interesting international insurance initiatives...struggling to find time to apply for life...
TRANSCRIPT
Interesting International Insurance Initiatives
Butterfly Effect Intelligence™
March in Review 2018
The following report captures breakthrough international
innovations in financial products, advertising, sponsorships,
promotions and distribution, with a focus on technological
innovation.
This month saw the following trends emerge:
KEY FINDINGS
In with the New: The insurance industry is not exempt from
disruption. It is in the midst of profound change fuelled by trends
that are congregating and pushing a sometimes slow-to-adapt
industry into the digital age. Insurers are taking processes that were
historically time consuming and cumbersome, and changing them
into smart solutions that produce quick results in a convenient
manner. From designing state-of-the-art apps, to utilising artificial
intelligence and chatbots, the insurance industry is undergoing a
change where what was the norm is being redefined, and the new
normal is digital.
See pages
Powerhouse Alliances:
This is an era of unprecedented change for the insurance sector.
Traditional insurers are expanding their insurance value chain
through strategic partnerships and as a result, insurers are now
increasingly focused on creating alliances and partnerships to drive
new growth, create new channels and drive new innovation.
See pages
A Piece of the Healthcare Pie:
The healthcare industry has always been slow to develop and
implement new and innovative technology, and with the increase of
tech giants eyeing to disrupt the healthcare industry, the healthcare
landscape is about to change drastically, with the technology giants
leading the way.
See pages
Persona-based Experience: Let’s face it, no two individuals are
the same. We all make our own mistakes and we all desire
something uniquely suited to our personas – from being a mother
struggling to find time to apply for life insurance, to being a
millennial and not conforming to traditional insurance
requirements. Opportunity presents itself in various ways,
identifying them first is what will set brands apart.
See pages
A Force for Good:
In the age of the Internet of Things, criminal activities (such as data
theft) have also become smarter and savvier, with criminals
increasingly using technology to break technological barriers,
leaving financial institutions to face newer forms of threats to the
safety and security of their data. In response to this, the World
Economic Forum created a consortium to help financial services
companies adopt best cyber security practices and reduce the
complexity of diverging cyber regulation around the world.
See page
Insuring Space Activities: The advancement of space
technology has continued to open up new horizons, with a vast
range of commercial, space-based applications turning the industry
from “space race” to a global, multi-billion dollar enterprise.
Although this market may not be highly profitable, with the passing
of the Space Industry Act in the UK, it presents a hub of potential
in the coming years.
See page
1
UBI takes to the sky (U.S.)27 March 2018 – BEI™
Taking a page from the popular usage-based insurance model in auto insurance, Starr Companies has entered a strategic partnership with SkyWatch, to offer telematics-based coverage for unmanned aircraft vehicle or drone operators. SkyWatch’s mobile application is currently available through an invite-only basis on iOS and Android to both business and recreational operators. The application connects to many unmanned aerial vehicles (UAVs) of choice and allows operators to get real-time hazard warnings based from the drone’s telemetry, calculating a proprietary “safety score” for each flight. The proprietary “safety score” can be used to set an industry benchmark for operators, who will be more aware of how they fly, and will be able to improve their score as they practice better, safer flights.
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TREND: IN WITH THE NEW
AIG launches Canada’s first on-demand smart travel insurance app 27 March 2018 – BEI™
Travel Guard Group Canada, an AIG company, has launched a travel insurance app that lets Canadian customers purchase coverage in hourly blocks through their iPhones. The app, powered by technology from JAUNTIN’, a member of the Global Insurance Accelerator’s (Des Moines) 2018 cohort, uses GPS to enable travellers to utilise coverage from the moment they leave their home province until they return. The app offers a convenient, user-friendly way to purchase select Travel Guard products and services that are offered as blocks of insurance coverage up to 90 days, for use within 365 days from the date of purchase. When the app’s geolocation feature senses that the customer has arrived at an airport or a border crossing into the United States, a notification is sent to the customer’s iPhone to ask whether he or she wants to activate the purchased insurance.
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TREND: IN WITH THE NEW
SHORT-TERMSHORT-TERM
2
Grab and Chubb partner to provide in-app insurance solutions (Asia)13 March 2018 – BEI™
Grab, the Southeast Asia on-demand transportation and fintech platform, announced a partnership with Chubb to offer insurance solutions for Grab’s drivers. Using the Grab app, drivers will be able to select from different insurance options and will have access to insurance policies, such as loss of income insurance, per-ride schemes, personal accident policies and motor insurance. The companies will also look to leverage data technology from Grab’s platform such as telematics, machine learning and predictive analytics to offer personalised insurance solutions to the specific needs of the different driver-partners. The company is investing in product innovation, analytics and technology to provide a truly “anytime-anywhere” customer experience for its clients and distribution partners.
