Watch Session Replay
The Digital Insurer 2020 InsurTech Innovation awards were held on 2nd June. TDI selected 6 finalists from over 30 entries to prepare a 5 minute pitch and participate in a Q&A session. The finalists were CausaCloud, Cover Genius, Open Legacy, Kovrr, Xiaobang and Toffee Insurance. Toffee Insurance was voted by the live audience to take home the award. Congratulations to all the finalists and Toffee Insurance.
Timestamp: 0 min to 1 min
Well, good afternoon. Good evening, and perhaps good morning. Everyone joining us from across the Asia region and around the world. Welcome to the digital insurers 2020 InsurTech Innovation award finals brought to you in conjunction with our friends at InsurTech connect. I’m Simon Phipps one of the founders of TDI based here in Hong Kong and it’s my pleasure to be hosting today. You know what I’m like the first half of this year has undoubtedly been professionally and personally challenging for everybody. So, we hope that this event creates
Opportunity to both share and celebrate some of the positive things that have been going on across our industry despite the challenges that everybody’s endured. We’ve got a quick disclaimer here on next slide Brooke, please which are not going to go into but what I did want to do was share with you the structure of today’s three to four hours of events. We’ve got three
Timestamp: 1 min to 2 min
three events rather back-to-back during the course of the day picking off with our InsurTech Innovation rules. We have a really interesting much-anticipated panel discussion on ecosystems in China and then at five-thirty we move into our insurer Innovation Awards, which remain exciting pitches as is this session coming up so a very interactive session and exciting session to look forward to now next.
Slide, please. You look this is our fifth actually Awards both InsurTech and Insurer Innovation. Our third event fully online in 2018 pineapple 2019 Evari and we’ll be hearing from Daniel CEO shortly at the end of the pitches, but for now, let’s get straight into 2020 and I’m going to hand over there to my co-founder partner in crime to Hugh Terry and
Timestamp: 2 min to 3 min
So, Yannick is from Swiss re to take us into the awards for the insurance. Yannick welcome and over to you.
Thank you, Simon and welcome, everyone. We’re going to get straight into it. We’re going to have a really Pacey final here. So please pay attention. I want to say hello first to Yannick being involved in the awards. I think this is your fourth year, isn’t it? Yes, correct you again? Thanks again for inviting me every year and a real pleasure to help to put the lights good Lights Under the six. Finalists.
With us here today. Yeah fancy Anna can we squeezed in six finalists within this one-hour session? So, each of the finalists is going to speak for 5 to 6 minutes. We’ll have one or two questions that you own it will lead after that. We’ll hear some time as in the background. So, we’re running to time on that and then
Timestamp: 3 min to 4 min
The end obviously up to you to vote and decide who you’d like to be this year’s winner. So, let’s have a look at the six finalists just on the next slide. I’ll sorry before that just in terms of participation. There is a Q&A area. So, if you want to give Yannick some ideas on questions to answer ask, please just enter those the chats available and then at the end the live vote will be a pop-up. Hopefully everyone’s familiar now with zoom polling. That’s what
We’ll use for the voting process. So, it’s had a look at the six finalists here. They are. I’m not going to read them out to you. We’re going to jump straight in to the first finalist and welcome Sean from Causacloud Sean over to you for your presentation.
Okay, thank you. Okay go out and everyone. I’m Sean Guo and I responsible for the science and production team.
Timestamp: 4 min to 5 min
So today I will introduce how we Empower health insurance Innovation through our data intelligence technology. So next line, thank you. Yeah, this is this is the market we focus on you know in China. There are more than the population of China has reach 1.4 veneers in China now, so but some research shows that over tonight.
Eighteen percent of Chinese people are stop healthy or sick people. There are only ten percent of Chinese. People are so called healthy people defined by W ratio. So, the traditional interest insurance company, they only provide a healthy Futures order for the healthy people because they are risk easier to be evaluate and easier to be controlled and they only have the data for
Timestamp: 5 min to 6 min
To evaluate the risks for the health healthy people, but the market is very large for the sub healthy and the sea sick people and they are requirement the not satisfied because they are because the insurance company did not have data and any technology to evaluate their rings and took to make some control for there. So, the next slide will show our roadmap yet actually cause a cloud.
was incubated by our group company, which is called happy life Tech happy life tag was founded in 2013 and is one of the largest Healthcare Big Data company in China and happy life Tech has been co-opted cooperating with the more than 100 top hospitals and the several regions to build a healthcare Big Data platform for the for the hospitals and the
Timestamp: 6 min to 7 min
Is so there are more than 300 Minimum patients and one being here medical records on the platform. So, we feel the medical bring which contains thousands of disease model based on the health care bill data. So Causacloud was founded based on the medical brain, so we begin to develop encouraging and
Writing and claim headphone, which has had been cooperating with more than 30 insurance companies. Now, they are using our platform to do some underwriting and claim process processing and we also acquired insurance broker and issues that assessment license in 2018. So, this license will allow us to provide Innovation Innovative in Insurance Service.
Timestamp: 7 min to 8 min
Legally in China. We also built the healthcare internet hospitals to provide healthcare services such as video doctor and Drug delivery Network and some Services management for health management for our customers. So next slide.
Yeah, our core ability was contained more than 40 disease models. So, this all this disease models established based on our Healthcare exercise.
