科尔尼的一份保险行业咨询报告

1A.T.Kearney18/Data/Misc/Rel.Com./CA/05PerspectivesonPerspectivesonLifeLifeandandPensionPensionFundsFundsIstanbul,Istanbul,JuneJune44thth200220022A.T.Kearney18/Data/Misc/Rel.Com./CA/05PerspectivesonLifeandPensionfunds-Agenda„Marketpatterns„Performancedrivers„SpecificitiesoftheTurkishmarket„Implicationsintermsofstrategyandtransformation3A.T.Kearney18/Data/Misc/Rel.Com./CA/05Marketpatterns4A.T.Kearney18/Data/Misc/Rel.Com./CA/05ThispresentationaddressesthelongtermsavingsstrategicsegmentofthelifeinsurancemarketMarketpatternsFinancialservicesstrategicsegmentationInsuranceSavingsCashandDebtservicesEachsegmentischaracterizedbyspecificdemandcharacteristics,competitiveadvantagedrivers,supplystructurePropertyandcasualtyAccidentandHealthLongtermsavingsShorttermsavingsLoansCashservices•Personalaccidentinsurance•Healthinsurance•Savingsinsurance•PensionfundsLifeinsurancePresentationscope5A.T.Kearney18/Data/Misc/Rel.Com./CA/05GlobalLifeandPensionfundsmarketsareverydiverseintermsofbusinessenvironment„AstructuralgrowthofLifeandPensionfundsmarkets•Agingofpopulationmix•MoreconstraintsonStatesbudgetdeficit„Astrongdiversityofdemandandregulatoryenvironments•Customerpreferences•Taxregimes-variousdegreesoftaxincentivesforLifecontractsandunit-linkedproducts-DIYpensionscanbeencouragedornotbytheStatetaxregime•Regulatoryregimes-nocrossownershiprestrictionbetweenbanksandinsurancecompaniesinEurope(restrictionintheUSuntil1999)-legislationwhichrestrictsnon-independentadvisorsintheUK47%32%24%15%10%GermanyFranceUKNetherlandsUSBankdepositsin%ofsavings(2000)Marketpatterns6A.T.Kearney18/Data/Misc/Rel.Com./CA/05Nationaldemandandregulatoryenvironmentstranslateintoverydifferentdistributionchannelmix616050503019121049142450134764222627101058412421016910954SpainFranceItalyBelgiumNetherlandsGermanyUSAUKDirect/otherSources:Italy–Ania;Spain–UNESPA;France-Moody’s;ATKearneyAnalysis;Germany-Datamonitor,BankVontobel;Netherlands-Datamonitor;MorganStanleyDeanWitter,ATKearneyanalysis;UK-Datamonitor;MorganStanleyDeanWitter;Belgium–Assur;USA–Datamonitor,ATKearneyAnalysisLifeInsurance–DistributionChannelMix-1999;%-MarketpatternsCompanyemployeesTiedAgents/salesforceIFAsBanks7A.T.Kearney18/Data/Misc/Rel.Com./CA/0520575606385703072775745838636363856460747224262701020304050607080901996199719981999ChannelmixevolutionshowsagrowthofbanksinmostmarketsbutplateauingatdifferentlevelsBankPenetrationofLifeInsurance(%)BankPenetrationofMutualFunds(%)191060354150204150305191910115456595961212363606026261619311412151311121921150102030405060701994199519961997199819992000UKFranceItalySpainBelgiumNetherlandsGermanyUSFranceItalySpainBelgiumNetherlandsAustraliaAustraliaUKGermanyUSMarketpatternsSource:A.T.Kearneyanalysis8A.T.Kearney18/Data/Misc/Rel.Com./CA/05Productmixisalsoverydifferentbetweenmarkets60%51%40%30%24%15%13%5%3%NetherlandsUKBelgiumItalyAustraliaSpainFranceUSGermany2000MarketpatternsShareofunitlinkedproductsinLifeinsurance(%)52%45%24%22%45%24%17%45%14%NetherlandsUKBelgiumItalyAustraliaSpainFranceUSGermanyShareofequityproductsasa%oftotalsavings9A.T.Kearney18/Data/Misc/Rel.Com./CA/05Basedonbusinesscharacteristics,wehavedefinedasophisticationindextorankmarkets53%58%68%77%74%90%80%76%85%GermanySpainFranceItalyBelgiumUSAustraliaUKNetherlandsMarketpatternsCustomerpreferences:%oftotalsavingsnotindeposit(2000)Channelmix:IFApenetrationofLifesales(1999)13%4%9%14%24%47%42%64%50%Productmix:Shareofunit-linkedproductsinLifeinsurance(%;2000)3%15%13%30%40%5%24%51%60%•Riskaversecustomers,favoringlesscomplexproductsandlittleneed/desireforchoice(drivenmainlybytaxincentives)Index0.230.260.300.400.460.470.490.640.65LowsophisticationMediumsophisticationHighsophistication•Mediumriskorientedcustomers,facinggreaterchoice•Riskorientedcustomers,facinggreaterchoicewithneed/desireforadvice10A.T.Kearney18/Data/Misc/Rel.Com./CA/05BankshavemadegreatestinroadsinlesssophisticatedmarketsMarketsophistication(index)BankpenetrationMarketpatterns0%10%20%30%40%50%60%70%0.10.20.30.40.50.60.7Spain€638bGermany€2668bFrance€2214bItaly€1064bBelgium€532bUS€40535bAustralia€725bNetherlands€1142bUK€3215bBankspreventedfromcompetingininsuranceuntil1999Mis-sellingscandalaccentuatesimportanceofqualityadvice,butpolarisationlegislationlimitsbanksabilitytocompeteonthisdimensionLargeshareofbankinginpubliccooperativeinstitutionsandprotection-typelifeinsuranceproductsmakebankspenetrationlowerNote:Circlesizeproportionaltomarketsizeoftotalsavingsmarket11A.T.Kearney18/Data/Misc/Rel.Com./CA/05Performancedrivers12A.T.Kearney18/Data/Misc/Rel.Com./CA/05Performancedriverscanbeaddressedaccordingto2differentperspectivesPerformancedriversTheMarketingperspectiveProduct•Howdocustomersbehaviordifferentiate?•Whatarepreferredproductsbycustomersegments?•Howdoeschannelperformancecomparebetweencustomersegments?ClientChannelChannelTheValueChainperspective•Whatarethekeysuccessfactorsbystepofthevaluechain?•Whatarethemostcompetitivebusinessmodels?ManufacturingManufacturingDistributionDistribution13A.T.Kearney18/Data/Misc/Rel.Com./CA/05LifeandPensionfun