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SHORT-TERM
TREND: IN WITH THE NEW
Gone in 60 seconds (Belgium)06 March 2018 – BEI™
No, not the movie where Angelina Jolie steals cars in less than a minute. However, in the same amount of time said cars were stolen, your customers can receive a quote for their annual car insurance premium just by taking a few photos and filling in a few details. Generali Quick Quote, the product of Generali Belgium, a Belgium based insurance company, is the first digital application in Europe that can calculate annual premiums using a vehicle photo. To get started, an accredited Generali broker will upload a photo of a vehicle to the app, along with the driver’s age. Then, using geo-positioning and number plate identification, the app calculates the annual premium based on vehicle characteristics and a number of other parameters, to allow the broker to present a quote and submit it to the client within 60 seconds.
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TREND: IN WITH THE NEW
SHORT-TERM
3
Expedia picks AIG Travel as global travel insurance provider (U.S.) 02 March 2018 – BEI™
American International Group, Inc. (AIG) is slowly getting back into the game with a new insurance initiative. AIG announced that it has been selected as Brand Expedia Group's global provider of travel insurance and assistance products. The pact would make AIG's Travel Guard® offerings available to people booking flights, hotels, cars, cruises and other travel on its sites. Travelers can opt for AIG's Travel Guard® insurance offerings at the U.S. point of purchase for flights, hotels, packages, cars and cruises on Expedia sites, including Expedia.com®, CheapTickets®, Orbitz® and Travelocity®.
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TREND: POWERHOUSE ALLIANCES
Zurich pilots programme Zara (UK)26 March 2018 – BEI™
You’ve heard the chatbot hype, now get ready for the chatbot reality –the robots are not just coming to insurance, they’ve arrived. That, at least, is the case for Zurich UK which has announced it has just begun a six-week chatbot pilot called Zara for its first notification of emergency home and motor claims. Zara was developed in partnership with Spixii, a graduate of the Zurich-sponsored Startupbootcamp accelerator, and maker of chatbot technology leveraging behavioural economics. Zara’s arrival doesn’t mean the end for humans, instead it simply passes the data to a human claims handler who can respond to the claim within three working hours.
Read More
TREND: IN WITH THE NEW
SHORT-TERM SHORT-TERM
4
Marmalade: sharing is caring (UK) 04 March 2018 – BEI™
Marmalade, a UK-based provider of cars and insurance for young drivers, announced the launch of Marmalade Club for customers and non-customers alike – basically for anyone who would like to share their driving experiences. The initiative forms part of the company’s effort to make the real-life stories and the voices of young drivers heard, help them develop their professional skills and start a community where anxieties, achievements and experiences can be shared. Ambassadors can choose opportunities that suit them, from creating blogs and videos to taking part in Instagram takeovers, sharing photos and completing surveys. Rewards include gift vouchers, exclusive event invitations, prizes and treats.
Read More
TREND: PERSONA-BASED
EXPERIENCE
Travelers targets millennials (U.S.)22 March 2018 – BEI™
Millennials are credited or blamed, depending on one’s point of view, with accelerating the pace of disruption in the insurance industry. They represent an enormous opportunity and established players want a piece of the millennial pie. To get in on the action, Travelers Co launched Traverse, a product it characterises as an “alternative” to traditional renter’s insurance. Traverse's goal is to target millennials who are deferring traditional asset ownership in favour of renting and investing in experiences. The policies are sold online, optimised so that the entire policy lifecycle can be handled via mobile and cover "stuff”, not the furniture and appliance coverage of traditional products, but the electronics and equipment the team identified as crucial to the market place.
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TREND: PERSONA-BASED
EXPERIENCE
SHORT-TERM SHORT-TERM
5
Spacecraft insurance soon to be regulated (UK)28 March 2018 – BEI™
Yes, spacecraft insurance is a real thing: from putting man on the moon and returning him back safely, to insuring the spacecraft used to get him from A to B – and it is expected to be worth £25 billion over the next 20 years. The UK government is now investigating the best way to regulate spacecraft insurance following the passing of the Space Industry Act on 15 March 2018, paving the way for businesses to send satellites and rockets into space from the UK. Access to space is the final piece of the puzzle for the UK space sector and forms part of the government’s Industrial Strategy, which aims to help drive growth across the country and unlock hundreds of highly-skilled jobs.
