Hugh Terry presented on digital insurance in Asia. Three major trends are driving change: technology is cheaper and easier to implement, data is more abundant and can power new business models, and consumers are more demanding. Insurers face disruption and need to transform existing models, create new models, or manage existing models. In Asia, opportunities exist to innovate in products, distribution, and customer experience through digital. Insurers must welcome multi-touch customers and leap ahead in digital product development to remain competitive. Leading insurers already have sizable digital workforces and are experimenting with innovation to transform.

1. Hugh
Terry,
The
Digital
Insurer
Finnovasia,
Cyberport,
Hong
Kong,
30th
May
2016
DIGITAL
INSURANCE
IN
ASIA
–
THE
“NOW”
AGENDA

2. 2
2
InsurTech:
An
expanding
universe
2
Source:
venturescanner.com
&CB
Insights
.
hGps://www.cbinsights.com/blog/insurance-­‐tech-­‐periodic-­‐table/

3. 3
Insurance
2.0:
defining
the
2.0
What’s
coming
up
“Now”
Blue
Sky
V’s

4. Discussion
agenda
1
Some
strategic
perspecSves
2
What
is
happening
in
Asia?
4
..And
Sme
permiWng…
around
the
world?
3
Slides
available
@
The
Digital
Insurer
in
the
Events
secSon

5. Strategic
PerspecLves
5
1

6. Three
digital
“Mega”
trends:
forces
beyond
our
control
2
Technology
is
cheaper
and
easier
to
implement
than
ever
–
it
is
the
fulcrum
to
meet
consumer
needs,
reduce
operaSng
costs
and
to
change
your
culture
1
6
Data
maSers–
we
are
collecSng
more
and
more
data
that
can
be
used
to
create
winning
business
models
3 Changing
consumer
behaviour
–
they
are
more
demanding
and
looking
for
a
different
experience

7. 77
Our
digital
world:
very
new,
addicLve
and
diverse
Source:
The
Economist,
Qmee.com
New
&
Big
AddicLve
Diverse

8. 3
core
strategies
for
insurance
in
Asia
Transform
exisSng
face-­‐to-­‐
face
models
2
Create
or
parScipate
in
new
models
3
Manage
exisSng
models
for
profit
1
8
DisrupSon

9. The
InnovaLon
Agenda
in
Asia:
“Now”
OpportuniLes
driven
from
the
current
paradigm
9
Product
Narrowly
defined
view
of
product
DistribuLon
Too
much
face-­‐to-­‐
face
Customer
Experience
Not
good
enough
Digital
will
redefine
our
industry
.
It
is
early
days..
Digital
enables
DistribuLon,
Product
and
Customer
Experience
innovaLon

10. 10
10
DistribuLon
Analogy
:
How
far
could
insurance
disrupLon
go?
10
FT HEADLINE: “MCKINSEY WARNS BANKS FACE WIPEOUT
IN SOME FINANCIAL SERVICES”
Source:
Financial
Times,
30th
September
2015
-­‐
quo=ng
from
McKinsey
annual
global
banking
review
OriginaLon
&
sales
acLviLes
US$1.7
trillion
revenue
22%
ROE
Balance
sheet
provision
US$2.1
trillion
revenue
6%
ROE
“A
high
stakes
struggle…
Either
banks
fight
for
the
customer
relaSonship,
or
they
learn
to
live
without
it
and
become
a
lean
provider
of
white-­‐labelled
balance
sheet
capacity.”
V’s
No
surprises:
under
aGack
from
digital
disruptors
e.g.
predicSng
profits
from
car
loans
and
credit
card
loans
to
fall
by
60%
D

11. 8
Digital
distribuLon
models:
breaking
down
the
value
chain
11
Acquire
New
Customers
Selling
to
Customers
Servicing
Customers
Taking
Product
Risk
2.
Bancassurance
Insurer
Bank
1.
TradiLonal
Agency
Insurer
3.
Digital
/
Direct
Insurer
5.
Digital
Managing
Agents
Single
Insurer
4.
Price
Comparison
Sites
MulSple
Insurers
6.
Digital
Broker
MulSple
Insurers
7.
Digital
Affinity
Insurer(s)
Affinity
Partner
8.
Product
eco-­‐systems
Insurer(s)
11
the
insurer
Maybe
the
insurer
NOT
the
insurer
Owned
by

