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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

InsurTech of the month: Kaopubao

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The traditional role of life insurers is to deliver financial planning products in addition to protection that reduces the need for large amounts of liquid assets. However, the convergence of life with health insurance is pushing insurers to bolster their traditional products with related offerings such as preventative healthcare and O2O services.

These frontiers are particularly daunting as the required skill sets often lie outside insurers’ core actuarial and marketing functions. Considering this, and the fact that Asia is disproportionately affected by chronic diseases, several startups are supporting the incumbent efforts to upgrade their offerings by offering a three-pronged approach that includes medical devices, combined with educational content about the symptoms of chronic diseases. One of these is Shenzhen based Kaopubao which manufactures a range of medical devices which it then provides to life insurers which, in addition to accompanying data, is used to develop tailored insurance for diabetics, women, and those at risk from cardiovascular disease.

Use Case 1:

China has 120 million diabetics, many of whom are undiagnosed and a significant share of the remainder are unconcerned with symptoms that are relatively benign in the short term.

To address this, Kaopubao has developed a WeChat based diabetes management portal that allows users to assess their blood/glucose levels, in addition to monitor their insulin dosage levels by way of an insulin pen.

Working with several life insurers, Kaopubao’s blood/glucose monitor allows diabetics to track blood glucose levels in addition to providing real-time updates to users about their insulin dosages and blood glucose levels by way of an accompanying app.

As 80% of costs related to diabetes stem from mismanagement of the disease as opposed to inevitable symptoms, the active use of Kaopubao’s blood glucose monitor allows partner life insurers to offer reduced premiums to diabetics in return for routine engagement with Kaopubao’s devices.

Kaopubao is also working with state-owned life insurers to tackle an even more deep seated issue that is worsening the effect of chronic diseases in China. By educating users about the symptoms of type 1 diabetes in addition to the features of life and health insurance. Kaopubao also provides online services to diabetics through its app that remind diabetics about appropriate lifestyle behaviours in addition to recording insulin dosage levels.

Use Case 2:

Cardiovascular disease (CVD) is the leading cause of premature death in China. A dramatic shift from a traditional to a more ‘western’ diet and lifestyle and rapid urbanisation and industrialisation have contributed to the jump in cardiovascular diseases, such as heart attack and stroke. Considering this, and the costs for insurers, Kaopubao has developed an intelligent heart rate monitor and abnormal intervention service by way of an app in order to educate policyholders about dietary and lifestyle choices.

In this case, Kaopubao provides term life and first aid cost insurance in case of cardiac hospitalisation and in addition to the core education journey.

Use Case 3:

Although breast cancer has an 83% survival rate, early detection is key to minimising costs for insurers. Kaopubao has developed another WeChat based educational journey that promotes early screening for breast cancer coupled with breast cancer insurance. Kaopubao also co-manufactures a breast screening device, which it provides to medical centres in tier two cities, further enabling its partner life insurers to combine traditional critical illness coverage with preventative healthcare services.

Conclusion:

Heavy industry and rapidly changing lifestyles have led to an acceleration in chronic diseases across China. In each these cases, Kaopubao defined the use case, co-manufactured the medical device, and assisted in the design of the insurance service package together with partners that include insurers, TPAs and hospitals. Although insurers can also develop in-house capabilities to upgrade their currently commoditised products lines, partnerships such as those that Kaopubao is forging offer life insurers a route into healthcare that extends beyond simple app based reporting, and into product development for specific market segments.

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