uae insurance 2012 survey- ey

7/30/2019 UAE Insurance 2012 Survey- EY

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United Arab Emirates

Voice of the customer

Time for insurers to

rethink their relationshipsGlobal Consumer Insurance Survey 2012


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Contents

Executive summary 2

01Life and pensions (including investments) 5Our survey explores the following myths:

1.Customers have low condence in the life and pensions industry

2. Life insurance is sold, not bought

3. Personal interaction is essential

4. Its hard to cross-sell to existing customers

5. Providers cant inuence persistency

02Non-life insurance 19Our survey explores the following myths:

1. The future is online

2. Its only about price

3. Good claims experience builds loyalty

4. Customers dont respond to cross-selling

5. Insurers cant inuence customer retention

Global methodology 32

Contacts 33


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1

Faced with the unprecedented challenges of troubled nancialmarkets, changing regulatory oversight and economicuncertainty, there is a risk that some insurers may not belistening and responding to the most important voice of all that of their customers. For any insurer hoping to navigatethrough this difcult time, understanding how customerbehaviors and attitudes are changing is critical. Previousassumptions and received wisdom about customers may nolonger be reliable, and those insurers who are able to respondbest to what customers want now are most likely to succeed.

In light of this, Ernst & Young conducted a groundbreakingsurvey of insurance customers. Working with the research rmIpsos, we set out to test the received wisdom by interviewing503 consumers of life and non-life personal insuranceproducts in the United Arab Emirates between August andOctober 2011, as part of a global survey covering 23 countriesin seven regions around the world.1

Global ConsumerInsurance Survey 2012 United Arab Emirates

1 For a full description of the global methodology used to create this report, please see page 32.

24,000Global customers

7Global regions

23Countries


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2

The Middle East region, and in particular, the Gulf Cooperation Council

1

(GCC), has experienced aperiod of unprecedented economic growth, driven by record oil prices and an inux of petrodollars.Some governments have implemented aggressive investment programs to develop infrastructure,acquire strategic assets and nance major construction projects, transforming the economic and socio-demographic prole of the region. Expatriates now account for 40% of the population across the GCC, andmore than 70% in the UAE, Qatar and Kuwait. Sovereign wealth has also helped to offset the impact of theglobal economic slowdown and ensured that governments within the GCC were able to respond quickly tothe effects of the Arab Spring.

Insurance across the region remains underdeveloped, with penetration rates below 2% in almost all GCCcountries. Regulatory regimes continue to improve, but retention remains low, particularly for localinsurance companies, and unsustainable levels of competition are detrimentally impacting nancialperformance in a number of markets. Life insurance, in particular, is nascent, accounting for less than 20%of premiums. This is especially prevalent in the indigenous and Muslim populations, where an established

culture of nancial support from family members and the welfare state provides limited demand for long-term protection and savings products.

However, demand dynamics are evolving. Governments, concerned by the rising cost of supporting theirpopulations, are implementing compulsory health insurance schemes, alongside existing compulsorymotor insurance. The growth of Islamic insurance (Takaful) has also helped to ease established religiousobjections to life insurance.

In the context of these profound changes, companies must re-evaluate their perceptions of consumers andtheir purchasing behavior. Our research uncovered strong evidence that customer behaviors in the UAE arechanging and that some common myths about insurance have become outdated. As a result, insurers willneed to think differently if they are to continue to be successful in attracting customers, deepening theirunderstanding and building lifetime customer value.

UAE life and pensions key ndings

A signicant majority of customers are looking to take more control over researching and purchasinglife products. Some 83% of respondents expect to do their own research before buying life and pensionspolicies, far more than in the Americas or parts of the Asia-Pacic region.

However, the role of agents remains central because of the preponderance of wealthy and mobileexpatriate consumers, for whom these products are key to long-term income generation and nancialsecurity. Buyers have high expectations of agent performance.

There is demand from customers for simplication and better information that would help them to buildproduct understanding and take greater control of the purchasing process.

Consumers have become accustomed to rewards for loyalty from non-nancial consumer services

industries and increasingly expect the same from insurers. To increase their share of the customerswallets, insurers must reward loyalty.

Insurers need to respond exibly to customers changing needs to boost retention and maximizecustomer lifetime value. But this is not just about marketing. It requires a deep understanding ofcustomer segments so insurers can design their brand and sustainable, protable productsaround them.

Executive summary

1 The GCCs member states are Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Qatar and Bahrain.


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UAE non-life insurance key ndings

In the non-life insurance market, consumer motives are surprisingly global: regardless of territory,customers are driven by convenience and value.

Convenience, however, is complex: it includes customers being able, easily, to research and buy whenthey want to, which has driven the growth of company and third-party websites. But convenience alsoincludes avoiding problems later on with cover, service or technology and this means that somecustomers still rely on tried and tested channels such as agents, family advice or trusted brands.

In a part-online, part-ofine world, delivering convenience has become more complicated. Integratingtechnology across several different customer channels is a signicant challenge for insurers.

Value is also complex to assess, reecting a balance of price, product features and service, whichvaries by market and customer type. Price, for example, is most important in motor insurance, but

quality is a larger issue with health insurance, and the complexity of home insurance leads manycustomers to look for brand recognition.

Given the complexity of customer segmentation, insurers need to understand the cost-to-serve of eachsegment and channel, as well as the behaviors that characterize them.

We hope you will nd this research useful in considering how you shape your business going forward.

If you would like more information and to review the detailed ndings, please contact your usual clientservice partner, or go to www.ey.com/insurance.

Justin BalcombeSenior Director, MENA Insurance Sector LeaderErnst & Young Dubai

Executive summary

3
http://www.ey.com/insurancehttp://www.ey.com/insurance


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We set out to explore

customers attitudes andbehaviors today, to separatemyth from reality and providesome hard evidence of whatcustomers want now.


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01Life and pensions (including investments)

While there is some truth in the myths around how life and pensions productsare bought and sold, the reality is more complex. Understanding the nuanceshelps insurers understand what they can do better or differently to attract,deepen and retain consumers and unlock greater customer lifetime value.