Yeah, we also developed a total solution of the InsurTech including intelligent medical underwriting claim Healthcare Management and intelligent customer services and Innovative product design so next slide.
Timestamp: 8 min to 9 min
Next. Yeah, our Target is to achieve a customer oriented and for life circle health care products and services. So, we designed a product and provide the services and Technology based on our disease Knowledge Graph and customers for life circle Healthcare Management platform. So through so all the platform we will we will
Much easier to lower the cost and disease risks of the DC progress. So, the last page will show some of our products. Yeah provide for the 46 for specific disease patients such as breast cancer or some for some children to provide who come with their medical expense of
Timestamp: 9 min to 10 min
Cease black disease or the cancer disease and also includes some services to provide the services for the customers. Yeah. So, the time is limited. So, this is our presentation. Thank you.
Thank you very much. Yannick. You did say you did right on time. Just five-minute speech. That’s really perfect. I don’t see any question here from the audience. So, we have more than two hundred thirty-two people here listening. So, feel free to bring question while I got more question. One question for me is in in China. We see that people are starting to be more and more aware about what the private company.
We do with their data and they starting to select specially for the hell’s only the positive.
Timestamp: 10 min to 11 min
A town that they want to share that basically they don’t want an insurer to see that they are potentially sick or they have more potential to be a customer at risk. So how do you make sure that in all the data you collect for your model when you enter right a customer you have a well-balanced data collection?
Okay, that’s a good question. First of all, the data we use to design. The product is not having any privacy a date personal privacy data. We just yeah, we just we just use the non-privacy personal data to be our model and but the but when people
apply for example, they when they buy the insurance product and when we do some underwriting or
Timestamp: 11 min to 12 min
All came processing the data would provide by the fight by the customers. They just submit their health care their medical records material to us. And we also we also process the data and the data. I mean they will allow us to possess it. Yes. I see a couple of question on your own.
On your business model run Yannick. I’ll get you’re okay. Sorry, so let me just ask one question. Very quick question for you. What’s your Revenue model? Is its fixed fee per month or pay as you go?
Okay. Um, yeah, that’s a good question. Actually, the business model include through two parts one part is the
Timestamp: 12 min to 13 min
Is the system developer fee and the second is the program the product sales for the for the customers? We will get commission from the from the product. Yeah, this community comes from the series and model use of the of the product of the inside the product. Okay. Thanks. Thank you very much Sean. There are a few questions if you look in the Q&A area so you can type responses directly because we haven’t got time to do them all.
And we’re going to move on very quickly now our next presenter Chris Bayley from Cover Genus Chris. Welcome over to you.
Thanks a lot. Thanks for having the opportunity at the next slide. So, I will just to give you a quick rundown Cover Genius interns distribution platform where six years old cover. The key numbers are up there. We’ve
Timestamp: 13 min to 14 min
around two million policies to date we’re licensed in 60 odd countries hundred thirty in the team claims and cases is 65 plus we cover 40 languages and sorry instant payments in 90-odd currencies and 5,000 or so claims per month. So just to give that’s all just to give you an idea of the scale at which cover genius is executing its work we recently
We awarded the number one fastest growing company in a pack by Financial Times and our partners. Some of those are listed down the bottom including booking.com eBay shipstation access and major taken in company and check 24. So, we’re a global platform and I call out some of these numbers just to give an idea of some of the some of the challenges that we’ve got when we’re
Timestamp: 14 min to 15 min
In that that sort of number of policies but also issuing that sort of number of claims and if we just look on the next slide that will give you an idea of how the industry kind of works and how traditional insurers go about this this challenge. So, with that with that sort of volume, we’re issuing we’re settling claims from dozens of bank accounts around the world and I yelled currencies as I mentioned industry benchmarks about 18 to 22 days.
To settle on average to settle a claim once it’s approved across the areas of insurance that we work in including product in terms which is retail warranties travel car rental shipping and a few other lines that we operate in. So, the four traditional insurers the claims and cases tend to hover between – 15to positive 10.
And we’ve always we’ve always accepted.
Timestamp: 15 min to 16 min
Bit but the Innovation that we would that we bought about a couple of years ago called exclaimed which is which is the focus of the presentation today was enabled us to grow it to plus 65. It was at a higher level, but plus 65 compared to the industry average that you see in front of you pretty tremendous why a payment so hard several reasons traditional insurers send bank checks. Now, we never went down that path. I’m but bank checks do get lost.
They’re also difficult to pop to deposit for in for example for international Travelers signal into a home currency when they actually travelled overseas input errors for Bank details are very common. There’s for example to painter Russia that you got to have the patronymic name of the person which isn’t an everyday usage. There are all sorts of kind of curious things that you got to learn when you’re doing
Timestamp: 16 min to 17 min
Payments at that sort of velocity. So that’s 5,000 a month that we do of claim payments and getting accurate bank account requirements. As I said for traditional insurers monolithic Legacy software systems internal bureaucracies and banks that are slow to notify you for payments file if we just look at the next slide, please. So, what we bill was an integrated exclaim platform, which is part of cover Genius singular platform xcover.
and the moving components of the first notice of loss configurator, which had to be built for any line of insurance which also includes fraud detection, which is built into both the ethanol and every step of the process 40-odd languages of assessment and 90-odd can currencies for payment if we just have a look at the next slide.
