Watch Session Replay
The Digital Insurer 2020 Insurer Innovation awards were held on 2nd June. TDI selected 6 finalists to prepare a 5 minute pitch and participate in a Q&A session. The finalists were Acko, HSBC Life, AXA, HDFC Life, Zurich Financial Services, Poncho Insurance and HDFC Life. HSBC Life was voted by the live audience to take home the award. Congratulations to all the finalists and HSBC Life.
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Hi everyone. I’m Hugh Terry from the digital insurer and welcome to this last session and this is are usually our most hotly contested system session. It’s the insurer Innovation award finals and go to the next slide. We just got a little disclaimer. So, we’ll go through that one. Now. This is actually the fifth year that we’ve done these Awards. We’ve done the last three years online. So, the question that you are going to
Pause to answer today is who is going to be the winner of the 2020 Awards and build on that tradition where we had PolicyBazaar winning in 2018 AIA winning last year if we can go to the next slide.
Assisting me today is my co-pilot fellow founder Simon welcome. Thank you. Looking forward to it.
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Great, and that’s let’s get into it. Just everyone should know the format eight minutes in total including QA. It’s up to you to decide who the winners will be or the winner will be and the voting will be done at the end and we will announce the winner at the end of this session in terms of participation. If we go to the next slide, please do help us to ask the right questions. So, give your questions in the Q&A area.
Will all keep an eye open on that and we’ll ask those questions if at all possible and do when it comes to the live voting just look out for the pop-up that will come if you use them before that’s a simple bolt polling feature that will be available as well. So, let’s get into it. It’s going to be fast and furious. We’ve got six absolutely top finalists. You can see here and I’m going to jump straight in and I’m going to ask Ananth Iyer.
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From Acko to lead with his presentation and Ananth welcome.
Thank you. Thank you so much you and good afternoon everyone. I am an on-demand manage digital Partnerships for Acko and we could get excited like yeah, so I’m going to be talking a little about our partnership with Ola as some of you might know Ola is Right booking or a ride hailing app. It’s one of the two leading players in India and give you some context Ola does around 1 to 1.5 million rides every day. This is of course free covid-19, but
The sense of scale that this company is got right next slide, please.
So, all’s requirement out of this partnership was to you know, really secure their customers rights and thereby differentiate themselves from competition. So, when I say secure rides, I mean they wanted to take care of the fact that their customers do not face.
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Any eventuality such as an accident or a lost of baggage or any Factor really beyond their control next slide, please?
So, while we were designing an insurance product for Ola there was some principles that we kept in mind, right so broadly we wanted a great Insurance product which seemed super relevant to the use case at hand which is to say an ola ride. We wanted the user experience to be really smooth and we wanted the tech to be completely powerful glitch-free error-free so that from every stage from the issuance of a policy to the filing of a claim if anything.
Happens is really smooth for the customer next slide.
So, the solution that we came up with for Ola was an in-app Ride Insurance or a trip insurance which starts and stops with the right that you booked on Ola right?
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We came up with some really Innovative coverage is here. So for instance, you have all the kind of eventualities that Ola had mentioned which is to say an accident or a loss of baggage but we also came up with this really Innovative cover called missed flight, whereby if you’re taking a ride to the airport and you miss your flight because of traffic delays and that happens a lot in especially in the metropolitan cities here, right if you miss your flight because of a delay in your cab service, you can actually file a claim
lame and we will pay you for the cost of your next flight. So, we came up with an in-app product where the cover starts and stops with the ride. The premium of the insurance coverage is actually added to your right Bill and Ola has three kinds of rides. So, they have in City rides. They have outstation drives where you want to go from one city to another you can book A ola cab and they have these car rentals. So, there are three kinds of products that Ola has and we actually custom-designed three different kinds of products to match each.
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Right types. Yeah, we can move on. So, these screens basically show us the product or the coverage details for each of these different right types and the premium also differs whether it’s differs depending on whether it’s a in intensity ride or an entity Rider Rental Right the next slide, please.
So, our planes journey is also super smooth one can file one can begin and end the claim from right within the Ola app. It takes all of two minutes usually in the time that it takes to find the customer care number and then figure out what the process is and get on the call with the traditional insurance company. Our entire claims filing process is done. It’s zero paperwork the next slide, please.
So, the results actually speak for themselves as to the popularity of the product right within the first nine months of launching. We sold more than 250 million policies on.
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On the Ola right Insurance piece. We have an extremely high attach rate, which is to say how many customers as a percentage of total rides happening on Ola actually bothered to opt for an insurance for their ride or attach rate is upwards of 50% We have a tech of time of 99.99% which is one of the initial success metrics that we had set ourselves for and being second claims in anywhere between 48 and 72 hours.
The last slide please.
So just like to conclude by making by strengthening or rather cementing the case for Acko, you know, so we by acko for this award. So, we are all about smarter underwriting particularly in this product like the use the partners customer Behaviour to underwrite and select paste accordingly or digital distribution makes us completely cost-effective. The entire process is automated including claims filing in every step of it. So that reduces cost further and we have an online ecosystem.
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And be a micro Insurance product such as the one with Ola which fit other different use cases which are all bite-size. So yeah.