Our survey explores the following myths:

1. Customers have low condence in the life and pensions industry

2. Life insurance is sold, not bought

3. Personal interaction is essential

4. Its hard to cross-sell to existing customers

5. Providers cant inuence persistency


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Myth 1

Customers have low condencein the life and pensions industry

Received wisdom is that the nancial crisis has created mistrustof nancial services, and a perception that all nancial servicescompanies are untrustworthy. Our research indicates that this isnot the case in the UAE life and pensions sector.


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In the UAE, our ndings show that most customershave a positive view of the insurance industry,suggesting that it may have been less affected bythe nancial crisis than the banking sector in termsof undermining customer trust.

Consumers are condent that they have the

right productsA large majority (80%) of customers across allchannels, ages and income groups are condentthat they have the right product to meet theirneeds. This is broadly on a par with levels inthe Americas, Europe and Asia-Pacic.

Looking at the ndings more closely, 78% ofcustomers in the 55+ age range say that theyare very or fairly condent that they have theright product, compared to 87% of those in the3554 age range and 73% in the 1834 category.

Across products, condence in retirement (84%)and investment products (83%) is higher than inlife products (74%) and pension plans (73%). Thereason that pension plans lag behind retirementand investment products is that the latter tend tobe lump sum investments providing either certaintyor a good degree of investor control, whereas

pension plans are reliant on long-term trends ininvestment returns and the nancial stability of theemployer or pension provider.

However, for the minority of customers who arentcondent they have the right product, 45% cite lackof product understanding; 48% insufcient productperformance information; and 26% poor adviceas the reasons for their dissatisfaction with theemployer scheme, particularly given low levels ofstate pension provision.

80%of customers saythat they are very

or fairly condentthat they have the

right product.

How condent are you that your product meets your needs?

1834 age group

55+ age group

All surveyed participants

3454 age group

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Very/fairly

Not very/not at all

Life and pensions


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8

Life and pensions

Why are you not condent the product is the right one for your needs?

I did not fully understand the

terms when I first bought

the product

I think I received poor advice

None of the aboveMy needs have changed

I do not have enough

information about how well

my product is performing

Dont know

It hasnt performed as well as

other insurance products


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Quality of service is impacting overall satisfactionAlthough consumers are generally condent thatthey have the right products, they ascribe a lowermean satisfaction score a lower mean satisfactionscore of just 6.5/10 well below that of China(7.3); the UK (7.3); the US (7.7); South Africa (7.9);and India (7.9).

Its likely that this is partly due to a widespreadperception in the UAE that service levels aregenerally poor, both with personal contact andthrough call centers. Although the data suggeststhat in this regard, the UAE is behind the marketslisted above, it is on a par with other countries,such as France, Spain, Italy, Turkey, Hong Kongand Singapore.

In terms of service, a net 30% think the insuranceindustry is behind other sectors. This increasesto a net 65% in the 55+ age group. There is nodiscernible difference by age in overall levels of

satisfaction. However, those who bought throughan agent (6.7/10) and those in the lower incomegroup (7.0/10) express higher levels of satisfactionthan those in the high-income bracket (6.4/10), asignicant nding given the market demographics.

While these ndings are generally encouraging,particularly in regard to the positive views heldby younger consumers, insurers should not becomplacent. Customers will increasingly demandmore transparency and improved informationfrom their providers, while the prominence ofexpatriates in the UAE creates a relatively transient

community todays satised customers maynot be around to inuence their peers in a fewyears time.

In the UAE, dissatised customers most frequentlycite provision of better online services (39%),providing a named contact (34%) and beingmore transparent (30%) as areas where insurerscould improve.

Implications for insurers

These ndings are positive for the industry butare not grounds for complacency.

Insurance propositions must evolve to meet

changing needsAcross all segments, insurers need to evolvetheir propositions continually to meetcustomers changing needs and expectations,particularly for improved information andtransparency on product performance. This isparticularly the case for online access, whichhas become a given in many other consumerindustries. Customers who are used to genuinelycustomer-centric business models, such as thoseof pure internet businesses, will increasinglydemand similar engagement with insurers access when and where customers demand it;intelligent use of their data to recognize and

respond to customers; access to objectivecustomer-driven information to supportpurchase decisions; and rewards for loyalty.

9

30%of respondentssay the insurance

industry lags behindother industries onservice.

Life and pensions


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Life insurance is sold,not bought

Received wisdom is that because of a lack of customer knowledgeand condence, life insurance products are sold to consumers thepurchasing decision is not customer-driven. Our research indicatesthat for a growing minority of consumers, this is not the case.

UAE customers are typically wealthy andstrongly independentCustomers are much more independent in the UAEthan in other regions with almost half (49%) doingtheir own research. This is much higher than in theAmericas (27%) and Europe (27%) but lower than in

South Africa (67%) and India (74%). Of the greatestsignicance, however, is the nding that for futurepurchases, 83% of UAE consumers across allchannels expect to do their own research in thefuture more than in any other country inour survey.

We believe these high levels of self-directedactivity reect the prominence of wealthyexpatriate consumers in the UAE market, manyof whom will be familiar with features of life andpension products. However, demand from theindigenous population, where knowledge is lacking,

remains limited.

Customers use a range of research channelsCustomers will continue to use friends and family astrusted reference points: 54% of respondents citethem as a favored source for research. However,consumers expect these personal contacts toincreasingly become part of an extended online

group, and 59% of consumers in this region reportthat they intend to use online sources, such ascomparison sites and social media, to researchproduct information even though few comparisonsites are currently available. As with many othersectors and products, consumers are increasinglyasking: What can the internet tell me about thisinsurer and this product, based on sources Ican trust?

Despite the high level of independence, ourresearch shows that the agent still has a roleto play in helping 49% of consumers to

research products.

10

Which sources of information would you use when researching a new policy?

Myth 2

20%

19%

5%

0%

Online comparison website

Family or friends word of mouth

Advice from intermediary or agent

Direct contact with bank or insurance company people (call center, branch)

Bank or insurance company websites

Financial press/media

Other online sources

Information from an employer

Advertising/direct mail from product provider (bank or insurance company)

Other

Dont know

59%

54%

49%

44%

41%

35%

30%

83%of UAE consumersacross all channels

expect to do theirown research in the

future more than inany other country

in our survey.


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11

What is most important to you nancially?