I won’t take you through this video because of time constraints but it gives
Timestamp: 17 min to 18 min
A pretty good idea and I encourage everyone to have a look at what we’ve built off in order to resolve that and the net impact of all the effort that we put into building that our payment fee in our platform for instant payments was to drive up the MPS from about positive 42 positive 65 within about four weeks. And if you look at that on a comparative basis against every other insurer and InsurTech out there, I think you’ll probably find it’s probably at the top the
the highest reported MPS that I’d seen previously that we’d seen previously is lemonade that’s in the high 40s or low 50s and traditional insurers being in the kind of negative range. So, we do think it’s been a really worthwhile F and it’s allowed us to Excel and to bring on more Partners like eBay who’s most recently announced partner.
Thank you, Chris.
Timestamp: 18 min to 19 min
Question from me I want you to know what is the maybe the type of insurer that’s actually use your services that I guess some insurer can prefer to keep the payments in house here.
To be honest, it doesn’t really happen. We the nature of what we do at certain where we you know, we’re licensed as MGA but also throughout Asia with other sort of Arrangements where they don’t have MGA structures are also licensed has the claims as the claims license for claims, but at that way so through that MGA so
it’s you know, we work with distribution Partners some of the note some of the names that you saw there. That’s our model and we have underwriting Partners who are providing capacity for us in which case we do the payment there.
Timestamp: 19 min to 20 min
Some strategic Partnerships that we’ve got with insurers where we actually take on some of the technology components and universally, they want to use out payment infrastructure as well. And because the ability to pay into any currency using any language and have actually sat there and fixed up all of the tiny details that are required to actually to pay into any to any currency is really difficult. And so, we find that that’s
that’s been a real kind of bun towards the Partnerships in delivering MPS at that sort of scale. Okay, and what’s your plan to scared? So, you said you you’re currently a managing 5,000 payment by months. What’s you’re on the horizon? I think it’s scaled already look at you know for us for us. There’s you know more Partnerships we launched.
Timestamp: 20 min to 21 min
You know we tend to focus on really big Partners the sorts of ones that you saw. So, you know, we’re not launching 15 Partners a week, but we did have to go live today which is quite unusual for us and you know, they’re both big household names which will which will be announced in the next couple of days. So, you know, we our whole effort over the last couple of years has been to diversify our business out of travel. So, the rewards from that effort.
Are really starting to come through now, you know, including a partnership with eBay and shipstation Fringe instance that cargo Marine line. They’re one of the biggest shipping aggregators. Globally. There are quite a few others that are launching. So yeah, you know the in terms of scale that’s really about executing our mission and vision has always been about doing Global Insurance because it’s a problem that we did encountered from the future the asset. So, we continue to do that and delivery
Timestamp: 21 min to 22 min
Solutions for their conference, right? Well, thank you very much Chris. Thanks for presentation and we’ll move on and now we’ve got Yakir are from Kovrr who’s going to present to us is here over to you everyone. Thank you, and it’s a pleasure to be here and my name is Becky Wiegand and I am the CEO and one of the founders of cover where an Israeli firm. The brought team is coming from the world of cyber intelligence and advanced defence.
that’s what we did for many years building platforms that great data on a global scale Zone business and on attackers what we do we see ourselves as a One-Stop shop for cyber risk modeling. Our clients are insurers and reinsurance worldwide helping them mainly around underwriting cyber underwriting and portfolio management booking on potential losses due to cyber accumulations and the users of the
Timestamp: 22 min to 23 min
From the usually under ideas activities catastrophe modelers exposure managers today specifically I wanted and please move to the next slide. I want to give you a glimpse to some of the coolest functionalities that we have in the product in the solutions and show you through a case study how we helped Asian client around the silent exposure analysing the second exposure and how we are thinking going next with the capabilities. So,
Just in a glimpse the flow of side inside risk analysis is I would say quite simple its emerging qualitative and quantitative analysis capabilities just as a statement silent cyber exposure. It means potential to claims due to cyber events. In other lines of insurance that are not necessarily affirmatively covering a cyber think about Aviation think about Pro commercial property and others
Timestamp: 23 min to 24 min
It’s older than the flow of analysis starts with qualitative analysis also warnings and the standing specifically what are the scenarios that can be that can be can lead to potential catastrophes in these books and losses. Then what we do we go into the platform. We aren’t we create a sub catalog of events that are relevant to what we identified for the policy or analysis.
And then creating other tables or for the reflect relevant companies within the book and walking through similar methodology of modeling doing Monte Carlo getting into DP curves and putting a dollar euro or Singaporean dollar value on the risk. Next type is
Thank you. So just to show you how.
Timestamp: 24 min to 25 min
Sorry previous one you jump, too.
One more. Yeah, this one thanks you. So just as a short you jumping back and forth. I want the ACR slide, please just to show you as an example with the HR Capital reinsurance. We provided them our solution and we start with the qualitative analysis were identified this scenario that are relevant and for their broad set of Books A variation engineering and others.
We then run the analysis on their files of companies within the facultative book and provided them a clear understanding on a quarterly basis. What is their exposure to silent type now? What we understood is that and we got that through them and for others in order to scale that up the capability. We need to bring something that is not very much leaning on.