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TREND: INSURING SPACE
ACTIVITIES
Sun Life Partners with Collective Health (U.S./Canada)01 March 2018 – BEI™
Sun Life Financial, a leading provider of employee benefits in Canada, and Collective Health, a U.S. innovative healthcare technology company, have joined in a strategic partnership to take the employee benefits experience to the next level for self-funded employers and their employees in the U.S. The companies will integrate Sun Life's stop-loss offering into The Collective Health Platform to protect self-funded employers from the cost of high-dollar claims while creating a seamless purchase, claim and reimbursement experience. Sun Life and Collective Health will also collaborate closely on ways to better serve clients through enhanced data analytics and risk modelling. Sun Life is also supporting the partnership through an investment in Collective Health's most recent round of funding.
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TREND: POWERHOUSE ALLIANCES
LONG-TERM SHORT-TERM
LONG-TERM
6
MetLife Partners with AXA on Telemedicine (U.S.)01 March 2018 – BEI™
MetLife announced that AXA will enhance its travel assistance programme by providing international teleconsultation through AXA Partners, becoming the first global life insurer to offer AXA’s international teleconsultation service to US employees going overseas. The new service will enable employees travelling outside the U.S. and Canada to have face-to-face virtual medical consultations with U.S. providers, anytime, from anywhere in the world. AXA’s secure virtual platform allows employees to use text, audio or video communication with the physician, while living or travelling outside the U.S. or Canada. It offers members a registration system, virtual waiting room, storage of medical history and discharge instructions, as well as access to prescriptions globally or a direct referral to AXA’s provider network.
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TREND: POWERHOUSE ALLIANCES
Life insurance for moms (U.S.) 07 March 2018 – BEI™
Shopping for insurance can be such a drag, especially if you are a full-time mother. Jenny Life, a Seattle-based, mobile-first, term life insurance, believed that shopping for life insurance doesn’t have to be hard. Jenny Life believes that accessibility is the number one reason many moms don’t have mortality protection to cover their children and household and the company felt certain it could help change that with the launch of its app. Although Jenny Life works for anyone, it was built specifically with moms in mind. The Jenny Life app allows customers to get an instant quote and apply for life insurance entirely from a mobile phone, and is available in 48 states across the U.S.
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TREND: PERSONA-BASED
EXPERIENCE
LONG-TERM
7
HEALTHHEALTH
Cigna Launches Alexa-Powered Voice Control Application (U.S.)03 March 2018 – BEI™
Global health insurer and health services company, Cigna, has launched Answers by Cigna, a new Amazon Alexa skill, aimed at personalising and simplifying information on health benefits for members. The hands-free skill is designed to demystify language about healthcare by providing instant and easy-to-understand answers to more than 150 commonly-asked healthcare questions. Voice control offers an exciting and innovative way for Cigna to educate and engage people about healthcare in a way that is convenient for them. The insurer reasons that when people do not understand the terms used in their health plan, they are less likely to take full advantage of their benefits. Answers by Cigna is intended to enhance people’s knowledge and thus help members to understand and access their benefits.
Read More
TREND: IN WITH THE NEW
Uber launches Uber Health (U.S.)02 March 2018 – BEI™
Uber is driving deeper into healthcare by offering to take patients in every U.S. market where in it operates, to their next medical appointment. The Uber Health value proposition is similar to that of UberCENTRAL, the company’s ride-booking service aimed at business customers who want to provide rides for their clientele, but it’s also tailored for the healthcare industry with HIPAA compliance. Uber Health is available in two versions: as an online dashboard and as an API for software developers to integrate ride-hailing capabilities into their own healthcare tools. Uber Health allows clinics and other medical facilities to book rides on their clients’ behalf, using a simple web dashboard where they input the client name, number and pick-up and drop-off location, and select from Uber’s range of ride-hailing vehicle type options.
Read More
TREND: A PIECE OF THE
HEALTHCARE PIE
8
SAVINGS & INVESTMENTS
Google company to take on health insurance industry (U.S.)06 March 2018 –BEI™
Verily, the healthcare unit of Google parent company Alphabet, is mulling a move into the health insurance business. This latest development follows a move two years ago where Verily proposed and then abandoned a joint venture with insurer Oscar Health to manage care for low-income Rhode Island residents on Medicaid. Various Alphabet businesses are already working with health data for large populations. Its Project Baseline clinical research study, for example, has collected a vast trove of patient health aimed at disease prevention. In October 2016, Verily announced vague plans to partner with a division of manufacturing company 3M, to develop new technology to promote real and sustainable improvements in healthcare quality and cost. Through that partnership, Verily might have access to a wealth of patient data, which its clients could use to identify how to provide better quality care.