An answer thanks you here. If I may I’m going to jump straight in with a couple of questions perfect timing and ants firstly I guess others that have sort of steps in this direction in other markets of kind of got some good scale as well but struggled to make money so actually make profit in the end. Obviously, you’ve got a really clean tech stack So in theory, it should be more achievable, but and I appreciate its early days. But what are your thoughts on profitability here if you disclose anything yet?
so, our product but all is actually highly profitable just the frequency of claims, especially on the accident front is so low and the volume or the number of policies that we are able to sell on a daily basis is so high that we are actually
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I won’t be able to disclose exact percentages as to the loss ratio. But yeah, understood. Okay, that’s good. And I guess the other question is a bit more strategic and we’re just off an ecosystem discussion with some guys in China including the likes of Zhang an is his ultimate is this attack play or is it an insurance play as a business for you for you? So, it’s definitely a bit of both but we rely on Partners like Ola to you know, give us customer data at scale which helps us with our other insurance products as well.
Right. So, one example of that would be the rely on the frequency of rights that are that a customer would take with polar to be able to determine how frequently he would be taking his own car out right? That’s the kind of data that we have been looking together. Okay. Thank you anything from you. Thank you.
All right. Let me come over from of moves and then I really interesting moral and one question just in terms of you know.
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250 million policies great number right really good start. What did you find work from a marketing perspective because I think this is an opt-in product, right? That’s okay. So, one of the things that made the policy really easy to scale is the fact that you know, Ola prompts you right at the time you’re booking the cab and they just seamlessly added to your booking Journey. So, the entire funnel from the time you book and I have booked a cab to the time that you make your bill payment for the ride is so smooth the insurance
product just seamlessly slips in and the claims process of course is entirely in Apple. So, it’s really the integration the Deep integration with the journey or the booking funnel that’s made the scale possible.
Yeah, right. Maybe just one quick question at the end. I mean, I guess this is a great start. Right? And I guess one of the main challenges is going to be how do you turn those into lifelong customers who are going to buy more products and services any thoughts on that?
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Yeah, sure. So actually, that’s an that’s an interesting question. Right? So apart from the fact that these customers once they obtain to Ola, we’ve seen that they keep and Ola is a very frequent use case, right? So, we see that these customers keep ensuring every subsequent ride as well with Acko. The idea is to actually reach the same customers through multiple touch points in their Digital Life whether they are ordering food or whether they’re booking a flight and hopefully then scale them up to a larger product like health, or maybe they caught.
Yeah, great. Thank you very much. And I’m really good presentation. Thank you for your answers. What we going to do now move straight on to our second presentation Amir welcome and look forward to hearing from your presentation on behalf of AXA. Thank you and good afternoon. Everyone honoured to be here with so many of the pioneering industry leaders. So today I’m here to tell you about access signature digital platform, Emma, but before
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Tell you a little bit about something but who she is. I want to spend a bit of time talking about why she is she go to the next slide, please.
So Axa like many others has been on a digital Journey for some time now, we’re not alone in that but when we looked across what we had on offer at the time and what some of our peers had on offer what we found was that the experience of interacting was very cool impersonal and it felt very transaction orientated in addition. The services were very fragmented. So, whereas there could be one app to check your policy coverage or submit a claim and other app for nutrition and lifestyle information and yet a third app for telling
Insulation so it was quite confusing for customers in terms of where should I go? You know, I’m just a customer. I need to get to my service and then finally while there are really rich Wellness offerings in the market across Asia. They tended to focus mostly on physical wellness on you know nutritional tips or as you know.
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Research showed that mental and emotional well-being is incredibly underserved service across much of Asia. So, what did we do basic next slide?
So, we set out to create the next level digital experience and that’s how Emma was born and Emma differentiated she differentiates itself in three key areas. Basically, first of all that she was designed to be human. She is an intelligent and empathetic virtual assistant that gives access to a range of features both in their traditional Insurance based core features, but also value-added features such as in the health space.
and so, the first differentiator is she was designed to be a fully realized personality empathetic a high-powered conversational chat pod, which can navigate and assist you across the entire range of services when you are attempting to you know, consume anything offered by AXA finally second. It’s full.
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Steak and I’ve talked about this I think the real power to make it natural. It’s to have all of these things all on the same platform easily accessible not having to go to multiple different platforms. And finally, we wanted her to have parts and what this represents really is access commitment to providing high quality mental and emotional support options within a broader Suite of course health and well-being Services next slide, please
Okay, thank you. So
So, we brought Emma to life and it wasn’t easy. Lots of research went into it, of course because we want, we started with our brand values of personal progress of proactive. We wanted Emma to come across as inviting smart thoughtful friendly professional, but you know, we’re still figuring our way through that to be honest. That’s one of the most challenging things because friendly warm inviting given the rich diversity.
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Of cultures across Asia that doesn’t necessarily mean the same thing from a tonality or language perspective in Hong Kong compared to say in in Japan or in in Thailand. So, getting that balance was very important for us. Finally. Of course, Emma has a brain that’s partnered through our collaboration, you know through our collaboration with Microsoft. She uses Lewis’s NLP framework, but of course, that’s just technology. It’s a framework and what it
takes is an entire team of talented conversation designers and trainers to nurture this brain so that she’s constantly growing and becoming more natural and how she interacts with you and gives you access to Services next slide, please.
Thank you. So just a quick illustration in Hong Kong of how typical customers who they can be supported and to end so suppose someone’s feeling unwell one of our customers. She can use GPS.