12. 12
12
Transforming
insurance:
acknowledging
innovaLon
Source:
Transforming
Insurance,
KPMG
InternaSonal,
2014
&
The
Insurance
InnovaSon
ImperaSve,
KPMG
InternaSonal
2015
12
Acknowledge
the
challenges
Seize
the
opportunity
65%
Regulations high costs &
margin erosion
45%
48%
83%
future success =
ability to
innovate
business models
disrupted
P

13. Digital Product innovation : need to “Leap” ahead
Innovation
CustomerSatisfaction
v1.x Digital Basic v2.x Digital First v3.x Digital DNA
Informational
websiteWeb
Forms
User
Account
Dashboards
Personalised
recommendations
Call center
servicing
Digital sales
and
servicing
Pay-as-
you go
Proactive
concierge
Active
sensors
(IoT)
Leap
to
here
Source:
KPMG
&
The
Digital
Insurer
Asia
here
(generalisaSon)

14. 14
14
14
Product
design:
trending
to
“Eco-­‐system
ProposiLon”
3. Convenient &
Supportive
Simple to use and supportive
throughout the customer’s life
2. Value Added Services
(with partners)
Personalized and catered to the
customer’s habits and lifestyles.
Integrated with other value added
services. Leveraging the power of
“free”
1. Reducing customers
Risks
Solutions that make our customers
safer / healthier – and also reduce
their costs of insurance
This
trend
will
change
all
individual
lines
of
business
–
Life
as
well
as
P&C
Ø Looking
through
the
jargon
there
is
a
fundamental
change
in
product
design
in
the
insurance
industry

15. 15
Welcome
to
digital
customers:
“they
are
mulL-­‐touch”
15
Myth
#1:
Digital
is
a
new
distribuSon
channel
Reality
:
Digital
enables
customer
(&
distributor)
engagement
Online
Face
To
Face
Phone
/
Virtual
The
mulL-­‐channel
customer
is…
BeGer
informed
More
demanding
Uses
mulSple
customer
touch
points
for
both
sales
&
services
Increasingly
starts
on-­‐line
Will
jump
channels
at
any
point
–
catch
them
if
you
can!
C

16. email
response
Lmes:
slower
than
snail
mail?
16
Source:
EpSca,
Survey
of
10
health
insurers,
APAC

17. Digital
Insurance
In
Asia
17
2

18. 18
Digital
TransformaLon:
the
industry
is
not
standing
sLll
AXA 571 63
Allianz 315 31
Aviva 230 28
Prudential 166 31
Zurich 162 32
Metlife 102 15
Manulife 93 10
AIA 67 4
HSBC Insur. 59 11
FWD 32 5
Many leading companies are already experimenting with
innovation labs, incubators & accelerators across Asia …
…and have sizable, and growing, Digital workforces
Company
# of LinkedIn Profiles related to
“Digital” as of Apr 2016 worldwide
CXOTotalInitiatives
Launch Year
& LocationCompany
China Life ü 2014
Ping An
ü 2012
ü 2012 – SH
ü Fintech 2014
PICC ü 2014
Taikang Life
ü 2015
ü 2000 – SH
AXA
ü 2015 – HK
ü 2015 - SH/SG
Aviva
ü (2015 UK)
ü 2015 – SG
Metlife ü 2014- SG
AIA
ü 2015 - SG
ü
Health Tech
2 in 2015 - HK
1 in 2016 – SG
Venture
funds
Labs /
Incubator Accelerator
Source: KPMG Analysis, Allianz, 2014; Company annual reports, 2014; Digital Insurer, 2014; Solera, 2015; Linkedln, 2016