Timestamp: 25 min to 26 min
You’re rewarding analysis. So, what we are introducing now is what we call cyber exclusion analytics and we’re basically we are mapping all the top. I would say most common cyber exclusions other weather itself 80 and others in a similar fashion to what we’re done with ACR another client. We are creating sub catalog which of one of these exclusions common conclusions and then able to run the analysis in a very simple manner for easy to use –
you can just choose specific exclusions identify and Define. What’s the level of number of companies and policies affected by this exclusion and then see if you will imply this exclusion for example on your commercial property book? What would be the silent exposure and this is something we are about to release very soon and next slide, please.
and getting me too short
Timestamp: 26 min to 27 min
In terms of benefits when you are quantifying summon cyber risk with cover. You can see very nicely what’s the exposure to catastrophes type of catastrophes. You can understand what are the exposure to new threats that are coming and can serve and driveway catastrophic losses and most importantly you can properly Define your affirmative cyber furtive cyber.
Thank you your kind a question from me is where are you in your in your journey in commercialization of this approach? Have you already said this platform and approach to some insurer in Israel or trust the world? Yeah, so our client base is very much a global at the moment.
Timestamp: 27 min to 28 min
We have clients in in Asia in Israel. Of course, we start from Israel Europe Latin America us will gradually expanding looking for channel Partners to help us getting to the scale that we’re starting to be and yeah, and I would say roughly today that the claim basis half insurers and reinsurers. Okay. And do you already have a rough number of cyber protection policies that are based?
It on you on your insights around the world. The question is how much how many policies that we are we help underwrite? Yeah, so we don’t offer assessments, you know assessment that we’re doing necessarily lead to a quote. It’s also a big Journey yet. We are today as a stencil thousands of companies already for climate and if you’re looking on internal databases because the
Timestamp: 28 min to 29 min
Tens of millions of companies that we are creating information on them offer more graphic and graphic, okay.
And are you looking as well to personal cyber risk or you I understand you focus more on the on the on the street are very visually question. We still very much focused on the commercial special ed and having said that you asked me about vision and whether a personal cyber insurance is needed I believe so and we have these capabilities in-house, but we are not working with clients yet to do that to support.
Okay straight and as a question here coming in just around your charging model again, and also working or service is available for insurance brokers. Okay. All right. So, thank you for the questions. So, the business model is simple. It’s a solution fully.
Timestamp: 29 min to 30 min
So if subscription annual subscription depends on the size of the book that you monitor of course that we monitor for you and in terms of the offering to Brokers very much my apologies if I didn’t mention that but when I’m saying insurers for me jurors, including their distribution Channel, this is totally available to them.
Okay. Thank you very much. Thank you very much. I care moving swiftly on to our fourth presentation Joseph welcome, and you’re going to present open Legacy. Thank you, next slide, please.
In this ever-changing world of digital transformation. Do you believe your organization is actually thriving or just surviving?
Next slide please.
Okay, so what if I told you that?
Timestamp: 30 min to 31 min
Over eighty percent of its transformation projects actually eventually fails one way or another how would you feel about that?
And in fact many companies they fail or they miss the point on one of these areas whether it’s an ever-increasing backlog of IT projects with limited resources to handle but an ever-expanding which list from the business or trying to integrate different best-of-breed Technologies from different vendors getting them to talk to each other to work with each other and to integrate smoothly with each other.
Or if you’ve taken a shortcut in one of your IT projects today, do you have enough its currency to repay that technical debt in your projects tomorrow? What about trying to Sunset or migrate an existing system? That’s no longer supported by your vendor and trying to upgrade to a newer version.
Timestamp: 31 min to 32 min
Move to an entirely different system.
And then there’s always the issue where you’re trying to couple 20 30-year-old Legacy systems with modern-day development processes. How’s that working out for you guys? And unfortunately, I think the answers to a lot of the questions that I just asked it five of those areas. It’s not often that companies have very good answers for and because of the problems that you see in these areas. They actually amount to an even bigger problem, which is the time to Market.
For Innovation? Okay, and with Innovation being stifled or being slow to come by. It’s actually not good news for your business next slide, please.
So, by now, you’re no longer feeling great about the question that I asked. Don’t worry. We’re here to help open Legacy in a nutshell is an API Factory that automates and streamlines the integration between your legacy assets.
Timestamp: 32 min to 33 min
In systems that are both internal and external to your organization. And in fact, we do it with such Elegance that we provide a number of benefits. First of all, from a species perspective. We are 20 times faster than the traditional coding method when it comes to API creation were also 75 percent cheaper when it comes to TCO total cost of ownership and five times faster from a performance perspective there by cutting your digital transformation project time in half next slide.
That may sound too good to be true. But this is how we do this. So, if you take a look at this diagram, it’s a typical it architectural diagram for an insurance company. We’re at the bottom. You have a number of Legacy systems. Whether it’s in IBM Mainframe as400 or called database or ERP system like sap, and at the top you have your digital channels, whether it’s the internet browser on your laptop on your iPad or mobile app on your smartphone or even the cloud it.
Timestamp: 33 min to 34 min
Os or Microsoft ashore and at the bottom the these Technologies in the bottom layer over the last 20-30 years they have actually evolved relatively slowly compared to the top whereas at the top think about the last time where you have to update your mobile app on your smartphone it was probably just days ago so the Innovation the changes are happening at the top are definitely happening much faster in the digital channels in order for the bottom layer to catch up to the top overtime layers and layers of
Of middleware were written or created whether its messaging brokering orchestration. You name it there by creating a big monolith that becomes very inefficient from a cost and labour perspective. You need to buy first of all the hardware and the software and then build teams of people around the solution to maintain it. So, think about the last time you actually had to debug a situation when there’s an issue at 1 or 2 a.m. In the morning. How many people do you have to call up to try to resolve the issue and then?