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This location to find the doctor as she’s on her way to the doctor’s office. She can look up the coverage of a policy then while she’s waiting to see the doctor. She can look at the Emma Health blog to get the latest on covid once she’s done with the doctor. She can do you know she can use the e card to get a cashless experience or just take a picture of the claim and submit directly online for straight through processing on her way home. She can use our fitness companion to do what some of the others
competitors do as well which is wellness points Fitness points get those back for you know, a range of Wellness services or products or even premium rebates and of course if at the end of the day, it’s been quite a tough day. She can use our range of mental Wellness services to get mindfulness Stress Management training next slide.
Please yeah, so it’s been an exciting Journey, you know, we’ve had already.
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In tremendous uptake and usage just your own are almost a hundred fifty percent increase in usage and claim submission and others since we launched last year and of course covid has had a hand to play in that and we continue to build the future is going to be really exciting. We’ve got the foundation’s now a lot has been achieved but increasingly what we want her to be is a lot more personalized. So, using Data Insights to give a truly curated experience that’s personalized to our customers relevant for them and of course proactive. So, Emma, 2.0. Next year when we launch her will be able to know that hey in the Philippines a customer consumed at Emma consultation service. So, she’ll proactively say hey would you like me to put an automatic order to our telemedicine service because it’s likely that you need to order medicine and can have it delivered directly into the comfort of your home. So exciting times already but much more to come and we’re very excited in the role that Emma’s going to play to move AXA from being just a pair.
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To a true partner for our customers. Thank you. I’m a thank you very much. And yeah, pretty good timing there just a couple of quick questions from me firstly just so that everybody on the call understands where of you deployed Emma and some which markets in Asia so far you’re so she and has deployed in Hong Kong and she’s deployed in the Philippines where she lives both on the web and in Native app form this year. We’re going to launch in China, but Emma’s going to come to life on which act as a mini program. So, the same scene the centre.
When and in Japan, she’s coming to life on the line platform, which is a very is the most popular social media platform. Okay. Okay, great and very briefly the customer feedback or response here is obviously scaling you’re getting lots of views but you know, I guess behind that how customers react into it customers are reacting quite well because they see the value in having all of these Services directly in one place, you know, the seamless experience the fact that the chat Bots can you know?
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Humanistically guide them to say you can talk to for example in the Philippines. You can tell Emma I am I’m stressed and she will say well, I’m sorry to hear that. Let me take you through breathing exercises or she’ll say do you want me to take you to our online tell a consultation service to have online session with the psychiatrist? So, the feedbacks been very strong good and one last question for me is a little bit tongue-in-cheek before I pass back to Hugh. Did you did they did the project seen think about customers tailoring the personification so you can kind of create your own.
A version of Emma subjects of the mood or you know your ethnic we haven’t thought about that yet what we have thought about which is somewhat similar is why we have a standard Avatar. We know that because we want her to be the personification of the EMA brand. We want you to resonate within the local market. So, to an extent were allowing a slight variation. So, for example, Japan as part of their launch is localizing the Avatar it’s going to look like this.
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Want a manganime looking Avatar because that’s what resonates with the local market but still to look at her, she will be distinctly. I mean you can tell our that’s Emma if you know what Emma looks like a name when you see a man Japan, you’ll be able to see instantly recognize that even though she may not make sense. Thanks very much Joe back to you great. Thanks to thanks. I’m a there’s not enough time for me to ask the questions and what we’ll do is we’ll move on and now welcome Francis and he’s going to present on behalf of
HDFC life Francis over to you
I think maybe or mute for answers.
Yeah inaudible okay over to you in Francis your time science digital insurer for considering application. So, what I’m going to be speaking about is not one specific Innovation than a bunch of things that we’ve been able to pull off in the last 12 to 16.
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months which kind of helped us bring a lot of work, especially in the artificial intelligence and machine learning space into production primarily to help our customer Journeys and to improve customer centricity within the organization moves the next slide, please
Yeah, so the recipe for most of this is that it requires a decent amount of what we call is left brain and right brain work to come together. So yes, some of the enablers were Investments we had made previously in terms of you know, a lot of work putting our way around to the cloud creating a data Lake there but also equally important is basically building this culture where in we have a winning team in place and as well as looking at culture rapid experimentation to be able to do quick fast pocs next slide, please
Yeah, so on the machine learning and predictive modeling space. I think we kind of Consolidated all the work into six broad families in the prospecting space. We basically had customer.
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A drug recommendation bottles to Aid cross-sell and upsell on the unloading space. It was mostly machine learning models to help, you know, kind of readout very risky lives at the input stage itself as well as deep learning piece to kind of automate the human element and the human Underwriters decision on the customer retention space. It was a whole family of models were looking at 13th, once 26 ,24 to 36 months in 60 first month persistency onwards
in the employee and the distribution side was family looking at things that can be predicts an employee attrition. Can we predict a Financial Consultant our agent, you know likely to basically become inactive and even on the overall customer retention side people who are leaving us in the form of, you know, surrenders or majority payouts being paid out? Can we look at any of them who might be interested in reinvesting us next like this.
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So, I think we’ve looked at three broad areas of computer vision takes and takes and voice communication face senses. Basically, across all the branches it helps in to prevent any incorrect payouts what it does its customers walk into the branch take up. You take a picture of the customer compare it with the image that you would have given to you, you know the time of when he issued the policy which maybe five ten years ago and be able to use machine learning effectively and computer vision effectively to kind of still get a good match for the customer pick.
