CATEGORYIn View
T&D Life Group leverages Swiss digital health technology
In View Summary
In Japan, T&D Life Group is partnering with Dacadoo, a Swiss digital health platform company to develop digital life insurance solutions.
Dacadoo operates a comprehensive digital health engagement platform to motivate users to achieve and maintain healthy lifestyle habits through which T&D hopes to offer a range of life insurance products.
“Dacadoo GO” encourages its users to walk more by turning walking into an location-based game with the scientifically validated Dacadoo Step Score
Importantly, Dacadoo’s digital user journey is optimized to engage users on health/wellness issues as opposed to converting users to policy holders immdiately. It combines motivational techniques from behavioral science with features from online gaming and social networks that involve users in their holistic health, body, mind and lifestyle status.
Meanwhile, insurance clients can get full branding and customization in addition to access to Dacadoo’s ‘Restful’ API which provides them with a degree of flexibility and interoperability with their own applications. It also has a risk engine which provides accelerated and dynamic underwriting.
Peter Ohnemus, founder and CEO of Dacadoo, commented, “The digitalisation process in life insurance is advancing rapidly and newly designed digital insurance products will appear more and more.”
Reported Benefits
Benefits to Customers
- Saves time and cost
- Real time
- Customized product and services
- Simplified processing
- Transparency
Benefit to the Insurer:
- Innovative products and services
- Higher customer engagement
- Transparency
- Simplicity
The Digital Insurer's View
Life insurance will be one of the most difficult product lines for insurtechs to disrupt. Although several U.S based start-ups such as Quilt and Ladder Life are offering term life policies on a subscription basis through digital channels, the more complicated unit linked and critical illness based lines will prove more challenging to re-invent, both in terms of distribution and the underlying value proposition, and that sense partnership between T&D and Dacadoo will be interesting to observe.