Timestamp: 34 min to 35 min
When there are Innovations to come when you need to change a few lines of code in one of these layers think about how much you 80s it and regression testing that needs to be done. So not a very efficient architecture next slide, please.
With open Legacy, we essentially bypass the entire middle layer. So, no more esps or SOS and what we do here is we build the API directly connecting the Legacy system to your digital channel. So, no more costs on Hardware software and big teams on the Middle where savings over there and then more importantly in my opinion. We also allow Innovation because each of these apis are containerized microservices containing a specific piece of logic. So, if you need to make a change in one of these cells
The testing and debugging only needs to happen in the cell. Thereby allowing changes Innovation to happen much quickly next slide, please.
Even though we’re a relatively young company we work with.
Timestamp: 35 min to 36 min
The top logos in the banking and insurance sectors all over the world in many of those companies actually reside in Asia, whether it’s in Japan Korea southeast Asia and Hong Kong next slide.
So, with that I wanted to take time to thank you. If you have any questions about our company our Solution, please let us know and we’ll be very happy to help. Thank you. Thanks. Joseph question for me is you mentioned you’re helping global company, but mainly from Southeast Asia Hong Kong. So, am I correct to understand your current footprint is more in these markets at the moment to support this digitization? That is correct. We actually do have customers live in
in Southeast Asia Indonesia in particular and we also have relatively new customer signed in Japan and also in Korea and you know in Singapore and Hong Kong as well in terms of opportunities that are towards the late.
Timestamp: 36 min to 37 min
Okay, and how do you operate so I guess it’s very similar to traditional IT company as you will project by project and you get to fee and then maintenance support to what you put in protections. Yeah, so our apis is actually the software that we sell. So, are we being a subscription model first of all and we care more on the licenses then the actual Services we believe that our services are actually very easy to implement?
Element. So, in terms of the onboarding process once the customer buys from us that is actually very simple. So, two to three months of onboarding so we don’t really, you know, try to make a profit on these services but we focus mainly on the license selling. Okay. We use a number of Partners along the way as well to help us Implement our customers. I see ya. Is there any Legacy system that you were not able to crack it because they are some system that quite all there where not a lot of?
Timestamp: 37 min to 38 min
People still don’t know how they recorded. That’s a great question. And I think the answer is no so far. So globally we have 30 plus customers and not once have we did not have, we had to say sorry. Mr. Customer we cannot do what you’re asking for. I did have a situation in Japan where we were trying to implement a company where they have a very old IBM text version. It was actually I think version 2.0 which is very ancient in our opinion. We did have to modify the connector that we have pre-built, but that only took
about two three weeks in terms of development and testing time. So, we feel very confident that we can actually connect any systems in the world. In fact, the older the better because we will have less competition when it comes to that and I’m really a final question. Sorry. I don’t see question from the from the audience better final question. A lot of today’s risk resides in the Legacy system that we’re not built for the world of today. The interconnected world that we have today. So, when you build this API to bring the data from Legacy
Timestamp: 38 min to 39 min
Into this front end and this digital tool, the USL also help your clients who identified the existing risk is their legacy system. Absolutely. So, we do have a consultant team that comes in during onboarding to help first of all to the Discovery, right? But at the same time also provide advice during design time or what the best approach is when it comes to using our apis to connect their legacy assets to other systems, right? Thank you very much.
Much. Thank you. Thank you, Joseph, moving on Rohan from toffee. Welcome over to you. Look forward to hearing to you from your presentation. Thank you excited to be here. So, I’ll give you a quick background. We are an insurTech start-up based out of business for two and a half years. What we do is we essentially create a multiple innovative.
Timestamp: 39 min to 40 min
simple products that can be put together for a class of consumers which haven’t had access to Insurance products because of the cumbersome and the thawed chicken complex nature of insurance in itself and our missions are behind doing so was to make Insurance clichés simplify, but idea was to make it more accessible affordable and relevant to a wide mass of consumer base across the country next slide, please
So, today’s sort of slides. I’ll focus on one of the segments that we’ve been focusing on in our sort of Journey and this is probably hits home in today’s time with the pandemic and the covid-19 sort of situation the biggest sort of disproportionate penetration of insurance in this countries across the lower middle class what we call as the gig economy or the urban moons, which have sort of very little protection layers.
It’s built around.
Timestamp: 40 min to 41 min
Any sort of medical or health sort of exposure. So, we’ve been working on creating specific products, which allow sort of Baseline protection layer that can be picked up very easily at a very affordable rate. What we’ve also seen is that the health sort of costs over the last 10 years of almost doubled. So not only do you have an environment where you have mass sort of unemployment on the other hand you have a lack of infrastructure and increase in cost which makes it extremely difficult.
Difficult and mixes entire segment very vulnerable next slide, please.
Okay, move to the next slide. Yeah, so what do we do in toffee Insurance, you know we focus on sort of three areas of innovation. We are product Tech length and distribution is sort of a subset to the products that we create. We co-create products. So, we operate like an MGA almost like a pseudo Insurance business where we
Timestamp: 41 min to 42 min
We have Partnerships with a wide array of Manufacturers across live P&C and health we go create products with the help of their underwriting teams and our data resources to create products which are mass market and scalable. And the way we do it is we deconstruct and decouple these comprehensive products into smaller bite-sized sachet style construct. So, think products like a bicycle insurance is actually comes out of a home in content insurance.