19. 19
19
..
And
external
disrupLon
is
here:
InsurTech
is
geing
financed
19
Source:
CB
Insights

20. Started
in
November
2013…
First
online
insurance
seller
in
China
USD
128
million
premium
income
630
million
insurance
policies
150
million
customers
…and
raised
US$1bn
of
funding
in
2015
Advanced
cloud
compuSng
system
Selling
its
#1
product
through
C2C
Taobao
B2B
B2C
Cross-­‐industry
cooperaAon
Major
shareholders
are
Alibaba,
Tencent
and
Ping
An
…
by
the
end
of
2014
Direct
Insurance
2.0:
Zhong
An
Q.
Could
a
mulS-­‐naSonal
have
played
the
role
of
Ping
An?
20
D
P
C

21. Product
ecosystem
model:
Good
Doctor
(Ping
An)
21
Q.
How
do
insurers
a)
create
eco
systems
and
b)
secure
their
place
in
those
eco-­‐systems?
>70
million
registered
users
>1,000
full
Sme
doctors
Access
to
50,000
contracted
doctors
and
5,000
specialists
7/24/365
access
including
video
consultant
Find
a
Doctor
• May
2016
:
US$500
million
series
A
funding
• Goal
of
creaSng
largest
“closed”
healthcare
eco-­‐system
=
“
Internet
healthcare
2.0”
2121
D
P
C
Source:
Eco-­‐system
picture:
Ping
An
presentaSon

22. Affinity
Model:
BIMA
22
Q.
Many
Insurers
don’t
have
D2C
mobile
plavorms
with
payment
connecSvity.
Opportunity?
Accessing
airSme
as
the
method
of
payment
Low
cost
fulfillment
and
ease
of
access
PenetraSng
new
markets
Mobile
Microinsurance
22
D
P
C

23.
23
23
Insurance
2.0
in
Asia
:
6
more
worth
tracking
23
Document
store
&
legacy
creator
D
P
C
Meta-­‐
search
aggregator
D
P
C
InnovaSng
Employee
benefits
D
P
C
We
Chat
DistribuSon
with
Ping
An
D
P
C
First
“direct
only”
insurer
in
Asia
D
P
C
Insuring
Air
Asia’s
Customers
with
on-­‐line
insurance
D
P
C
See
Appendix
for
addiSonal
info

24. Life
insurance:
there
are
untapped
opportuniLes
around
the
world
Sources
of
financial
advice
Chart
Source
:
Noble
Oak
Life
“Pure
Life
“Survey
March
2016
-­‐
Australia.
*Swiss
Re
Asia
Pacific
Mortality
ProtecSon
gap
2015
24
78%
12%
10%
US$55
trillion
ProtecSon
gap
in
Asia*

25. Customer
Portal
/
App
Policy
Systems
Advisor
Portal
Lead/Prospect
Management
Sales
OpportuniLes
The
Digital
Advisor
Business
Model
=
Agency
2.0
Tablet
25
Digital
TransformaLon
of
face-­‐to
face
Digital
OpportuniSes
1.
More
Leads
2.
BeGer
service
3.
BeGer
selling
D
P
C
Key
to
transformaLon

26. Life
insurance:
there
is
opportunity
space
for
digital
first
models
digital
strategies
can
change
the
paradigm
that
“life
insurance
is
sold
not
bought”
26
12%
Have
you
ever
used
technology
to
purchase
the
following
product?
Chart
Source
:
Noble
Oak
Life
“Pure
Life
“Survey
March
2016
-­‐
Australia.
68%
Would
purchase
Life
insurance
online
with
the
right
resources
But
<12%
have
so
far

