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Disruption in the Insurance Sector: Digitalization at Allianz

Joseph Gross, Allianz SE’s Head of Group Market Management and CMO of the Year 2010, shared insights from the Digital Transformation taking place in the insurance industry and at Allianz during this year’s Vivaldi Digital Darwinism Summit.

Joseph expressed relief that the speed of transformation in the insurance industry is not as high as in other industries… yet. However the pressure is rising as online purchases for home and car insurance in Europe have doubled in the last 5 years. Moreover, customers show a growing tendency to become hybrid personas that use various on- and off-line touch points when looking for insurance products.

With a complex array of product offerings, one of the largest challenges in the digital transformation will be the seamless integration of all processes of the insurance business model to allow for a superior customer experience. This includes making the best use of big data, proxies and risk engines to deliver simple solutions. Allianz has already deployed digital solutions that allow customers to obtain a FAST QUOTE for their car insurance merely based on two data points. This takes the burden of a cumbersome input of specific personal and car information off the consumer.

“The CMO will stay in the driver seat.”

Even though marketing related IT budgets may increase, Joseph puts a strong emphasis on marketing and the role of the CMO.

“The Digital Transformation means 80% transformation of our processes and business model and 20% marketing effort, nevertheless it remains crucial to gain a clear understanding and detailed customer insights to understand where to invest and to deliver an excellent experience that actually resonates with the customers,” he explained. The Voice of the Customer and the evangelizing by the organization on the path of digital transformation will play a central role.

“Allianz innovates the entire customer experience. It will become a digital experience.”

Italy, as a test market for a comprehensive digital transformation, shows what success can look like. Digital services and products have led to 1 million new request with a substantially higher conversion rate of 8.2% towards policies issued.

In addition to new sales,  the net promoters score increased by 30% and detractors decreased by 50%, leading to an overall NPS improvement of 56%.

Given the complexity and size of this organization that is also still thirsty for success, Joseph points out that this transformation cannot and will not be one “big thing” nor “one size fits all” approach to initiating and rolling out digital efforts.

“Digital revolution will impact the entire value chain. We will need to turn the customer experience upside down and roll out and adapt best practice learnings – country by country.”