Saving for retirement

Protecting retirement income

Protecting health

Providing for children

Cover if I lose my job

Saving for a house

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65%

Life and pensions

Customers know what they wantCustomers know what they want and have aclear understanding of the factors they arelooking for before purchasing a policy, with 63%of respondents citing product features as themost important reason to choose a life or pensionpolicy, ahead of the nancial stability of the insurer

(52%) and product performance (44%). Brand isconsidered important by only 20% of customers,in contrast to a number of other markets, such asHong Kong, where almost one-third (30%) citedbrand as a signicant factor driving product choice.

The survey demonstrates that customers alsounderstand that their needs change over time.For example, 46% of customers in the 3554 agerange cite providing for dependents as important,compared to 39% in the 1834 bracket, whilethe importance of retirement savings increasessteadily as consumers move through the three agegroups (1834: 38%; 3554: 46%; 55+: 50%).


Providing transparent product informationis vitalInsurers need to respond to customers strongdesire to take control of the buying process

by demystifying products and simplifyingprocesses. With such a high proportion ofcustomers in the UAE intending to carry outresearch, providers need to make sure thathigh-quality, transparent information is availableabout their products. They also need to focuson communicating their propositions in a waythat allows customers to educate themselvesabout the company, and to make a well-informedchoice of product.

Customer-centricity is a key area of focusIts vital to ensure that point-of-sale advice isavailable, whether a customer is using a direct

purchase channel or an intermediary. The salesforce should take a customer-centric approachthat focuses on meeting buyers specic needsrather than simply making a sale, especially atthe higher end of the market, where customersare much more discriminating. Due to theprevalence of agents, insurers need to makesure they are providing sufcient support,through regular and appropriate communicationand training.

Providers must inuence objective

information sources

Insurers also need to consider how to inuenceobjective and independent sources, particularlyonline sources, to ensure the company isrepresented fairly and accurately. Many insurersdo not yet fully understand how to achievethis objective, which goes far beyond simpleadvertising. Managing the corporate reputationin cyberspace is a new challenge facing manyconsumer industries.

1834 age group

3554 age group

55+ age group


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Personal interactionis essential

Received wisdom is that personal interaction is essential to educatecustomers about their nancial needs and explain which productsto buy. Our research indicates that this largely remains the case, butsome customers are becoming more self-directed.

Myth 3


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A large number of respondents in the UAE 89% rate personal interaction as essential, very or fairlyimportant. This is identical to the number in HongKong and very similar to that in India (94%) andChina (92%) but much higher than in the US (81%)and the UK (76%). This relative over-reliance onpersonal interaction may be a result of the opaque

nature of life and pensions in emerging markets,driving consumers to depend on meetings withagents to discuss product features.

Agent role is keyThe typical UAE customer may be characterizedas a delegator. In a business environment wherelong working hours are the norm, many customers(71%) use agents to support and validate the highlevel of independent work they do themselves,expecting agents to do a great deal or fair amountof research on their behalf.

In other markets, customers need personal

interaction to educate them about their needs andhave the suitability of products explained to them.In the UAE, the primary buyers of life and pensionsproducts are at the high end of the income scale.Rather than simply buying life insurance, they aremaking signicant investment decisions aboutsophisticated products. In line with the trend forindependent decision-making, they appear tobe using advisors to support decision-making,boost product understanding and select theright products.

However, at odds with these ndings, only 34%

of consumers use an agent to conclude theirpurchase, and only 24% of these consumersregard the agents advice as a key factor inproduct selection.

This suggests that consumers delegate research,whereas for the execution of the purchase, theywill often deal directly. A further nuance in the UAEpicture of personal interaction is the role of theworkplace and bank channels. Fifty-eight percentof pension plan holders say they acquire their plansthrough the workplace, and many of them have

done this before arriving in the UAE, suggestingit may not be such a key channel for providers asin other territories. For non-pension products,however, agents predominate. Our survey resultsshow that some 34% of customers prefer to buythese products through an intermediary, ahead ofthe workplace (25%), bank (20%) or directlyfrom an insurer (18%).

Personal interaction will remain importantCustomers at the very top end of the market,i.e., high net worth, are likely to continue to demandpersonal interaction because of the signicanceof life and pension products in wealth protection

and long-term nancial security. However, thecomplexity of the products acts as a signicantbarrier that prevents consumers from transactingfor themselves without rst taking advice. Thissuggests that there may be a pent-up need forsimplication and better information, which wouldhelp customers to build product understanding andtake greater control of the purchase process.

The need for expert assistance was the top-rankingreason in the UAE for customers requiring face-to-face interaction, but this was no different fromany other country apart from Japan. However, the

percentage of people who cited this as a reason inthe UAE (67%) was the second highest among all thecountries surveyed.

13

Life and pensions


Improved product information will helpdrive salesInsurers can build direct-purchase clients by

leveraging the condence purchasers havein buying directly and the importance ofprovider trust and product performance inrepeat purchases.

Whichever channel they prefer to use,customers want access to information that willhelp inform their decision-making around whichproducts are suitable, the level of investmentneeded and the returns that can be expected.

Providers should differentiate throughproduct innovationThe market in the UAE is very competitive, yet

the products available are homogenous. Anopportunity exists for insurers to differentiatethemselves from their competitors and standout from the crowd not simply through price,which is unsustainable, but through productinnovation and enhanced communicationwith customers.

Needs of self-directed customers shouldbe metProviders also need to be ready to meet theexpectations of self-directed customers asfamiliarity increases, and look to simplify

products and selling processes to make it easierfor customers to buy with condence.

89%of respondentsin the UAE ratepersonal interactionas essential, very orfairly important.


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14

Its hard to cross-sellto existing customers

Received wisdom is that customers are reluctant to buy moreproducts from the same provider. Our research shows thatwhile current cross-selling levels are low, customers are willingto buy more products.

Which factors are important to you when deciding whether to purchase additional products fromyour existing provider?

Myth 4

Our research shows that levels of repeat purchasesin the UAE are moderate to high 34% of thosesurveyed had bought more than one product froma single provider. This compares with around 11%in the UK and the US and 24% in South Africa,but 45% in India, 49% in Hong Kong and 48% in

Singapore. It may be that in the UAE, with limitedmedia exposure for life and pensions companies,people tend to stick with providers they know. Thisis borne out by the ndings the top two factorsdriving repeat purchases cited by respondents aretrust in the provider (51%) and ease of buying froma known provider (46%).