27. Digital
Insurance
…
Rest
of
the
World
27
3

28. Commentary
&
insights
Excellent
example
of
“service
for
Free”
model
disrupSng
two
industries
(HR
soyware
and
employee
benefits)
Window
of
opportunity
was
Affordable
Care
Act
that
simplified
raSng
for
health
insurance
for
small
companies
Not
so
“Zen”
–
very
public
argument
regarding
use
of
ADP
payroll
accounts
&
some
compliance
issues
Suite
of
HR
services
Background
(Was)
the
fastest
growing
SaaS
business
ever
Offering
free
HR
soyware
plavorm
and
integraSon
to
third
party
services
in
return
for
insurance
on
employee
benefits
Focused
on
SME’s
raised
US$500
million
on
US$4.5
billion
valuaSon
Revenue
target
of
US$100
million
by
Jan
2016
Broker
Model:
Zenefits
28
Q.
Could
an
insurer
enable
this
business
model?
28
D
P
C

29. The
Dental
Eco-­‐system:
Beam
Technologies
Smart brushes to track the
brushing habits of you…
and your family
Connecting life and family
Competitive pricing that doesn’t skim on
quality
“We’ve got you covered”
• Dental insurance plans are 10% - 25%
cheaper than other insurance providers
• Sophisticated brush design
• Accurate mechanism
• Secured data storage
• Insurance Launched late August 2015
• Plans covering individuals, families and companies
• $5 million investment from Drive Capital in 2014
• >200,000 access points; 50 states in
USA
• 100,000 dentists
Insurance plan covers
• X-Ray
• Cleaning
• Cavities
• Orthodontia
• Preventive Measures
including toothbrush; toothpaste and floss
Source:
KPMG
Analysis;
Beam;
SiliconAngle;
Forbes,
2015
Q.
Best
illustraSve
example
of
a
digital
eco-­‐system
business
model?
D
P
C

30.
30
30
Insurance
2.0
around
the
world:
6
more
worth
following
30
Rewarding
beGer
Driving
(South
Africa)
D
P
C
Insuring
the
Connected
home
(Germany)
D
P
C
On
demand
Inventory
of
things
(US
/
AUS)
D
P
C
Just
in
Sme
short
term
car
insurance
(UK)
D
P
C
Life
insurance
as
a
Online
Service
(UK)
D
P
C
Wellness
with
telemaScs
(UK
/
South
Africa
/
ROW)
D
P
C
See
Appendix
for
addiSonal
info

31. 31
31
Slides:
visit
the
event
secLon
@the-­‐
digital-­‐insurer.com
hugh.terry@the-­‐digital-­‐insurer.com
31
Good
Luck
,
and
good
speed,
on
your
Digital
Adventures!

32. 32
32
More
informaLon
on
the
businesses
referred
to
in
this
presentaLon
32
Appendix:
addiLonal
informaLon

33. Business
Model
Ø
Metasearch
engine
which
provides
a
complete
overview
of
insurance
products
in
jargon-­‐
free
language
supported
by
filter-­‐and-­‐sort
tools
Ø User-­‐driven
plavorm,
leading
the
way
in
democraSsing
financial
shopping
experience
Ø
GoBear’s
unique
Coverage
Score
algorithm
provides
a
clear
indicaSon
of
a
financial
product’s
benefit
quality
Ø
Stacked
against
the
product’s
premium,
users
are
able
to
make
personalised,
informed
and
cost-­‐effecSve
choice
Data
Driven
Consumer
Behavior
No
Fuss
–
Simple
and
Easy
Insurance
GoBear
–
Financial
Metasearch
Engine
3333
D
P
C

34. GoBear
-­‐
Shaking
up
Insurance
Comparison
Benefits
What’s
Different
Ø Neither
an
aggregator
nor
a
seller
Ø Disrupts
the
“tradiSonally
opaque
and
convoluted”
industry
Ø MoGo
is
to
enable
customers
make
well-­‐informed
decisions
Ø
Low-­‐cost,
quick
,
transparent
and
user
friendly
Ø “Click
Model”
operaSon
and
not
commission-­‐based
Ø Conversion
rate
is
20-­‐30%
for
travel
insurance
via
GoBear
3434
D
P
C

35. 35
Preserve
what’s
important
in
a
secure
digital
hub
Revisit
moments
of
life
again
Record
family
legacy
for
future
generaLon
Build
your
memories
&
stories
into
Lmeless
collecLons
Infinity
-­‐
Digital
Lme
capsule
&
legacy
creator
D
P
C
35
Q.
TRUST
=
GeWng
to
the
heart
of
life
insurance?