Reader helps to extract the document information as well as Vital Information for faster form fill. Hello selfie bod meter and Age timer our sales hacks. They helped an engagement of the customer the prospecting State selfie allows you to get good play by simply taking a selfie of yourself about me to help you get your BMI and age at age timer allows you to allows customers to get a see themselves as they age as they age they 50, 40- 50 years down the line. So, the behavioural insights
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Here is that people generally do not save for their retirement because you cannot visualize themselves, you know their old age and this kind of helps them to do that. So that’s basically on a Lifeline next slide, please.
On the tech side we have ETTY which is a WhatsApp bought it currently handles 1.75 like queries in a month Neo as a trailer about Spok basically is the helps Channel customer emails to the right servicing Department install is our sales conversation engine. It helps sales team members answer customer questions as well as all the knowledge management around our products centralizer helps in getting customer sentiment both from emails as well as from
their chances on a chatbot. So that’s basically on the take semantic side. It’s like this.
on the west side we have swallowed which is a VoiceBot which helps not only thing certain calls like the Deep laps calling as well as looking at your appointment fixing Versailles on
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Emolyzer is uses the wave properties of sound to help identify and all our customer call interactions which interactions when a customer’s likely, you know, losing patients are getting irritated and then using an identifying those calls rather than a random sample to help train in the call centre agents and the service delivery Assurance team better True Cue is currently in beta and it’s ready in the mirror State. It’s basically using voice authentic.
Occasionally using a voice as possible to your interactions next time, please.
So, this is basically the entire customer Journey life cycle across various pieces of customer connect form fill and rioting servicing and claims. The reason we could pull this off in such a short period of time is that we spend a lot of time mapping this out and then identifying the Pain points in each of these areas and then seeing what would fit in best where and then work backwards. A lot of these initiatives are completely built in house.
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Some of them have built with Partners, but majority of them on are built internally within the company and the customer connect side. We have basically the customer propensity months and centralizer on cam filling. I’ve already spoken of big reader on underwriting the screener models as well as the letter writing servicing. We have both ATMs were and our dreams we have basically face sense as well as video game. I see ya think the last slide
this has helped us in various elements. It’s around 210 plus crores of claims saved 210 plus appointments improving her number of process as well as better underwriting. It’s also helped us; you know kind of reduce cost more than the branch and as well as at the call centre it through any issues. I think that’s all I have more or less time for I can use it as a result type of questions. I’ll leave this like the waitress.
Yeah, thank you Francis. I’m maybe.
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Can’t just go back to that last slide. So, it probably relates to a question. I mean, I think the reason you guys will have come through into the finalists pool here was because there’s a lot of good evidence going on and of digitization, but there’s also a lot for listeners to get their head around because you’ve been doing so much. So maybe my question is what’s the one thing that stands out for you in everything you’ve covered that’s really move the needle and improve things for customers. What’s the one thing you’re most proud of as a team? So, I think what we’re most proud of
Of is the various pieces falling together and you know as a result of which, you know, each piece reinforcing the other let me give you a few examples in the post covid situation. We had a smaller number of customers walking into branches. So, we still had a whole host of things that we needed to do. So, we use a face verification software to do kind of better do PCC to check whether the same customers as walking into our diagnostic Centres save customers.
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Best it’s also be considering in work from home and getting the right employees access to do their duty to the company data and stuff like that. So, its basically things falling together. We created a chatbot we which in turn allowed centralizer, which is basically a sentiment analyzer to work not only on emails but also now tripod utterances so it’s like how each one reinforces the other thing that us that the deal. Okay, and I just to maybe a very brief follow-up question. I mean a lot
of our listeners will be increasingly aware of and immersed in sort of agile ways of working. We’re all under pressure to get things done more quickly. Now what sort of timeframe is it taking you guys as a team to get to where you have, you know from some of the journey you’ve just pitched. So, the most of the work basically that you see here is that my internal teams The Advocate team and the data lab steam primary that in the lab steel that’s been lovely to year kind of
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And since they were being formed, but that’s just, you know first hiring the team, but by the time we actually were up and running. It’s been this entire time frame has been around 16 months 12 to 16 months. Okay, great. Thank you back to you. Thanks. Great. Thank you, Francis and really nice view, on all the things you’ve done and that additive nature that you’re mentioning. So, I’ll move on in the interest of time and please let me now hand over to Amanda. Amanda welcome and you’re going to present on behalf.
of HSBC life
Maybe Amanda come off mute. Hello. Can you hear me now? We can indeed. Well, okay, I’ll go after them. If you are not it’s my honour to be here today to introduce our insurance dashboard. So digital Innovation becomes our top strategic priorities in recent years, which is not solely about replacing the human aspect of our service, but also giving our customers
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Option to interact with us in the way that they feel most comfortable we have customer tours is very difficult to manage the policy. They have to call or Insurance hotline to ask for the information that they are looking for. So, we look at the End to End customer journey and support customer to ease the online pre and post purchase and Society. We have called the customer focus group and last customer. What are they expecting some customer towards they want to have a digital platform to change the contact details? They want
of a digital platform to view the information and they want instant help through this inside. We understand that customer prefer to manage the policy digitally and expect completely ins and speed for troubleshooting and servicing with the dashboard. We ensure the customer would be incentivized to engage with us more frequently next slide, please.
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Well, what do we want to support our growth with the business? We want to provide value for money product that are accessible in customers channel of preference. We want to bring new experience to our customers around the cost to assess the details of their policy information through online and Mobile Banking given the complexity of this plane all our backlog products each of loss of derivation and many data points. So, our digital solution is designed to be modular flexible and have the ability.