Read More
TREND: A PIECE OF THE
HEALTHCARE PIE
Unbiased AI drives financial advising (U.S.) 06 March 2018 – BEI™
Overstock.com has introduced a digital investment advice platform on its FinanceHub, bringing robo advice into the online retail space. The retailer has partnered with tZERO Advisors, a registered investment advisor, to launch the service, available to customers for $9.95 a month. The technology is powered by FusionIQ, a financial technology company with a proprietary algorithm for scoring stocks and exchange traded funds. To get started, investors answer questions about their investment preferences and reaction to market conditions. Users then select from a group of pre-established Adaptive Dynamic Portfolios that align with their risk tolerance. The portfolios use a scoring model based on four dimensions that include: fundamentals, technical, momentum and sentiment.
Read More
TREND: IN WITH THE NEW
HEALTH
9
REWARDS
Allianz partners with Visa to launch mobile payments app (Italy)01 March 2018 – BEI™
Insurer Allianz has signed a partnership with Visa to launch a new payments and loyalty app called Allianz Prime, enabling customers to make secure payments with their mobile - both in-store and online. The app, which features built-in token technology for security, also features a loyalty programme and a money management tool for customers to keep on top of their spending. Users will be able to complete payments anywhere in the world where contactless payments are accepted. The app will be tested in Italy, involving a sample of Allianz customers.
Read More
TREND: POWERHOUSE ALLIANCES
Verisk Launches New Energy Insurance Platform (U.S.)01 March 2018 – BEI™
Verisk, a leading data analytics provider, has launched the Energy & Power Intelligence XchangeTM (EPIXTM), a benchmarking and risk-scoring platform that can significantly enhance how insurers research, assess, and underwrite complex energy risks. EPIX provides a wide range of information on energy risks-information that can otherwise be time-consuming and costly to obtain, and fraught with inaccuracies. The EPIXTM digital platform can provide energy risk engineers and underwriters with actionable insights in a highly reliable, accurate and timely fashion for individual risks and portfolios. With the power of Verisk data, analytics and insights, insurers can map out energy facilities owned and operated by hundreds of companies around the world, compare their risks and exposures, and access valuable insights with visualisations of key market data.
Read More
TREND: IN WITH THE NEW
OTHER
10
New consortium to tackle the problem of risky fintech innovations (Global)07 March 2018 – BEI™
The World Economic Forum announced the creation of a new consortium to strengthen cybersecurity for FinTech's and data aggregators. The consortium’s founding members include Citigroup, Zurich Insurance Group, Kabbage, Hewlett Packard Enterprise (HPE), and financial infrastructure provider The Depository Trust & Clearing Corporation (DTCC). Its aim is to create a framework for the assessment of cybersecurity in fintech. In addition to announcing the consortium, the World Economic Forum published a paper that proposed solutions to cyber-fraud, such as developing a preliminary set of metrics to quantify digital risks. The members of the consortium will, in the meantime, work together on turning some of the paper’s ideas into realities. Up first, however, is adding about five or six more members to the group.
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OTHER
TREND: A FORCE FOR GOOD
SoftBank to buy up to 33% of Swiss Re (Japan) 08 March 2018 – BEI™
SoftBank is in talks to buy a minority stake in Swiss Re, one of the world’s biggest reinsurers, in a move that would mark a big leap by the ambitious Japanese conglomerate into financial services. SoftBank, which has raised $93 billion of its planned $100 billion Vision Fund, has taken stakes in businesses involved in ride-hailing, chipmaking, office-sharing, satellite-building, robot-making, even indoor kale-farming. The company may try to offer Swiss Re’s insurance products directly to consumers, including to people who drive for Uber Technologies Inc. or utilise office space from WeWork Cos., two of its investments. SoftBank has already taken steps in the home insurance industry, investing last December in Lemonade Inc., a New York-based startup that uses artificial intelligence and bots to minimise paperwork and speed up the claims process for renters and homeowners.
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TREND: POWERHOUSE
ALLIANCES
OTHER
• Do you understand how your competitors are positioning their products and services to your clients?
• What are your competitors’ value propositions?
• Do you know what the key global and local financial services marketing trends and themes are?
• Is your company aware of the new normal in the insurance industry? Does it compete with competitors on a digital level and use the latest technological innovations to set it apart?
• What can you learn from your competitors? How can you benefit from creating strategic alliances that might bring about new ideas, new skills and new opportunities?
• Some of the biggest names in technology have their eyes set on disrupting the healthcare industry? How can you benefit from this disruption?
SO WHAT?
Try your hand at answering these questions:
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AFRICA:
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