36. CXA
–
DisrupLng
employee
benefits
Employee
health
and
wellness
marketplace
How
it
Works
Ø User-­‐directed
and
Internet
based
plavorm
powered
by
AnalyScs
Ø
Aggregates
Employers,
Employees,
Providers
and
Distributors
Ø Unlocks
workplace
wellness
Ø Customised
and
flexible
Ø Process
automaSon
makes
HR
life
simpler
Ø Similar
Programs
-­‐
Discovery
Vitality
(South
Africa),
Oscar,
Zenefits
(USA)
For
Employers
For
Employees
3636
D
P
C

37. DirectAsia
–
MulLchannel
D2C
Model
DirectAsia’s
business
model
reduces
price,
enhancesthe
claims
experience
and
empowers
customers
to
tailor
their
policies
in
real-­‐Sme.
This
is
achieved
by
deploying
the
direct-­‐to-­‐consumer
model
over
mulSple
channels
(online,
call
centre
and
physical
office
and
making
customer
service
a
priority.
Changing
the
Way
Insurance
Is
Sold
Key
Features
The
Results
37
D
P
C

38. Affinity
model:
Tune
Insurance
Digital
affinity
–
capturing
value
in
Travel
insurance
Background
Tune
Insurance
(now
Air
Asia
Insure)
provides
insurance
soluSons
to
AirAsia
–
the
regions
largest
low
cost
carrier
More
than
5
million
travel
insurance
policies
are
sold
each
year
Incremental
capturing
of
value
as
moved
from
Agent
to
reinsurer
to
insurance
carrier
resulSng
in
successful
IPO
with
Market
capitalisaSon
of
Approx
US$400
million
Commentary
&
Insights
On
line
flight
purchase
experience
Opt
out
approach
drives
take
up
rate
in
excess
of
20%
Nearly
100%
digital
model
ensures
profitability
and
scalability
to
meet
demands
of
enterprise
level
Investment
in
middleware
allowed
Tune
to
deliver
a
cost
effecSve
and
customer
friendly
soluSon
38Q.
Can
airlines
and
insurers
collaborate
&
move
into
broader
provision
of
services?
38
D
P
C

39. Agency
Model:
Move
(from
Manulife)
3939
Background
Free
tracker
for
qualifying
products
Up
to
10%
discount
on
premiums
TelemaScs
for
agency
sales
Q.
Will
this
become
mainstream?
D
P
C

40. Trōv
Commentary
&
Insights
Trōv
is
the
world’s
first
on-­‐demand
insurance
for
personal
items.
Trōv
collects,
secures,
and
acSvely
manages
informaSon
about
tangible
assets
and
is
currently
available
on
iPhone
and
Android
in
the
US
and
Australia.
With
a
planned
expansion
in
2016,
Trōv,
customers
will
also
be
able
to
insure
just
the
things
they
want
-­‐
exactly
when
they
want
-­‐
enSrely
from
their
phone.
Whether
you’re
at
home
or
on
the
go,
your
things
will
be
protected
against
accidental
damage,
loss
or
they.
Trōv
also
processes
claim
with
a
few
taps
on
your
phone.
Background
San
Francisco
based
Trōv
is
dedicated
to
reinvenSng
insurance
by
making
it
simple,
flexible
and
transparent.
Trōv
offers
consumers
an
app-­‐based
plavorm
that
allows
them
to
organize,
value
and
protect
their
belongings.
Founded
in
2010,
the
core
of
the
Trōv
plavorm
is
a
private,
cloud
based
digital
locker
where
informaSon
about
property
and
possessions
is
securely
managed
and
valued.
Trōv
has
raised
total
funding
of
>
US$30
million
which
it
will
use
to
accelerate
the
development
of
technology
that
supports
a
whole
new
way
to
insure.
40
Q.
Just
in
Sme
-­‐
but
needing
2
steps.
1
too
many?
D
P
C