Think Dengue or malaria insurance, which is the component or a little wider full stack health insurance policy. So, we sort of call continuously sort of keep looking at pain points for this particular segment and create narrow use case events and products that can be delivered to them in the user experience. We try and own have the ownership of that customer into n so they actually feel like they’re dealing with an insurance company and not more like an intermediary one of the big
Timestamp: 42 min to 43 min
Of things that we’ve learned through our journey is that there is a lot of mistrust in the current distribution ecosystem and which is why a lot of these segments don’t buy into Insurance because once the broker sells you the insurance they don’t come and service you or help you through the claims process and claims process as we’ve known not just in Europe, but across a lot of these Southeast Asian and Global counterparts is extremely complex. So, we take the entire sort of ownership of the user experience all the way hand-holding game from
The policy issue ends to the claims and servicing to the extent that you know with some manufacturers. We also take a mandate to do conditional approval on claims. We heard one of our fellow participants earlier talked about the you know, claim timelines and turnaround times which is in excess of 10 to 15 days. I imagine if you had a claim of you know, $10 or $20 the timeline for that is the same as a timeline for $10,000.
Timestamp: 43 min to 44 min
so, what we’ve done is we’ve taken conditional mandates from our manufacturing Partners to say can we approve claims up to a certain amount so that they can be turned around as quickly as within the day and the payout can be done over the next two or three days. So, we own the entire end-to-end user experience distribution. Like I mentioned is sort of a subset. So, we follow the consumption pattern where consumers are going. What does that mean? So, we go and tie up with various Channel Partners. So, let’s say I’ve created a product called a bicycle insurance. We look at the ecosystem and see.
Is a bicycle actually being sold are they being sold online or offline? And then we go and partner with various sort of oems Manufacturers Distributors retailers’ point-of-sale channels to have this product embedded into their native sales process. So, a merchant literally sort of brings this product of when he’s doing an ancillary sale and we’ve seen use cases like a mobile insurance, which is very typical but extending that same model across various other categories, which touch this segment.
Timestamp: 44 min to 45 min
So, what are the kind of products I just briefly touched upon these are wide variety, but generally kept at a sort of a narrow single event use case because that makes the understanding of products very easy for the end customers. So, think seasonal infections, we have covid-19 product in Dengue malaria Insurance. Typically, what we will do is we will look at the geography and see what are the typical rates of seasonal infections that come to those sorts of geographies and
And we build products around those disability products. These are typical variations of personal accident, but they also bring in outpatient expenses into it. So not only do you get covered when you have a catastrophic event like a death or a disability, but also if you get fractures or you do sort of need to get you know, Surgery we cover for those as well the other kind of products that we look at is asset protection.
Timestamp: 45 min to 46 min
Again, the livelihood for a variety of for this entire segment depends on making sure that their livelihood is dependent on the businesses that they run the earnings that they earned. So, keeping them assets related products like a shopkeeper Insurance product which are include protection so on and so forth. So quick example in terms of how we sort of distribute these products so adding insurance product that we’ve been working with been operating with the last couple of years get sold through pharmacies tools.
Through clinics remittance Partners. We have a hospital de cache product which is essentially if you fall sick in a hospital has for more than 24 hours you start to get a fixed payout on a daily basis. This works very well for a gig economy which works on a daily basis and this is sold through mobile recharge points Etc. And we’ve literally sort of taken that approach of optimizing tech for various point of sale. So, we don’t try and change Behaviour.
Timestamp: 46 min to 47 min
Up sale, so if a point of sale is not on smartphones, we have a SMS based system, which is completely integrated to issue a full policy all the way to API Integrations, which is sort of readily available for any sort of online or offline Partnerships. So, in sort of summary, we try to simplify insurance for a mass audience, which is completely unprotected today by offering them unique products, which are not traditionally available through insurers themself. Thank you.
Thanks. Rohan will be last time only for one question. So, we pick the one from a good friend Michael how many end customers have actually bought your product to date? So, you spoke about a lot of product lot of different Channel. Where are you in this in this acquisition Journey?
Yeah, so look, we in the industry specific segments that we’ve been operating in. We have more than half a million consumers that we’ve touched a hundred different cities.
Timestamp: 47 min to 48 min
And these are you know; they range for different products. So, they would be split between different products. A lot of the products get sold in sort of second-tier 30s cities which are smaller cities are not your main Urban cities. So, I’m talking specifically on the segment overall above that we would have cost about a million or customers okay to ask them for second question. You grow we need to switch.
We need we need to move on. Okay, thank you so much. Let’s move on last but not least welcome to as you’ve been from Xiaobang and Xu Bin over to you. Everyone can hear me fine. Yes. Okay. Okay. Hi everyone. I’m many thanks for having me here. It’s my honour to present to you was jawbone’s doing in our vision of the future financial and Insurance Service. My name is Ben. I’m the founder and CEO of Xiaobang is a fin tech company.
Any our mission is to provide quality Financial Services to the mass Market.