Quality and frequency of contact are importantIt is also clear that improved quality and frequencyof contact, as well as satisfaction with the provider,drive repeat purchases, and incentives or rewardsfor loyalty can also have an inuence. Where

customers feel the contact they receive meets theirneeds, 55% go on to make repeat purchases, whileonly 13% do so when they are dissatised with thecontact from their provider.

Customers want convenience and valueHowever, although customers are willing to buymore, they expect insurers to make it easy forthem. The process has to be convenient, providingan opportunity for multiple buying at the timeof original purchase and via the channel of their

choosing. Products need to be simple so that it iseasy for customers to understand what they arebuying, and customers increasingly expect to berewarded for loyalty.

Of those surveyed, 18% say that receivingadditional services at no extra cost is a factor inrepeat purchasing. Of the 18% of those surveyedwho changed providers, 51% say that improvedoffers on existing products would encourage arepeat sale and 47% that improved service maymake them reconsider switching. If insurersrespond to this, they can increase repeat sales

and drive improved retention.

It was easier to buyfrom a provider I

already know

My agent advised me tobuy from this provider

The product I alreadyhad was outperforming

the market

I trust the provider

51% 46% 24% 23%

34%have boughtadditional productsfrom the same

provider.


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>

Life and pensions


Increasing customer lifetime value willdrive protability

As in other markets, the high costs of newcustomer acquisition compared to lower product

charges mean that protability is increasinglydriven by retaining customers for longer,beyond their stay in the UAE, and increasingrevenue per existing customer in other words,increasing customer lifetime value. This makesit essential for insurers to increase their cross-selling efforts and to invest in CRM technologythat enables them to track customers andtransfer products as they move around. Insurersneed to target existing customers with tailored,appropriate products and consider investing ina new generation of CRM technology to enablethem to do this more effectively.

This is feasible for products issued by lifecompanies from offshore centers, such as theIsle of Man or the Channel Islands. These are not

jurisdiction-specic and can usually be retainedand in the case of regular savings plans contributions continued after the customer has

left the region. However, for local insurers in theUAE that sell more pure life insurance and fewerinvestment and savings products, it will be moredifcult to retain clients who move away.

Hard selling is counter-productiveThe data shows, however, that hard sales tacticsdo not work and are often counter-productive.Providers who build relationships withcustomers and can give them what they want,when and how they want it, will drive value.

Partnering with intermediaries willmaximize revenueInsurers should work in partnership withintermediaries, who play a key role in the salesprocess, to maximize the revenue opportunityfrom existing customers. This will require robust

sales force management, agreeing on protocolsfor customer access and aligning economicincentives to obtain the best outcome for allparties, so that they cooperate to act in the bestinterests of the customer.

I received otherrewards for buying

additional products

from this provider

Dont knowOtherI received additionalservices without

additional cost

I received adiscount for buying

additional products

18% 13% 6% 4%18%


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Providers cant inuencepersistency

Received wisdom is that providers feel they have little ability to makea material difference to persistency. Our research shows that insurerscan improve customer retention by better meeting customerschanging needs.

Myth 5


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Switching in the UAE higher than in anyother regionThe research shows that 18% of respondents thehighest gure of all countries surveyed changedproviders in the last ve years. This is likely to bedriven by changes to employment status togetherwith the transient nature of the population, and

compares with 10% of customers who switched inthe UK and 8% in the US.

The survey indicates that switching behavior mayincrease further in time as customers becomemore demanding that products and service meettheir needs and expectations. Thirty-seven percentsay that they are very or fairly likely to changeprovider in the next ve years. This compares toonly 15% in the Americas, 16% in Europe and 24%across Asia-Pacic, so it should serve as a warningto UAE operators.

For products with a 25-year life, this is a signicant

degree of churn that cant be ignored. It is troublingthat only 31% of customers said insurers had madefair or great efforts to retain them.

Majority of customers have no reason to

change providerThe majority (53%) of non-switchers state they haveno reason to change providers, which suggests thatby avoiding mistakes, insurers can keep retentionhigh. It also reects the prominence of singleinsurer agents, together with the nancial and

administrative burdens of attempting to switch: thecharging structure in the UAE insurance marketmakes it very difcult for customers to switch withinve years of purchasing a product.

Irrespective of these impediments, however, anumber of consumers are effectively forced to leave.

Some 38% of switchers say that they moved dueto the providers inability to adapt to their needs.This issue reects recent economic turmoil, whichwill have impacted the needs of customers, andsuggests a lack of exibility on the part of insurers.Poor service is the next most signicant reason forchanging, cited by 33% of respondents.

Industry failing to reward loyaltyThe research also shows that customers are

increasingly accustomed to rewards for loyalty inother industries, either through price discounts orextra value, but that insurers are not keeping up inthis regard. Some 58% of respondents believe that

the industry does not reward loyalty.

At the point when customers leave, they clearlystate that if the provider had given them anincentive to stay, they would have considereddoing so. Fifty-one percent of switchers wouldhave reconsidered if their provider had proposedan improved nancial offer, with a further 47%inuenced by assurances that service qualitywould improve.

Why did you change provider?

Life and pensions

Poor service by

previous provider

33%

Poor product performance

16%

My agent changed providers

and recommended a new

provider

18%

Agent recommended a

new provider

18%

My needs changed and my

provider could not meet my

new needs

38%

53%of non-switchers statethey have no reason

to change providers,

which suggests thatby avoiding mistakes,insurers can keepretention high.


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18

What would have made you reconsider switching providers?

Life and pensions

51%of switchers wouldhave reconsideredstaying if theirprovider hadproposed an improved

nancial offer.

4%27% 22% 7%

51% 47% 38% 29%

More frequent

communication with me

Other Nothing

Confidence that the service I

receive would improve

More transparency about

my product(s) and their

performance

Advice from my agentMore personal contact with

my provider

Better offer on existing

product(s)


Focus should be on service quality, productexibility and loyalty rewards

UAE insurers need to be aware of, and address,the relatively high level of customers who are

likely to switch insurer. Maintaining servicequality and providing product exibility are keyto ensuring retention. Insurers should also lookat ways to reward loyalty better, such as givinghigher investment allocation rates on additionalinvestment products or maybe providingfree wellness checks on particular policyanniversaries.