32 generate page on the file based on different criteria and product features. We use a modular approach by starting with the policy something with page and we’ll each section piece by piece and showing there is configurable solution that could display the right screen for see this flexibility actually allow us to put in new product as soon as they are added with no additional digital infrastructure change required beside the technical
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Usually involve developing on new flexible configurable solution integrated with a new complete strategic data store and also building a brand-new set of API. So, with all the ongoing and continuous enhancement will further enhance our data analytic and aim to build platform across all the digital channel to further engage our customer next, please.
Life insurance is one of the most significant investment for customer while given the complexity of its customer value and expert to guide them. So, our insurance is actually focused on building up from fundamental servicing capability and platform that create transparency for our customer that they could understand the product which are on which we have put on the shelf and also understand that enforce policy online about that Mobile Banking as well.
Customer towards is very difficult to understand insurance policy. They
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they even when they received the other statement, they don’t know where to find the information that they need. Therefore. We have applied all these are designed to help you simplify all this complex information with just a few clicks. You can see all the policy details premium details and benefit cup of coffee which details group into a section next please and simplicity is the key. So, this dashboard allows our customers to sell
At that convenience and make changing field click. You can see all these cells servers at their own convenience. So, they can update the contact details. They can change the payment destruction. They can change the premium allocation. All these are linked surfacing link will only display about where is applicable next, please.
putting our customer at front and centre was
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Responsible part of our project we undertook numbers of Discovery activity to understand their needs and expectation. We found that customer Place great importance on convenience and speed. So, in response to this, we include the live chat and mobile chat function to our dashboard that provide real-time assistance. And also, we have the new function for the real-time positive value by leveraging on the new calculation engine customer also told us that they want
we receive a lot of that. We might them like premium Duo premium with renewal or policy maturity. So, we also have this notification and inside capability last one, please.
So, with this launch of the dashboard we aim to operate our more efficient with our inquiries to call centre that can are the resources could be optimized for other activities like bring the customer experience to the next level for all this data analytic on the custom Behaviour.
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Fair on the dashboard. We have a better understanding on that preference and its which helped them with help us to create a product service with enhanced customer experience. And also, with the first month of launch out the total number of researchers personal internet banking and mobile app, except 340,000 and more than a hundred eighty percent of our mobile user return to the dashboard in the same month which provide customer appreciation and loyalty to the dashboard that have been captured.
Thank you this of me Amanda. Thank you very much. Well-presented and a couple of quick questions for me. I was good to see the usage being quite high and growing. Do you have any additional evidence of how customers sort of like this new experience? That’s my first question. The other one is this just for hsbc’s own products, or I know you have Partners as well. Have you managed to integrate information from your business partners for other policies or just your room?
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For your first question, we have done us like this some of the customer feedback. And also, we also heard some feedback from friends when they look on now mobile app. They saw the insurance policy that we really happy with it because on the mobile app, we are putting our insurance policy at the summary page. So, when they are is just two clicks, then they can see the insurance information and that actually told us they have wait for quite a long time to have it filled on our mobile app. And then for
For your second question. So, it was your second question was whether any of your partner’s that aren’t ya we have only included our HSBC product for the album channel for our day one, but in the future, we were going to explain to the other product and for the for the Henson Bank. We have also launched our dashboard. Well, good luck with that Que back to you. Thanks. Sorry just for our just one more stop in man.
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We fold the I’ll be damned. I’m trying that we also sell to accept product and except for the roads are also including the dashboard. Yeah, right good. That’s what I was wondering. So very good. Thank you. Yeah.
Now I’ve lost this presentation welcome and look forward to hearing from you very good. Thanks to and I’m look thanks to everyone on the call today for the chance to speak to you for a few minutes about why the team at IG satellite would like you to consider casting your vote for us in the insurance Innovation category at this year’s award. I’ll give you some insight into how a small team inside Australia’s largest.
as the insurer managed to do a number of things that are, we think of truly Innovative on the firstly would like to introduce you to Contour insurance that
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You want to tell about next slide please work?
So why would you want to tell a mate about insurance? Well, because a poncho we have made the process easy offering a transparent motor policy with core features at a competitive price while commuting to a program of continuous Improvement to our product and service over time at by satellite. We believe that the punctured product is a great Foundation upon which to build something truly spectacular. The Deep integration into customers lives forever. It already has several Innovative elements that we would like to highlight for you.
Your consideration when casting your vote and the next slide, please book now a poncho policy operates like you’re on a monthly subscription, but one where the number of cars and the number of drivers insured is flexible. What’s covered is really clear and the car values themselves are set by an independent third party with no additional fees and charges who cancellation we have.
Timestamp: 38 min to 39 min
Included things that have been traditionally treated like options things like wind screens and baby seats and we have an easy-to-understand rules for things like replacement cars and excesses and personal transport options while we repair your car next slide, please Brooke now as you’ll see from our sample of our digital only PDS which manager spoke about as well. We’ve made it really far simpler for customers to understand. What is and what isn’t
It included in their policy, which is a major source of frustration and cost on all sides of an incident today. I’m so if you can jump to the next slide as you can see, we’ve depicted visually all the elements that are covered with really no ambiguity next slide, please.
Similarly, all the expenses are covered with clear limits and explanations where required and this is all available online on any channel you like 24 hours a day.
Timestamp: 39 min to 40 min
Don’t send paper next slide. Please book.
