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Insurance Agenda - EY - Australia

Global Consumer Insurance Survey 2012

Global Consumer Insurance Survey 2012

Insurance giant chooses integrated Asia-Pacific FSO teams

Our reputation as the most globally integrated professional services provider is earning success in Asia-Pacific. It was one of the reasons why insurance giant Prudential appointed an integrated global Financial Services Organization (FSO) team including Asia-Pacific colleagues from Hong Kong and Singapore to assist in its response to the US Foreign Accounts Tax Compliance Act (FATCA).

How to address FATCA is an issue facing many clients and targets across Asia-Pacific and globally. It's a new legislation that requires affected financial institutions to identify their customers and prove whether or not they are US citizens. Our joint Advisory and Tax approach to helping clients comply with FATCA, along with our ability to provide an integrated global team, was an important factor in winning the assignment with Prudential, which has operations in 10 markets across Asia-Pacific.

"By teaming across Tax and Advisory in Singapore and Hong Kong, as well as with our FSOs in EMEIA and Americas, we were able to demonstrate to Prudential how our integrated global network matched their global needs," says Insurance Practice Leader, Asean, Graham Handy.





Welcome to the new Insurance Agenda website. Following on from your feedback we have redesigned the layout to give you broader and easier access to our insights on a number of key industry issues and themes from both our local and our global practice.

We believe that insurers are facing 3 broad themes in the market.

  • Risk, regulation and capital - striking the right balance between capital and risk management in an increasingly regulated environment
  • Operational transformation – improving operational efficiencies, eliminating unnecessary costs and boosting overall performance and productivity
  • Customer and distribution - anticipating and responding to shifting customer preferences while delivering an improved and efficient customer experience

The Insurance Agenda website features useful links to some of our local and global publications, case studies and webcasts. Abstracts are given and full reports can be downloaded. Simply contact us directly or request a briefing by clicking on the respective links.

In this month’s new issue of Insurance Agenda, we have included the Asia Pacific results of our 2012 global consumer survey. Interviewing 24,000 customers across 23 countries we explore some of the myths associated with customer behaviours and attitudes to purchasing insurance products. Interestingly in Australia, perhaps the most mature market in the region, this survey reveals that a staggering 62% of life and pensions customers said that insurers made “no effort” to retain them. Also, it showed that online remains a key component of an integrated channel management strategy, with websites (including comparison sites) being the most utilised research tool within the Australian market. You can view our webcast on the latest findings or download the report below.

Enjoy reading and please use our tools and resources to help you remain at the forefront of topical local and global industry issues.

Please feel free to request a briefing and as always we welcome your feedback.




Paul Clark
Paul Clark
Asia Pacific Sector Leader, Insurance
Phone: +61 2 8295 6967
Email: Paul.Clark@au.ey.com

Global Consumer Insurance Survey 2012

Voice of the customer. Time for insurers to rethink their relationships


Recently we surveyed over 24 000 customers, across 7 regions in 23 countries, to uncover the myths associated with customer behaviour and attitudes across the insurance sector.

Some of our local findings revealed the following:
  • Online remains a key component of an integrated channel management strategy, with websites (including comparison sites) being the most utilised research tool within the Australian market
  • Insurers are making little or no effort to retain their customers
  • Price remains a crucial factor, while convenience and better service are major drivers for repeat purchasing.
  • Claims experience is increasingly expected to be of a very high standard, failing to deliver such an experience will drive switching.

Click here for more information and to view the Consumer Insurance Survey 2012.





   
Capital, risk and regulation Operational effectiveness Customer
Risk and capital management functions are facing significant challenges. Against a wave of regulatory reform and highly uncertain macro-economic trends, getting the right balance between capital levels, ROE and growth has never been more important. Insurance companies around the globe are refocusing their efforts to improve overall operational efficiency, squeezing costs out of the system without impairing the overall customer service experience. In an intensely competitive and capital constrained market, attracting and solidifying customer relationships is central to achieving sustained growth.
   














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