Better contact is essential to boost retentionIt is clear that providers also need to improve thequality of contact with customers, both duringtheir life cycle and particularly when at risk oflapse. The survey shows that if providers contact

customers and are responsive to their needs,retention will improve.

Early investment in CRM systems willbring benets

Having an effective customer retention functionis becoming essential for insurers, and this

should be integrated with overall improvementsto how they engage with existing customers. It iseasier to build CRM systems at the outset of thecycle, rather than try to bolt them on at the end,when customers have become accustomed to alow-touch level of service.


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02Non-life insurance

While there is some truth in the myths around how non-life insuranceproducts are bought and sold, the reality is more complex. Understandingthe nuances helps insurers understand what they can do better or differentlyto attract consumers, deepen and retain relationships and unlock greatercustomer lifetime value.

Our survey explores the following myths:

1. The future is online

2. Its only about price

3. Good claims experience builds loyalty

4. Customers dont respond to cross-selling

5. Insurers cant inuence customer retention


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Myth 1

The future isonlineReceived wisdom is that the use of internet resources is growingrapidly and in the future, online will be the dominant channel not

only for research, but also for transactions. Our research indicatesthat while their use is growing, online channels need to be part ofan integrated channel strategy.


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21

Online research is growing quicklyOur survey results reect the increasingimportance of online channels for research andtransactions, driven by high levels even whencompared to developed markets of internet andsmartphone penetration. Some 34% of customersin the UAE are currently using a range of online

channels, including providers own websites, toresearch purchases. Although the proportion ofpeople currently researching online is similar tothat of Europe as a whole (32%), it is far behindthe UK and China, where 57% and 56% of people,respectively, research online prior to purchase.More people in the UAE carry out online researchthan consumers in India (31%), and far more thanthose in South Africa (7%).

Comparison websites becoming more popularThis trend is expected to continue, but with markedvariations by channel. While 29% of respondentssay that for information or advice purposes, they

will make more use of company/bank websites inthe future, 19% say they will use them less, a netincrease of just 10%.

This may well be a reection of the relativelyunderdeveloped nature of some company websitesin the UAE in terms of what they offer and theircapabilities. In contrast, 41% of customers say thatthey will make more use of comparison websitesand only 16% that they will use them less, a netincrease of 25%.

Word of mouth remains the preferred source of

research, cited by 39% of respondents, aheadof direct contact with a bank or insurer (31%).Surprisingly, among the 1834 age group, the gapis wider with 46% citing word of mouth comparedto 29% using online comparison sites. This mayreect the relatively low prevalence of such sites inthe UAE. In addition, there are signicant sectionsof the population from cultures where a relianceon family-sourced advice is prevalent, such as theIndian subcontinent and Arab countries.

Sales activity lags research activityOnline sales lag behind internet use for researchpurposes, with only 16% of consumers reportingthat they bought through a comparison site,although 40% said that they considered doing so.The reality is that the limited (although improving)availability of online transactions in the UAE may

inhibit consumer choice and inuence behavior.Very few insurance companies, with the exceptionof some offering motor and travel products,currently have a reliable platform for onlinepurchasing. As there is improvement in creatingonline sales processes, accessible through both PCor smartphone, that give customers condencethey can purchase a reliable product quickly, morecustomers will migrate to this channel.

Although the use of technology is expected to rise,this does not necessarily mean that the importanceof personal contact will decrease. In terms ofrenewing, there is no overriding preference, with

32% preferring online, 28% personal contact and39% a combination of the two, although this variesby product class.

Given that the driving motivation is convenience,customers want to be able to choose thecommunication method that suits them atthe time and for the purpose, and to switchbetween channels. This suggests that the insurershould make sure that it operates in a way thataccommodates different client needs in termsof communication.

Looking ahead, the high penetration ofsmartphones is likely to drive demand for mobiledistribution. Insurers than can innovate in thisspace may be able to grab market share.

Non-life insurance

Preferred form of contact

Renewing policy

Making claim

Extending cover

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

34%of customers in theUAE are currentlyusing a range ofonline channels,

including providersown websites, toresearch purchases.

All online

Some online andsome personal

All personal


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22

Non-life insurance

Percentage of customers that will use company and comparison websites in the future

41%more

16%less

Comparison website

29%more

19% less

Company website


25/36


Insurers must meet customer expectationsacross channelsCustomers are demonstrating an underlyingdesire to utilize online services. Providers

need to ensure that their internet propositionmatches customer expectations by combiningclear product information for new buyersand a simplied renewal process forreturning customers. This needs to take intoaccount the mix of customer types and theirdiffering information needs. Online take-up,understandably, is slower for more complexproducts. Creating an easy and reliable processis therefore the most important tactic forcompanies. Insurers should also develop astrategy to respond to customers increasingpreference for using comparison websites.

Some insurers have made progress inensuring their sales process is adapted to theonline environment. Much of the complexityin integrating technology, however, is inthe back ofce customer servicing andclaims and in these areas there has beenless progress as the task is huge. Customersexpect insurers to integrate differentmethods of communication: they want to beable to choose the communication methodthat suits them at the time and for thepurpose, and to switch between channelswithout repeating part of a transaction.

Insurers have to be able, seamlessly, tointegrate online and ofine channels to meetchanging customer needs over the productlife cycle. Ensuring accurate and easy-to-use

record keeping across three or four differentcommunication methods is a technologicalchallenge for many organizations. Certainly,when consumers decide that they want personalinteraction, whether face-to-face, by telephoneor web chat, they want their time to be treatedas valuable and not to be squandered on aninsurers own process inefciencies orinternal requirements.

Online is no panacea: exibility is key

Online sales should not be seen as a way toreduce costs, as conversion rates are low,marketing costs high and websites need constant

updating. Customer expectations of the salesprocess are high, and a contact center (phoneand internet) will still be needed to supportqueries. As the adoption of smartphones overrecent years illustrates, technology evolvesvery fast and only agile companies withshort product life cycles and exibleoperating models will be able to adaptquickly to the next technological advance.

23

Sources of information used before buying

Non-life insurance

41%of customers saythat they will

make more use ofcomparison websites.

