Integrated financial and risk services provider Alexander Forbes has embarked on a digital transformation journey, and has selected Accenture as one of its preferred partners.
Having identified digitisation as a key enabler of the company’s strategic aspirations, Alexander Forbes selected Accenture to jointly manage this multi-million dollar project due to their ability to create, design and implement an end-to-end digital solution, and do so at pace.
“Founded in 1935, Alexander Forbes has a well-established pan-African business that is trusted and respected in the industry and by our clients,” explains Lee Albertyn, chief digital officer at Alexander Forbes. “However, this legacy also brings with it systems and technology that require updating to ensure the company remains relevant and competitive in the digital age.”
Centred on creating a more compelling customer experience for its established corporate and institutional client base, while leveraging digitisation to expand its consumer retail base, Alexander Forbes is modernising its systems. This will ensure seamless service for customers across all platforms which improves engagement to help them achieve balanced financial well-being throughout their lives.
Wayne Hull, MD of Accenture Digital, Africa, says that large corporates that are early adopters of digitisation-led business and marketing strategies will gain a significant competitive advantage, particularly in the local context. “Companies that embrace digital will leapfrog their competitors and stimulate business growth, and are also helping to propel the digital adoption groundswell that can help drive the economy forward.”
To assist Alexander Forbes in realising its Ambition 2022 strategy, Accenture Strategy and Accenture Interactive, part of Accenture Digital, collaborated with internal teams, using ethnographic research to identify the core challenges facing the business and map the ideal customer journey that would ensure expectations are met.
“In phase one of the project we worked with the client and together defined a value proposition that could guide the strategy and market offerings,” says Hull. “From this, the group value proposition was jointly defined, which takes a customer-centric approach to service design with the aim of improving engagement and ultimately helping Alexander Forbes’ customers achieve balanced financial well-being throughout their lives.”
Accenture is now working closely with the Alexander Forbes chief marketing and digital officers to define a Minimum Loveable Service (MLS) blueprint, with key elements brought to life through a prototype digital platform built on Adobe Experience Manager.
In parallel, the Accenture teams have formed aggregated pods with key Alexander Forbes staff to develop and implement a Digital Hub. “This is a concept that Accenture has pioneered globally by working on the digital transformation journeys of some of the most innovative companies in Europe and North America, and we’re now bringing these capabilities to South Africa in this lighthouse implementation,” says Hull.
The roll out of the Digital Hub is scheduled and on track for completion by January. “This will radically improve the digital experience for Alexander Forbes customers through a seamless digital platform, including a re-imagined website and mobile experience,” explains Hull. The Hub will also prioritise digitally-led business initiatives aimed at boosting revenue, and increasing customer acquisitions and lead generation, while also improving cross-selling and up-selling opportunities and boosting cross channel conversion.
“We’re excited by the potential that our digitally-enabled future holds,” says Albertyn. “Our partnership will fundamentally change the way we’re able to interact and engage with our clients, building on our pedigree of trust and respect, with relevance to contemporary consumers. More importantly, though, Accenture is helping to accelerate the realisation of our digital transformation strategy. This will ensure we’re positioned at the forefront of insurance and financial services in pan-African markets within which we operate.”