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European Insurers Meet the Growing Expectations of Stakeholders in Terms of Transparency and Dialogue Through Digital Channels

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European Insurers Meet the Growing Expectations of Stakeholders in Terms of Transparency and Dialogue Through Digital Channels FT Europe 500 WEBRANKING BY COMPREND 18TH EUROPEAN INSURANCE SECTOR EDITION TRANSPARENCY STRESS TEST In an increasingly challenging and competitive environment, this analysis investigates how well leading European insurers meet the growing expectations of stakeholders in terms of transparency and dialogue through digital channels. Who is taking the lead? Europe’s leading survey of corporate websites and the only global ranking that is based on stakeholders’ demands 60% 50% 1 40% 30% 20% 10% 2 3 Key areas performance 3 Country ranking 5 Best in class (top 3) 18 The research measures the fundamentals Failing the stress tests implies a company of online corporate communications does not use digital communication as and dialogue on digital channels, a strategic tool for reputation, an based on stakeholder demands. approach that is vital in periods of transformation. Contents 2 European Insurers face the communication stress test Webranking in numbers 4 Performance in key areas The research Webranking by Comprend is Europe’s 5 Country ranking – Insurance sector leading survey of digital corporate communications: 6 Comparing sector performances 7 Best in class th edition in Europe 8 Ranking of 36 insurance companies 18 9 How the research was carried out 830 companies ranked globally, 10 Who we are including Global 100 36 insurance companies 100 criteria and 309 measurements within the evaluation protocol, for a maximum score of 100 points 19 sectors included in the research in Webranking is the only global ranking that is based 41 countries on stakeholder input. 465 respondents to the two Webranking by Comprend questionnaires (Capital Markets survey and Careers survey) 1 | Webranking by Comprend European Insurers face the communications stress test Webranking by Comprend works like a trans- Being able to articulate the company’s position Best improvers parency stress test: the stresses in this case on these fronts in digital channels and dem- originate on the one hand from the demands onstrate engagement in social media translate Friends Life of the most critical, time-pressed audiences not only into an ability to respond to potential 1 Group + 16.5 and on the other hand from the need to gain crises but to generate day in-day out an oppor- (Resolution) competitive advantage with respect to peers. tunity for building competitive advantage with The companies that pass this kind of stress key stakeholders. 2 Ageas + 11.5 test demonstrate an ability to govern their reputation in digital channels: they create an Considering 50 points out of 100 as the thresh- CNP 3 opportunity to build a “premium” status with old at which companies respond adequately Assurances + 10.9 key stakeholders, which can facilitate access to to market requirements, only eight compa- capital markets and translate into higher trust nies of Europe’s top 36 insurers passed the among consumers, the ability to attract the test in 2014. At the other end of the scale, six 4 Pzu Group + 10.0 best talent or to set the agenda on issues of companies scored less than 30 points, meaning importance to the sector. that they do not present a minimum of content expected by the market. The 22 companies The Webranking assessment judges compa- that are located in between only partially meet European insurers nies based on stakeholder needs – rigorously requirements, albeit presenting a moderate “passing” the test tracked through annual surveys of the most level of disclosure. authoritative and critical corporate audiences. Seen through the lens of the insurance indus- On a country level, German, Swiss and Dutch 1 Munich Re 62.4 try, the research evaluates a company’s ability companies are one step ahead in using to distinguish itself in an increasingly competi- transparency and dialogue for differentiating tive and challenging business environment: themselves in a competitive business environ- 2 Generali 62.3 aside from the overall positioning, the assess- ment. Munich Re wins by a very narrow margin ment looks at aspects that are critical for insur- in the insurance sector of Europe’s 500 biggest ers such as strategy, investment proposition, companies, followed by Generali and Allianz. 3 Allianz 57,1 governance and risk management, approach to climate change and strength of employer branding. 4 Aegon 55.2 Zurich 5 Insurance 51.0 Group Webranking is the only survey of online corporate communications that is based on the demands of actual stakeholders. That’s why it 6 Hannover Re 50.9 has the authority to test how well companies respond to the pressure of external demands to see which insurers are ahead in terms of transparency and dialogue in digital channels. 7 Axa 50.8 Staffan Lindgren, Managing Partner, Comprend 8 Aviva 50.6 Who passes the stress test? 8 6 Passed (50 and more points) In review (from 30 to 50 points) Failed (less than 30 points) 22 Source: Webranking by Comprend 2014-2015. 