Timestamp: 48 min to 49 min
Good Financial Service can greatly improve the life quality of a person sadly Good Financial Service is a privilege to rich people. We believe we can significantly improve the efficiency and quality of financial services. So that the average people can also benefit from it. Our main product is the new generation insurance broker this slide represents our vision. We believe that the Future Insurance and financial service should be online fully digitalized AI empowered
and full collaboration enabled it also represents our Solution on how to significantly improve efficiency. I’ll explain the details later next slide. Please firstly online many people think financial service has to be face-to-face respectfully. We disagree we can totally imitate the face-to-face experience in online environments as you can see on the right side of the slide, we develop with the out developed our proprietary.
Timestamp: 49 min to 50 min
Dual system where agents in customers can talk face to face the Asians can present the Assurance plan explain products the customer how to fill out the forms and et cetera when the customer is busy. The agents can communicate a synchronously using I am this is a scenario that face to face service cannot satisfy. Therefore, as you can see, we can provide more options on communication compared to offline and we have already
If that our online service works very well because we have successfully sold all kinds of complicated and expensive products online. Secondly AI empowered next slide, please.
Secondly, since the service is provided by agents. The service quality is only as good as the agent’s capability in the past agent service is the black box to brokerage firms and insurance companies
Timestamp: 50 min to 51 min
To know what’s happening during the service? They don’t know how to improve the quality of the service in a systematic way and they don’t know how to help the agents to become better. We are different. Our service is fully digitalized so that we know every detail of the service by analysing the data we know which agents are doing. Well. We know why they’re doing well and therefore we know how to improve the service in the system a cute way furthermore. We equipped every one of our agents.
Within AI assistant the assistant can tell the agents was the best answer to the question’s customers asked what products use the customers’ needs what service procedure needs to be done. And what’s the best strategy to close the deal with the customer and Cetera? We accumulate more than 150,000 messages data every day and we use the data to keep training. The AI assistant is like the desist these learning from all the other agents every day. So
Timestamp: 51 min to 52 min
It is becoming smarter and smarter. If you have seen the movie Iron Man, you can imagine that if the traditional broker is the human being our agency is like an Iron Man next slide, please.
Thirdly collaboration our agents are not just the like a single Ironman working along. They are like a bunch of Iron Man working together for the traditional brokers in to find customers need to have expertise in many skills, like interpersonal skills health insurance planning skills annuity planning skills. Also, they need to know how to close the deal. It is a lot to ask for a single agent. Therefore, it is difficult to find good agents and all companies are
trying to attract a new good agent with low costs by comparison. We don’t need an agent to do everything the collaboration of our agents are more sufficient than traditional Brokers. For example, the lady on the picture is really good at to selling annuity products while
Timestamp: 52 min to 53 min
Many other agents are not as good desperate of new sales can hold an online seminar and other agents can invite their customers to the seminar to improve the probability of the customer buying annuity products. We have we’ve done the test and the conversion rate was improved by 30% next slide, please.
In conclusion, we strongly believed in our vision that the Future Insurance in the financial service can be should be online fully digitalized all empowered the AI empowered and full collaboration enable. We have already benefited from it since our service totally online. We are not disrupted by instance like coronavirus the whole system is becoming smarter every day. The service quality is much better as we monitor every detail of the of every service now.
efficiencies or is already 10 times higher than the traditional one and still has great potential and hiring training and
Timestamp: 53 min to 54 min
Judging becomes the easier and thus our sales team is more scalable. China has a very big Insurance market. So, if you are an insurance company or reinsurance companies seeking to expand business in China, we can help you sell your products better.
It’s you question from me is so you use your platform for further your own products that that you sell your soul always telling at the end you starting to sell this platform to other insurance. Well, am I correct and are you looking more for Chinese insurer first or looking to expand or we’re not selling our system to other companies? We just we have a better solution. We can measure our agents better. So, if a user has come
Any has a product that to that wants to sell in China we can help them. Are you add to sell the products through your platform? Yes, sir. Yes. I get it wrong. I saw.
Timestamp: 54 min to 55 min
You’re starting to White Label your platform to other companies. That’s also an option. We are getting we are yeah, and what was the training efforts for the agent that quite used to the face-to-face interaction how much time how much it 42 needed at the start to actually train the agents to this new technology and get rid of the face to face.
Well, it’s actually it’s actually pretty easy. We only we only have one-month training seminar for the new agents after one month. They can get used to the new technology and the new way of selling Insurance products.
Okay. So, what is the are you targeting more digital buyers in first-year cities, or are you working all across China? It’s all.
Timestamp: 55 min to 56 min
All across China actually 20% only twenty to twenty to thirty percent of our customers from first tier cities and more than fifty percent of the customers is from thirsty. 30-year city is in blow. Okay. And is it being it the same percentage for your agent using the platform where they’re from all over China or they are more in the big cities while the agents because the non-restricted by location so they are there in our Beijing.
offices. Okay. I see I see any particular compliance issues that that you have in the past or currently which the current regulation on insurance by with using and scaling this technology. Well, are we are selling Insurance products in to comply with the highest level of compliance because you know, we have every record every detail of the service?