They’re really Poncho insurance is one of the numbers of innovative outputs of a program of work at IG satellite known as the accelerator model which was built around these three core elements. The first element was really the people in the culture where we broke down existing functional silos and increased accountability leveraging what we think is the best biology the second piece. There was our insurance capability where we understood what it would take to be able to claim to have best-in-class pricing fraud claims data.
Yeah, and really mixed some old-school Insurance knowledge with some new school start-up thinking and the third element there is really around our tools and Technology where we take advantage of cloud native low-cost scalable software as a service offering that give us flexibility and extensibility.
Next slide please.
So, the Innovative approach we have taken to our technology.
Timestamp: 40 min to 41 min
Allows us to meet and exceed customer expectations with releasable developments prints of two weeks duration that focus on delivering customer value at PACE. It also allows us to scale with more efficient processes that actually empower the team keeping costs down along the way with a broad ecosystem of partners with our in builds agility. We can act as a scaled-up experimentation engine for The Wider AIG business work in collaborative collaboratively with internal teams and the regulator to improve the experience for us
Customers really fast now in the future on that will mean additional products such as well as products or pet care or insurance for your stuff moving away from hoping come customers recover when things happen to helping them avoid negative incidents happening to them at all as much as possible next slide, please. So, here’s a view of the ecosystem of Partners. We’re working with to deliver the capability of described that underpins Poncho. And as you can see it includes some leading technology companies.
Timestamp: 41 min to 42 min
Such as sales for semantics and Amazon, but we’re also partnering with some amazing insurtech start-ups such as Socotra and you can see there on the slide, you know, we actually haven’t finished. We really feel like we’re just getting started with your reimagining of claims the next one, please. I’m so to support the overarching business objective of moving from a focus on Recovery Services to Prevention Services. Here are the three main objectives for the team for the next little while. So, one will
you to invest in growing our fantastic theme people and that will help us to uncover. What is next for Consumer lines of insurance in the region. Number two will keep experimenting our way towards an insurer tech for prevent Tech business customers love and three. We will grow up grow our start up to a billion in revenue and two million customers, which I realize in this region doesn’t seem like a lot but in is in Australia for a start-up that’s not too bad. So final slide, please.
And I’d really, I’d like to end this presentation.
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The banner from flies above the accelerator model theme really encompasses the belief we have that survival is a product of rapid Innovation and that now more than ever we must go faster. Thanks to you back to you Marcus. Thank you very much. Thank you very much. I’ve got one quick question. Just relate to one of the points on the slide earlier that you were talking about with the new tech stack being able to exceed customer expectations. We haven’t covered how this is.
Landing in the market and what evidence you have of exceeding customer expectations. You’ve got a nice big hairy ass goal as they say in terms of that last slide but having hope is finding this what sort of proof points. Can you share briefly that customers are like in this I’ll look I think our sort of main proof point is around the engagement that we have particularly for the multi-car on the multi driver experience. So, with other policies particularly in Australia, they’re very annual they’re fixed if you
Timestamp: 43 min to 44 min
To cause you’ve got to and you start to annual cycles that you’re having to manage and with the Poncho policy. You can have both of those cars on the single policy pay for months at a time and have as many drivers as you like and you’re assigning those drivers to individual cars and really what it actually does is it shows how the technology allows us to add exposures to a customer record rather than thinking about it in terms of that fixed policy. So, we you know, the early signs are that
will really resonate with that and they’ll like the Simplicity of managing all of their exposures under the one we’ll see but it’s still pretty early days. I’ve got to say we just launched through the eastern states with a broader offering just in the last couple of days and you know, the feedback is early but it’s positive. Okay good. Well, good luck you back to you. Thanks. Thanks Marcus. Yeah, actually, I think there’s time for one question for me on this. So, I guess just picking up on that multi policy a little bit.
Timestamp: 44 min to 45 min
Are you looking at doing that across risk lines as well? So, you know customers can build up from motor to home and vice versa exactly that and really the underlying data architecture is what we were testing with that multi-car and product and certainly from here. The plan is to add on wood as I mentioned trying to move into more of the prevention space. But you know, we may do things like add single item cover or pet insurance product and just add that as an option for existing customers as well as
Saying that you know through the quotient find Journey at the start. So the idea is that we’ll add you know, as many as many exposure types over time as customers have demand for add Health, you know, add home cover ads, you know travel or you know, scooter cover or overboard cover or whatever may come and just add those things as customers show tomorrow. Yeah. Great. Thank you very much Marcus was absolutely okay now we are on our last presentation and
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Of course, last but not nice least. We’ve got John from Zurich over to you John welcome.
Good evening, everybody. I’m John Clark. I head up the life insurance and helping those proposition business for Zurich Australia delighted that our new health and wellness proposition, which is called Live Well is a finalist at these prestigious Awards now live well was designed as the for honouring do its Global rollout of a health and wellness strategy and it’s certainly a step change in how Zurich engages in a relevant way with its customers.
Summer base. It’s essentially an intuitive modular and multi-language app and portal and it’s designed to support our customers lead a healthier life certainly to improve our customer engagement and also driving forward our Innovation gender as a business and the company
Timestamp: 46 min to 47 min
We know from external research that customers who undertake more than 5,000 steps per day have a lower mortality and morbidity rate. That’s that 5000 steps as not just plucked. Our is actually a have been researched. So clearly what’s good for the customer is also good for us as an insurer here. So, for those that can see the slides that first slide they can see that the picture there of the of the app itself. It’s a clean modern design and we’ve
Spent a lot of time making intuitive to use and some of you will have used various health and wellness apps out there, and they can be a bit fiddly. This is very intuitive. We’re going to take a lot of market research. So now let me just talk a little bit more about proposition next slide, please.