36 insurance companies included in FT Europe 500. 2 | Webranking by Comprend Transparency stress test: performance of insurance companies in key areas The insurance business is founded upon the trust that stakeholders – customers and investors alike – are willing to allocate to companies. Webranking assesses the sector’s transparency in digital communications as a key factor in generating competitive advantage in terms of reputation, credibility and access to markets. How to translate It’s encouraging to differentiation into Webranking by Comprend see leading insurers a business success Insurance Sector responding to the most pressing chal- Companies of all sectors know that in order to 36 insurance companies in the FT lenges facing the compete they have to differentiate themselves Europe 500 index were evaluated industry. Building trust from their peers and, most importantly, com- in digital channels also municate this efficiently to get an advantage. 13 Insurers face an even bigger challenge in differ- European countries represented means demonstrating entiation because their products and services 4 new entries thought leadership on tend to be similar and exposure to risks such such issues and offer- as demographics and to changing regulatory Assessment of corporate websites in English ing a clear indication environments are common to all. Through the by means of a 100-criteria protocol Webranking research, we have picked out six of how companies key trends for the insurance sector that give us intend to navigate a snapshot of how this segement is positioned them going forward. overall in this fast-evolving scenario. 38.2 points Insurance sector average +2.3 (vs 2013-2014) Joakim Lundquist, Head of Comprend in Austria, points 39.1 Italy and EU 500 average / +1.5 Switzerland 1 Convincing the market 2 Risk and governance in the insurance business Our survey of capital market participants reveals that easy access to decision-critical information is crucial. Investors and While disclosure documents and financial presentations are analysts need to understand how a company is managed, what standard content for investor relations across sectors, for insur- strategies it applies and what financial results are in order to ance companies it’s key to explain risk factors as well as growth make informed decisions. Whether the capital market considers drivers, and describe how good governance helps underpin a company a trustworthy investment is partly in the hands of the the long-term strength of the company. This may vary from the organisation itself by communicating efficiently and building a approach to climate change risks to challenges posed by new good reputation. regulatory environments. • Insurance sector performance 2014-2015: • Insurance sector performance 2014-2015: in “Investor relations”: 28% of max score in “Governance”: 35% of max • Trend: • Trend: improving (23% in 2013-2014) declining (39% in 2013-2014) • One to watch: • One to watch: Aviva lays out its investor proposition clearly and succinctly Munich Re provides ample and clear explanation of its gov- explaining how it expects value creation going forward as a ernance, covering topics such as risk management and long- result of cash-flow generation and growth. This introduction term incentive plans. Among “focus topics” such as climate sets up the more specific overview of strategy, which is ac- change and Solvency II regulations, the German reinsurer also companied by several management videos. dedicates ample space to emerging risks it sees as impacting its prospects in the future. 3 | Webranking by Comprend 3 Gaining trust through 4 The war for talent responsibility Considering demographic developments, companies should know that they do not only compete for customers and market Corporate social responsibility is another area where the best share, but also for the talented people that they need to thrive. performing companies outpace laggards by a great margin. However, the European insurance companies do not provide ef- Considering how corporate responsibility tends to presuppose a ficient communication towards potential employees since nearly long-term view of the business that is totally in keeping with the a quarter does not post any vacancies on their websites, only nature of the insurance business, it is surprising that only two- seven out of 36 present their pay and benefits structure, and thirds of European insurers capitalise on this and present a CSR about a third give no contact information for applicants. report while a fifth don’t even present a code of conduct. Not acknowledging these basic requirements means missing out on • Insurance sector performance 2014-2015: the possibility of building trust as a responsible business. in “Career”: 40% of max • Trend: • Insurance sector performance 2014-2015: improving (37% in 2013-2014) in “CSR”: 30% of max • One to watch: • Trend: Allianz has long been recognised for its investment in recruit- improving (26% in 2013-2014) ment and now features an application process optimised for • One to watch: mobile devices as well as the desktop plus video tutorials Allianz stands out for its decision to publish its sustainability on how to apply.
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