Timestamp: 56 min to 57 min
About you know, we know if this in compliance with the regulation and actually we have quality control team. No, that’s that monitors every detail. Okay. Thank you. Thank you been. Okay. Thanks for that. Answer. Fantastic. Okay, we’re going to move straight into voting because we’ve got a paste the agenda today. So, you’ll see in front of you the voting slip for these six. Fantastic.
and it’s you who will decide the winner now whilst you’re thinking about it. You don’t need to rush because we’re going to do a few updates. We’re going to introduce first Daniel Fogarty from Evari who was last year’s winner of the InsurTech Awards. Welcome Daniel. Welcome back, please just give everyone an update on how things have gone for you over the last 12 months. Yeah, great. Thanks. Thanks, you and obviously it’s great award to win. So, I wish I wish
Timestamp: 57 min to 58 min
All the candidates all the best. Yeah, the it’s actually November. We won the award. It’s been an interesting six months with three months of normality and three months of lockdown but a lockdown has been great for us and our customers because what we found is the smarter insurers have run towards their digital projects and to recap on what Evari does so a very makes insurance that is easy to buy easy to manage.
and flexible to changing needs so we won’t with insurers Brokers and MGAs and trusted brands are very is an Enterprise SAS platform and we have a no code implementation changes. So, we give full control to insurers to be able to create their products and launch their products and give their customers a great experience.
Yeah, so it’s been it’s been an interesting time and we’ve
Timestamp: 58 min to 59 min
And courtesy of our being winning the award and being part of the InsurTech directory. I do encourage everyone to become part of the digital Insurance InsurTech directory that we’ve working with customers across the world. So, we’re working with customers in the USA in Europe increasingly. We’re doing work in Asia. And as you can tell from my accent, so we have lots of customers down here. So, Daniel, Simon, but here are fantastic, too.
I have you on again. Congratulations once again for winning back at the end of last year. Thanks. Thanks for your time today and thank you for the quick plug for ICD, which is a nice segue into my couple of quick updates from ITD while the final results are coming in and updates and CDI. So, Brooke if you can just load up the slides again, please what I just wanted to do was just make sure for everybody on the call. If you’re not already aware of the insurTech directory that you look at look it up. It’s on our main platform of the digital insurer.
Timestamp: 59 min to 60 min
On and I guess I’ll purpose is working together to accelerate the digital transformation of insurance. We’re really focused on trying to connect up the large and the small the old and the new and the shore Tech directory is a good way in which you can do that. So, we think it’s already the world’s largest database of Ensure text around the world. You can look at you know, who’s out there based on category based on geography and continues to build the usage just doubled last month. So in from a platform perspective, it’s really starting to sort of motivate.
Turn out I think as a sort of business model next slide, please just another updates an important update from TDI. We have a firm belief that digital needs to move from the few to the many in our industry. So last year we were busy building and then subsequently we launched in January the TDI Academy and the world’s first mini MBA on digital Insurance. That’s out there. It’s got beyond that mini MBA. We’ve now got an online certificated program as well, which is sold out of the
Timestamp: 60 min to 61 min
Put in sort of cohorts earlier in the year next slide. Please, please Brooke and you’ll see just in front of you here the width and depth of what we try to cover. It’s a really exciting course, and I think those are going through a given us great feedback. So, we’re really positive on that and I think we’ve got a quick question if people want to just quickly reflect on if you’re interested in finding out more about those programs and the CDI Academy what it can do for you. Can we just load up a quick question on screen and just please just give us a quick stir and we’ll follow up?
For following today. Okay. So next slide for me was just so I think just to sort of I guess, you know make the point that today was supposed to be a little bit physical as well. But we all know that the InsurTech Connect Asia conference some for enforcing has to be deferred because of the coronavirus. It’s now seconds to fourth of Feb next year. We’re working hard with the team to stand that up. Look forward to working with them many of you physically as well as virtually over that events the last thing for me really before
Timestamp: 61 min to 62 min
Here is just a quick call out and thank you to our corporate members next slide, please, you know of which there are many and the list continues to grow really appreciative of the industry support and we enjoy working with you all and welcome more in the months and years ahead. So, without further Ado Hugh how we looking in terms of votes of we got a winner. I think we have a winner and here we go Yannick. Please call the winner. Well, the winner is Toffee Insurance and congratulation to Rohan. Are you still with us?
Rohan I cannot see your video but yeah, you hear top here education and well done anything very much that’s not this is great. I mean, you know set of participants and what what’s being done around in the Exotic space is extremely exciting is that great days a lot of new innovation products coming through so really excited. Thank you congrats and I would like to congratulate of course all the six finalists you did great today. I really
Timestamp: 62 min to 63 min
it’s inspired me with question a lot of question as well from everywhere and listening. So, I’m pretty sure that you will all agree that everyone win today by the exposure it gives you as well as the fully feature commercialization of your solution all across the world. Yeah, thank you. And thank you. can hear from the tip from TDI. Congratulations to all our finalists. And of course, all the entrances well,
Prior to coming into today’s session. Thank you for your submissions, and we look forward to getting even more engagement next year for now. We’ve now got a very short window to get prepared before the next session which starts in about 12 minutes time on China ecosystems. So, we look forward to Jumping across to that one. In the meantime. If you’ve got any feedback on this session next slide, please feel free to complete the survey. And also, if you want drop me or the other panelists
Timestamp: 63 min to 64 min
I’m just to add on this one just to everyone’s benefit, right? We’ll close the webinar down now. We’ll be back on at 4:15 you join on the same link, and then we’ll ready to go. So, we’re just loading up with the next panelists as well. So, thank you for time. Well done to all those that presented particular, of course to Toffee. It was quite close. Well done Toffee. Thank you very much.
Thank you both stay connected.