So, when designing the app incorporating customer staff and advisors’ feedback, we decided to concentrate on Three core Elements which Define Wellness.
Timestamp: 47 min to 48 min
Mind body and community. So not just physical side the mental side and the social engagement is equally important in in terms of an overall Wellness for individuals. So, customers can access a huge range of Articles recipes quizzes challenges medical encyclopaedia has another really great relevant content the content here and the push notifications are tailored to their preferences and that’s based on a short on board.
Being questioned are clearly. It’s so important in these types of programs. The material is relevant to the customer. That’s why we look to tailor it wherever possible now you can link their wearable device or phone to the app to record steps and also physical activity. So, we reward not only just for four steps in the street as it were but also using a bike or swimming Now using our sister company fit sense.
Timestamp: 48 min to 49 min
this is seamless and also almost any wearable device can be linked and also as a by-product we can access a huge amount of data which helps us to find new underwriting approaches in the future customers are rewarded with points for reading articles undertaking volunteer and charity work and activity which then aligns to tears and a reduction of up to seven half percent off their next year’s life insurance premium, which is probably around the 250 dollar mark
they also as part of the program benefit from access to our comprehensive lifestyle and dying program called loving life and together with a range of fantastic health and wellness partner offers including DNA fit, which I know you guys are familiar with
Finally, we also have recently Incorporated new wallet functionality within the app to make retail vouchers again in the health and wellness space easily available and stored in the app.
Timestamp: 49 min to 50 min
104 tier linked Rewards
So the mention that the proposition is designed in a modular flexible way, which allows us to introduce new content in different formats, including streaming inaudible mediums and the key to success here is of course to ensure it maintains its freshness by continually evolving over time, and we’ve got a lot of plans here road map.
So, has it gone so far next slide, please. So, we’ve only actually launched at the end of May last year. We had an overwhelming positive response from the market. The advisor Market is the key distribution channel for life insurance products in Australia. We’re currently team around 1 in 3 of New Life Insurance customers taking up the offer of Live Well when they take out life insurance, and we estimate around 10%.
increase so is an increase in sales as a result of
Timestamp: 50 min to 51 min
Live well, and that’s because of the increased competitiveness of the proposition. Most of the customers coaches through visors through awaiting thousand tons of comparisons. So that improves the Zurich proposition overall also from detailed analysis of one element of Live Well, which we filed earlier we’re achieving a 25% Improvement in that site. So, it’s quite significant and that’s of the core life insurance product. And therefore, we expect live world to drive lapse right Improvement of
we are over 35 percent. Obviously, it takes a little bit time for that to floats way through but that’s where it what we’re anticipating. It’s only been a year, but already we’ve got you variants of Live Well or being deployed in Brazil Spain Malaysia, and we are expecting and planning further all that into Europe including the UK. That’s about it. So, thank you very much for listening. Everybody started to answer any questions.
Yeah, John. Thank you very much. I’ll just put one.
Timestamp: 51 min to 52 min
Two and then back to you, but I guess you know, there are hundreds of thousands of apps out there now and I guess the key challenge is standing out from the crowd you guys have obviously put a lot of thought time and effort and resources into creating what you have which looks pretty compelling. I guess the challenge is how do you scale and get more people aware of it? So, can you just briefly respond to that and since a of aiming to stand out from the crowd and Market this
Yeah, sure. So, we’ve got some overarching principles which is around Simplicity and modular design keeping it quite clean and easy to understand and easy to access the different bits of information. What a huge amount of information that is that available on the app. So that’s important. We’ve got a clear linkage with premium so that the natural incentive there for a customer to engage through actually saving off the cost of their over insurance.
rooms and selves and also, it’s just the way it
Timestamp: 52 min to 53 min
Embedded in with another app within an app really which is our loving life, which is a broader entertainment-related program. So, it’s probably I would say the best design out there and the most comprehensive with a natural linkage into the insurance proposition that the customer has purchased. We’re planning on rolling out to the existing post later this year as well.
Okay, great. Thanks. Thank you.
Yeah, John time for question for me. I guess just what’s your thoughts around sort of value-added services, I guess things like digital Therapeutics sort of telemedicine virtual consultation. So, these things that are perhaps on your road map.
Yeah, yeah, absolutely. So, this is a kind of stage one in terms of the overall program itself. But yet we’re very interested in extending that for
Timestamp: 53 min to 54 min
So that customers can access that sort of virtual doctor services and such like and also potentially extending it into more of the chronic disease area as well where we can look at variations of the same platform, but with tailored content and Taylor material and relevant information and links that for example address some of the needs of diabetic Community out there as well.
Right. Thank you, John. Thanks. Thanks for the presentation. So, we’ve got to the end and six fantastic presentations. And as we did in our first session, I want us to jump straight into the voting. So, give everyone time to just think about and reflect on those presentations and then make a considered vote. So, we’ll keep this open for a few minutes and then we’ll announce the winners. So, do you think about it? So, I’m and what are your thoughts and Reflections and then I think you’re going to share and some
Timestamp: 54 min to 55 min
Soon as well, right? Yeah. Well, look I’m not I think my first thought which is the same every time on these events is that everybody’s a winner here and you’re just getting this far as great. So, congratulations to everybody my next thought is and I thought this last year as well, but you know, the industry is moving on the quality of these entries is getting better all of these of clear and strong evidence. I think of digital in action happening in the industry on the incumbent side, which is great. Right? So, bear in mind, that’s a lot of what we’re about you and our purpose I think
It’s really good to see these sort of nuggets coming through so ya know I you know, I don’t have what I did but I do have but I’m not going to share it here currently influence the results of you on who I would pick but actually they’re all strong in different ways. So, it’s great. Great to them all what about yourself? Absolutely. I mean think it’s good to see every year. You know how the industry is developing and how things are becoming much more mainstream in terms of what we’re doing, right? Yeah, exactly.