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Family or friends word of mouth

Direct contact with bank or insurance company

Advice from intermediary or agent

Online comparison website

Bank or insurance company websites

Information from an employer

Advertising/direct mail from product provider

Other online sources

Financial press/media

None of the above

Other Total

1834 age group


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24

Price is an important factor, but not theonly onePrice is an important component of value, butit is not the only one. Although it is particularlysensitive for new business, renewal customers willalso consider the service they have received andthe condence they have in the provider. Overall,58% of respondents say that they take price intoconsideration when making a purchase, aheadof a well-known or trustworthy brand (53%) and

customer service (36%). In comparison, price is themost important factor in the Americas and Europebut followed closely by brand. In Asia-Pacic,however, the price and brand were consideredequally important by customers.

Purchase drivers are specic to product

and channelThe picture at the product and channel levels ismore complex. For those buying directly from aninsurer, price is selected as the most importantfactor by 55% of respondents, ahead of a well-knownor trustworthy brand (40%). For bank customers,

nancial stability is the most important factor and,while price is second, it is selected by considerablyfewer respondents than those purchasing from aninsurer, just 33%.

Across all channels for motor and home insurance,price is overwhelmingly the key driver. Some 66% ofmotor and 58% of home building customers say thatthey take price into consideration when making apurchase. In contrast, buyers of health insurance are

clearly concerned about factors other thanprice only 46% of respondents say that they takeprice into consideration, with 49% saying brand and41% saying customer service were key factors.

For renewals, non-price factors, such as service andtrust, are most important to loyal customers, withprice being identied as a key factor by only 25%of respondents.

Insurers in the UAE will need to take note of acommon trend in many other markets whereprice comparison websites and whole of marketagents have driven price convergence amongnon-life insurance products. However, while priceis important, customers do not simply choosethe cheapest product, many seek to differentiateproviders on other components of value, such as atrustworthy brand, previous experience and goodproduct features.

With this leveling of prices in a number of markets,some insurers have responded by unbundling

their products to offer a low headline price, butthis provides customers with the opportunityto challenge the value proposition. Throughunbundling, customers have the ability to purchaseonly the components they value, rather than allthe ancillary covers on offer. For those ancillaryproducts perceived as overpriced, sales willdrop quickly. Up-selling is therefore critical, toensure that there is no loss of value through theunbundling process.

Its only aboutpriceReceived wisdom is that general insurance products arecommoditized and price, therefore, is the only criteria on which they

are purchased. Our research indicates that this is not the case.

Why have you not changed insurer?

Myth 2

55%of respondents whobought directly froman insurer selectedprice as the mostimportant factor.

I am confident they willpay out if I make a claim

My agent recommended thatI stay with the same provider

6%

Other

5%

Easier/less trouble to staywith my current provider

28%

They have beencompetitive on price

25%

They have offered menon-insurance servicesthat complement my policy,

e.g., car repairs with mymotor insurance

8%

No reason to change

12%

23%

I trust my current provider

30%

They have dealt well withmy claim(s)

18%

Happy with the serviceI receive

35%


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25

Which factors are most important when purchasing your policy?


Its not just about price: insurers need to

focus on brand and service tooInsurers must be able to identify the mostimportant buying factors by channel and

product to attract and retain customers.Insurers should focus on price and product toattract clients, but on service and building trustto retain them.

While being competitive on price remainsimportant particularly to attract newcustomers there are additional factors thatproviders can address to win new buyers andensure customer retention, such as the exibilityof their products, ease and simplicity of salesprocess and developing a more sophisticatedcustomer segmentation strategy.

Segment the audience to price effectivelySomewhat ironically, the fact that other non-price factors are nearly as important as pricemeans that companies need to increase theirpricing sophistication to compete effectively.Insurers should consider micro-segmentationto understand the true cost-to-serve for eachgroup of customers and build this into theirpricing models. Customers vulnerability toother insurers brands or products must be

included in pricing models, to determine whatprice can be charged and still win the business.For example, if you have a strong brand, howmuch can you add to the price and still beat a

weaker brand?

Online brand management is becomingincreasingly importantExperience from other markets suggests thatinsurers will also increasingly have to investin managing their brand online to ensure thatsocial network comments reect their brandvalues. Managing their reputation in cyberspaceis not something insurers have had to do inthe past.

Providers need to decide how to position theirbrand: whether to have a multi-brand strategy,

targeted at different consumer segments, orinvest in a ubiquitous brand with general appeal.Whichever option providers and intermediarieschoose, they will not only need to invest incustomer insight techniques and technology, butalso in building this insight into their customeroperational processes and product design, toensure they are agile enough to appeal to a wideset of customer behaviors.

Non-life insurance

58%of respondents saythat they take priceinto considerationwhen making apurchase, ahead

of a well-known ortrustworthy brandand customer service.

0% 10% 20% 30% 40% 50% 60%

UAE

Americas

Asia-Pacific

Europe Price

Brand


28/36

Good claims experiencebuildsloyalty

Received wisdom is that if providers offer a good claims experience,customers will be delighted and this will drive loyalty and help build brandvalue. Our research shows that a good claims experience is expected, butthat a bad experience diminishes brand value.

Myth 3


29/36

27

A good claims experience is necessary, butdoesnt build loyaltyAn efcient and effective claims function is a keyprot driver for any insurer. From a customerperspective, however, our research shows a veryclear and consistent picture regarding claims.An efcient and quick response will validate a

policyholders view that he or she has chosenthe right insurer. But customers expect greatservice and a good claims experience as a matterof course, so this will not drive greater loyaltyor signicantly improve customer retention.Conversely, a poor claims service is likely to drivecustomers to switch provider.

Our ndings show that of those consumers in theUAE who have had a good claims experience,64% are unlikely to change insurer. This guredrops to 39% for those that have had a bad claimsexperience. While this trend is similar across allregions, the potential impact on customer retention

in the UAE is more signicant and emphasizes howmuch importance insurers should place on thisaspect of service.

Understand the needs of differentcustomer segmentsTo meet customer expectations, insurers needa deep understanding of the varying needsof individual customer groupings. While oldercustomers tend to value personal contact duringthe claims process, younger consumers are moreconcerned with speed of settlement. Consumersacross all age groupings may rely on a variety of

communications channels phone calls, email ortexts to stay informed as a claim progresses.However consumers prefer to interact withtheir insurance providers, companies need tobe sufciently agile to respond promptly andappropriately and maintain transparency andconsistency across multiple channels and touchpoints if they are to meet customers expectations.


