the right information most likely to drive engagement with their fund subaccount.
Content Delivered in Blocks
Allows different content to be surfaced for each recipient based on preferences
Regulatory Compliance
The complete annual report available with just a click
Fully Interactive
Each element links off to more information
Relevant Information
Content is selected to ensure the highest level of engagement over time

22. The First Step to Digital: Get the eConsent
Build or Buy? There are options to over-taxing internal IT.
Start small and iterate – but begin the digital journey now.
You don’t have to go it alone. Do your research!
TECHNOLOGY
APPROACH
PARTNER
To ensure accuracy and compliance, you will need to systematically capture and maintain your eConsents.
Before you opt to build your own, consider your alternatives.
Many vendors, including Broadridge, offer consent management software.
It’s not necessary to shift to digital all at once. In fact, trying to do so can be difficult, costly, and may lead to wasted time and money.
You can begin your transformation sooner, adjust as you go along, and ultimately ensure a smoother transition.
Many firms are now re-imagining customer engagement – like Broadridge and OpenMarket.
Do your research by connecting with these firms to see if they have the right capabilities and service culture to partner with you.  

23. We are here to help! In Conclusion
Digital is no longer coming; it is here
To better engage customers, adopt a “go-to-them” strategy
Tools exist that can help your company increase digital adoption
Every journey begins with a single step …
We are here to help!

24. To learn more …
Senior Director Product Management Broadridge Regulatory Data & Communications
Vice President
Business Strategy & Development
Broadridge Digital Solutions
For more information, call us toll-free at or visit broadridge.com