Timestamp: 55 min to 56 min
So let me if it’s okay you can I just update on a couple of things at the TDI sidewall people are casting their votes and some who have been on our earlier sessions may have heard a couple of these but just to sort of apologies but just to go over the same ground for anybody’s new on Brooke. If you can just pull the slides up, please I first just wanted to sort of remind everybody that I guess our purpose at the digital insurer is working together to accelerate digital transformation of insurance. And we take that really seriously working with the industry and a key part of what we try
and do as many of you will know is try and connect up the big and the small the old and the new Brooke. Can we bring the slide up please? So, one of the things we did towards the end of last year was launched the TDI insureTech directory, which is really supposed to be a kind of digital online Yellow Pages that lists all the insurance sector around the world. We’ve got about three and a half thousand already listed. So, it’s already we believe the world’s largest insurer select database and a really useful asset for insurers.
Timestamp: 56 min to 57 min
Investors media anybody else who’s interested in researching potential Solutions in the insurance sector world, and actually it’s a really cool thing and platform for insurtech to be listed on as well because it gives you Global reach straight into a key buyer pool around the world. So, it’s a really useful asset actually usage has just doubled in the last month since we’ve been kind of making a little bit more of a thing of it. So, please support it get on board a friend in short, a kind of your insurer. Hope you enjoy using it and find it useful. So, I’ll be the first thing we just wanted to call out.
Brooke next slide please. Just another bigger development for TDI gases last year. We spent a bit of time listening to a lot of our members around how they were getting on with their transformation Journeys and we kind of coined the phrase that the digital needs to move from the few to the many we were sensing that there wasn’t enough engagement of digital Beyond The Specialist teams and the kind of innovation Labs. So, what we realized is actually the industry could do with a helping hand when it comes to increasing.
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Any sort of an enthusiasm for digital across the business and in January this year we launched there for the world’s first mini MBA on digital insurance. It’s sold out. We started a new cohort this month is sold out got great feedback. And this has been launched under the banner of TDI Academy a digital online sort of Learning and Development vehicle and because of covid-19, we’ve actually and demand from our members we brought forward something. We’re calling the certificate in digital insurance, which is a fully online version of the ADI program and
actually, early steps on an executive-level program for executives and board members to help them better understand how technology can support them in their efforts as well. So really excited about that next slide, please Brooke just gives a bit of depth to what’s behind this and it’s actually a really cool program touches on all the sort of buzzwords and goes into some really interesting depth on outside of Industry within industry what these things are all about not just from TDI, but from many of our partners
Timestamp: 58 min to 59 min
Around the world whether it be Google or KPMG or swiss re and others. So, I really cool sort of I guess development for TDI getting great feedback. And I think we’re just interested in with whether anybody on this call today is got an interest in hearing more. So quick question coming up on your screen. If you can perhaps just reflect on please and let us know whether you’d be interested in hearing more either personally on behalf of you your company will both that will be I think really helpful for us and I guess
the last thing then just moving on from me Brooke is just to sort of bring the slide back up again. I just like to thank on behalf of the entire TDI team our corporate members and you know, it started a couple of years ago this journey and we’ve got now a really strong representation of some of the biggest brands in the region helping us bring events like this to Regional and Global audience. So, thanks to all our corporate members and on that note Hugh. I’m going to hand back to you.
Timestamp: 59 min to 60 min
Hope that we’ve got a winner coming through. How is it looking?
I think we’ve got a winner coming through. I think when we see the slides up again, and I think will be close to having a result. So maybe we can show the corporate members slide first, and I’m going to assume that we do have a winner. There we go on the slide. Congratulations HSBC life Amanda. Well done your presentation. Please come online.
Congratulations. Yeah, well done for your presentation any thoughts on that from you Amanda?
Ah, sorry, I don’t feel thank you so much for the present for my presentation. Thank you so much.
Timestamp: 60 min to 61 min
And there are lots of coming in the future. We’re expecting to join you guys next year. Yeah, good. Well, congratulations. I want to thank everyone for participation, right? It’s not really about the winner. Although I know obviously everyone wants to win but it’s actually about that just going through this process and sharing this information in the industry. So, we’ve got more sharing coming up 2021 Awards. We’re going to do them at InsurTech Connect Asia on the second.
For the 4th of February, that should be at some tech City. We are going to stick to our tradition of also having an online component. So, wait for that one and we’ll tell you a little bit more about what we have in mind when we open up the awards towards the end of Q3 of this year. That’s it for today. I really hope you’ve enjoyed both the award file formats. The China ecosystem panel session. Thank you, very
Timestamp: 61 min to 62 min
Actually, your time and attendance. Please do give us that feedback through the link at the end of the webinar or when you get the recording link, but that’s it from all of us. Thank you to everyone for their participation and listening today. Thanks everyone. Thank you.
Thanks a lot everyone.