Claims service needs continuing investmentInefcient claims processes are a source ofnancial leakage for insurers, and our researchshows that UAE consumers are far more

sensitive to poor claims service than those inother countries. Improving claims efciencyand effectiveness can therefore have a bigimpact on an insurers nancial performance.Performing well in this area may lead to a littlemore retention, but dropping behind can have asignicantly detrimental effect.

Investment in claims processes and technologyshould not be driven by the belief that it willhelp to improve retention, but predominantly toimprove efciency for customer and insurer.

Integrated communication and distribution

are keyIn difcult economic times, there may be anincreased frequency of claims, and for insurersto tighten the parameters around claimsassessment. It is absolutely critical that insurerscommunicate clearly and consistently the scopeof the cover and the mechanics of the claimsresponse, so that there can be no room fordoubt and no opportunity for expectations tobe disappointed.

Claims service has a predominantly downsiderisk. It is critical that insurers invest in this

area, both to keep up with changing customerexpectations and to ensure that communicationmethods and distribution channels integrateseamlessly. Otherwise, a level of service thatis perceived as satisfactory today may beinsufcient in three years time.

Percentage of respondents who said they were unlikely to change insurer

Europe

Americas

Asia-Pacific

UAE

Japan

South Africa

0% 10% 20% 30% 40% 50% 60% 70%

India

27

Non-life insurance

64%of consumers inthe UAE who havehad a good claimsexperience areunlikely to changeinsurer.

No claim Bad claim

Good claim


30/36

Customersdontrespond to cross-selling

Received wisdom is that customers dont enjoy the sales processand resent insurers trying to sell them additional products. Ourresearch found that customers are willing to buy more products.

Myth 4


31/36

I think I will get a betterservice from one provider

47%

Dont know

2%

Other

2%

It was cheaper to havemultiple products withone insurer

34%

My agent/advisor suggestI do it

4%

It just makes it simpler tohave it all in one place

72%

29

Many customers prefer a single providerNew regulations requiring composite insurancebusinesses to split the operations of their life andnon-life, due to be implemented in 2012, may havea signicant impact on cross-selling. However, ourresearch shows that customers are currently willingto buy multiple products from existing providers,

and in fact, many prefer to do so if it can be done ina way that is convenient and delivers greater value.In the survey, 49% of customers say that theyprefer to buy from one provider, with a further 26%expressing no strong preference either way.

Trust and convenience drive repeat purchasingConvenience and service are the main factorsdriving repeat purchases. Customers cite simplicity(72%) and the expectation of better service (47%) asthe major reasons for preferring a single provider.

Comparing UAE results to other regions, it is clearthat improved quality and frequency of contact, as

well as satisfaction with the provider, drive repeatpurchases. Incentives or rewards for loyalty canalso inuence this.

Convenience is a key driverAlthough customers are willing to buy more,they expect insurers to make it easy for themand to share in the benet. The process has tobe convenient for example, by providing anopportunity for additional purchases at the timeof original purchase, and via the channel of thecustomers choosing. Customers expect theprovider to leverage its knowledge and insight to

offer relevant, related products in one quick andeasy sale, rather than in multiple contacts over aprotracted period. Trying to cross-sell after theprimary purchase is less successful; this may beperceived as no more convenient than buying froma new insurer.


Providers need to demonstrate whycustomers should buy from themInsurers need to ask how they can demonstratethat a repeat purchase is either easier or better

value than going to another insurer. Regardlessof channel, insurers should be able to leveragetheir improved customer data to better align theproduct proposition to the customers needs.

Insurers must leverage customer data tomake every interaction countTo make purchasing easy and convenient,processes for repeat sales need to leveragethe insurers existing data, to shorten the saletime and help tailor the product. Insurers whoask questions to which they already know theanswers will lose their goodwill advantage veryquickly. In addition, customers in many countries

will expect a discount for holding more than oneproduct, so insurers need to develop a pricingmodel that allows this for example, sharingsome of the benets from an improvementin the assumptions on retention for thosecustomers with multiple products.

Cross-selling through intermediariesDraft regulations aim to formalize the rules forbanks to sell the products of insurers. Insurersshould therefore consider how they can applyour research ndings in the context of theirpartnerships with banks to maximize cross-

selling opportunities.

Why do you prefer to buy different types of insurance from one provider?

Non-life insurance

49%of customers saythat they preferto buy multipleproducts from

one provider.


32/36

The retention rates for non-life insurance varywidely across different countries. Part of thisvariation is explained by different behavioralnorms, and part by the level of insurer focus onpre-renewal efforts.

In the UAE market, customer attrition is relativelyhigh, with 37% of respondents switching in the lastve years, compared to 24% in the Americas, 32%in Europe and 22% in Asia-Pacic. Looking forward,38% of respondents say that they are very or fairlylikely to switch in the next ve years. This levelof attrition is very similar to the UK, where 40% ofconsumers are very or fairly likely to switch, andis higher than South Africa (35%), India (31%) andEurope (22%).

The two main reasons for switching are ndinga better product elsewhere cited by 34% of

respondents and being offered a better productor cheaper price by another provider (33%).Conversely, the key reasons for not switching are:being happy with the service (35%); trust in thecurrent provider (30%); and the burden of havingto change (29%).

Retention efforts are patchyCompounding consumers high propensity toswitch, non-life insurance providers have a patchyrecord on customer retention. Our research showsthat across nearly all countries, most switchersheard very little or nothing from their insurers.

This is certainly the case in the UAE 46% of thosewho changed providers feel that their formerinsurer did not make any effort to prevent themfrom switching.

Sadly, if customers have reached the point wherethey are about to leave, our research showsit may be too late to repair the relationship.Perhaps drawing on their experience from otherindustries, consumers are accustomed to rewardsfor loyalty, either through price discounts orextra value, and are disappointed when insurersfail to meet this expectation. The data shows

that 56% of respondents in the UAE believe thatinsurance companies do not adequately rewardloyalty. Being offered a discount is cited by 40%of respondents as something that would preventthem from switching. Other persuasive factors area more competitive price (48%) and better productfeatures (39%).

Insurers cant inuencecustomer retention

Received wisdom is that providers feel they have little abilityto retain customers its just not something they can control.Our research found that this was not the case.

How likely are you to change providers in the next ve years?

Myth 5

30

55%of respondents inthe UAE believe thatinsurance companies

do not adequatelyreward loyalty.

Dont knowNot at all likelyNot very likelyFairly likelyVery likely

8% 9% 12%30% 42%


33/36

Transient customer base is a factorThe transient nature of the population createsan interesting market dynamic in the UAE, whichhas an impact on retention. As expatriates arrive,they tend to be inuenced by word of mouth asto which non-life insurance provider to buy from.Alternatively, they may be offered a bundled

package from a retailer usually the case with

motor vehicles who is often a domestic provider.At renewal time, however, customers are morelikely to shop around and look to global brands,so those global insurers that better manage theircorporate relationships and adapt their productsappropriately will have an advantage over theirlocal competitors in the UAE.


A focus on price and service will helpbuild loyaltyIn the UAE, good service alone does not

prevent clients from switching providers.Insurers should look to combine a focus onservice with competitive pricing to help buildloyalty. Retention, although low on the basisof geographic market comparisons, appearsrespectable given the highly competitive natureof insurance in the UAE, but this could fall ifaggregators become more prominent.

To boost retention further, insurers need toimprove the quality of contact with customers,particularly when at risk of lapse. Providers whoare able to use their customer data to identify

valuable customers stand a better chance ofimproving retention and potentially up-selling orcross-selling other products.

Understanding of cost-to-serve shouldunderpin retention strategyWhile retaining their best customers is thegoal, unless insurers understand the cost-to-serve of different customer micro-segmentsand channels, they cannot establish whethera customer is worth retaining and how muchthey should invest in retaining them.Companies also need to understand theswitching behavior of their clients and how

it differs by territory and customer segment.Combining an understanding of cost-to-servewith switching propensity will strengthen aninsurers retention strategy.

Improved sales force training willboost retentionFor some insurers a sophisticated approach

using a highly-trained specialist retentionsalesforce which is able to make appropriaterecommendations around cover and pricingcombinations will be the correct strategy toretain more customers. This requires not onlya dedicated staff, but also agile products withexible pricing models, so that the retentionteam is able to negotiate effectively on price andproduct coverage. Without this level of productexibility, the retention team can only offerblanket discounts, which rarely create long-term protability.

Having an effective customer retention functionthat segments the customer base, targets thosewho are most valuable and communicates withthem proactively is becoming increasinglyimportant for insurers to boost retentionand protability.

31

Non-life insurance

46%of those who changedproviders feel thattheir former insurer

did not make anyeffort to preventthem from switching.


34/36

32

32

During August and October 2011, Ernst & Young commissioned a global customer insurance survey.Working with Ipsos, this research focused on better understanding the behaviors and expectations ofcustomers across the globe.

The survey covered 24,000 customers across 7 regions and 23 countries.

The survey was designed to be broadly representative of the insurance-buying population in each

country, accessible through online panels. Only people holding at least one insurance policy were eligibleto participate. This methodology has been widely used by Ipsos for insurance, consumer products andservices clients around the world.

It is important to remember that in developing markets, online panels tend to be more representativeof an urban and relatively afuent population than of the population as a whole. However, as this is thegroup that is more likely to buy insurance (and indeed, consumer goods and services in general), it wasfelt that an online approach still produced a sample that is broadly representative of the target marketfor insurance companies. It is also a reasonable assumption that younger people are less likely to own aninsurance policy and therefore formed a smaller proportion of responses to the survey than they do of thepopulation as a whole.

The following steps were taken to reach a cross-section of insurance customers via theonline panels:

Interviews were conducted in each market using online access panels* among members of theadult population.**

The outgoing sample, i.e., the group of people initially invited to respond to the survey, was balanced tobe representative of the national population by age, gender and region.

A screening question was placed at the beginning of the survey to exclude respondents who did nothold at least one product from a set list of insurance products.

Quotas were set on life and pensions and non-life insurance to ensure equal numbers of responsesacross the two main insurance categories (in order to facilitate analysis within each category).

No further quotas were set. The interviews were left to fall out naturally across the online demographicgroups on the assumption that the responses should broadly reect the prole of the insurance marketin each country.

For the European, American, Asia-Pacic and India regions, the data has been weighted accordingto the size of each individual countrys Gross National Income adjusted for the Purchase Parity Power(GNI PPP). Source: World Bank website, 2010 data.

Analysis of the survey ndings has been conducted jointly by Ipsos and Ernst & Young.

Life and pensions

Age

Gender

Non-life insurance

Age

Gender

18-24

25-34

35-44

45-54

55-64

65+

13%

17%

21%

24%

13%

12%

18-24

25-34

35-44

45-54

55-64

65+

13%

18%

22%

23%

11%13%

Male

51%Female49%

Male

49%Female51%

* South Africa conducted ofine and India mixed online/ofine.

** In some markets this is 1865 years old, extended to 65+ where feasible. Excludes regions in some developing markets where this is not appropriate.

Global methodology


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UAEJustin BalcombeSenior Director, MENA Insurance Sector LeaderErnst & Young DubaiEmail:[email protected] Tel: +971 56 603 1149

UAEGordon BenniePartner, MENA Financial Services Industry Leader

Ernst & Young DubaiEmail: [email protected] Tel: +973 1 751 4717

Find out how we can help at www.ey.com/insurance, or contact a member of our team.

Ernst & Young is a global leader in professional services andhas signicant experience providing a broad range of servicesto the insurance industry. Our reputation is built on assemblingmultidisciplinary insurance teams from around the world to delivera range of services, including: performance improvement; nancial

management and control; change management; regulatoryreporting; risk management; information technology; productdesign; tax; transactions; actuarial; corporate advisory; and auditservices. This means you get a clear perspective of your marketand the options available to you. Its how Ernst & Young makesa difference.

How Ernst & Young can help
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About Ernst & Young

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Its how Ernst & Young makes a difference.

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2012 EYGM Limited.All Rights Reserved.

EYG No. EG0078e

In line with Ernst & Youngs commitment to minimize

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This publication contains information in summary form and is

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