41. Cuvva
Cuvva
offers
a
totally
new
type
of
UK
car
insurance
that
gets
you
covered
on
a
car
for
only
as
long
as
you
need
it
-­‐
from
a
single
hour
to
a
whole
day.
It
means
you
can
borrow
a
friend
or
family
member’s
car
and
get
fully
insured
for
as
long
as
you
need
it
without
the
tradiSonal
headache
associated
with
short-­‐
term
insurance.
Cuvva
is
designed
to
be
mobile
first
and
is
available
for
iPhones
operaSng
iOS
8.1
and
above.
It
only
takes
three
clicks
to
get
covered
through
Cuvva
app.
Cuvva
is
a
mobile
Just
in
Time:first
insurance
start-­‐up
company
co-­‐founded
by
Freddy
McNamara
and
Leo
Kellgren-­‐Parker
and
is
based
in
Scotland.
Launched
in
October
2015,
Cuvva
provides
the
UK’s
first
short-­‐term
car
insurance
app,
which
allows
users
to
get
fully
covered
in
less
than
60
sec
on
any
car
in
the
UK
for
as
liGle
as
an
hour.
Along
with
offering
a
seamless
customer
experience,
Cuvva
aims
to
reduce
the
Sme-­‐consuming
nature
of
securing
temporary
insurance
by
disSlling
it
down
to
a
simple
three
step
process.
IntroducSon
Commentary
and
Insights
41
D
P
C
Q.
Just
in
Sme
–
in-­‐line
with
the
Smes?

42. TelemaLcs
for
the
car:
Discovery
Vitality
Drive
Background
Discovery
,
founded
in
1992,
is
a
South
Africa
based
insurer
Serves
over
seven
million
clients
in
South
Africa,
UK,
US,
China
and
Singapore
Runs
Vitality,
the
world’s
largest
scienSfic,
incenSve-­‐based
wellness
programme
Discovery
Insure
Vitalitydrive
programme
was
launched
in
2011
in
South
Africa
leveraging
the
behavioural
experSse
of
Vitality
and
the
latest
telemaScs
technology
Commentary
&
insights
Vitalitydrive
–
safer
driving
Ø
Discovery
Insure
clients
experience
1/3
of
South
Africa’s
vehicle
accident
mortality
rate
Ø
Over
120
clients
per
month
helped
through
ImpactAlert
Ø
Behaviour
Change
is
immediate
and
real
Sme
feedback
keeps
drivers
at
their
best
HolisSc
Rewards
based
appoach
to
incenSvising
changes
in
driving
behaviour
Rewards
programmes
creates
a
sustainable
and
differenSated
eco
system
managed
by
the
insurer
Driving
app
provides
an
aGracSve
plavorm
for
markeSng
Perhaps
a
narrower
target
market
than
others
e.g
as
no
direct
discounts
on
insurance
offered
for
good
driving
behaviour?
42
Q.
Is
this
a
soluSon
to
price
compeSSon
in
motor
insurance?
D
P
C

43.
43
43
The
Connected
car
:
where
is
insurance?
43
Source:
CB
Insights

44. Panasonic
Allianz:
The
connected
home
Devices
to
keep
you
safe
Assistance
services
to
keep
you
safe
Insurance
to
recover
from
loss
KEEP
ME
SAFE
+
INSURE
ME
44
D
P
C

45. Customer
Centricity
leader:
USAA
Puts
customer
needs
ahead
of
profits
Strong
focus
on
employee
training
Ø Comprehensive
integraSon
process
for
new
joiners
to
familiarise
them
with
the
USAA
values
and
culture.
Ø Ethos
Training
AllocaSon:
3%
of
yearly
budget
vs.
insurance
industry
average
of
1.5%
Ø Intense
communicaSon
to
members,
around
shared
values
and
daily
concerns
of
military
staff.
Ø USAA
consolidated
all
of
its
customer
interacSon
groups
into
a
single
organizaSon,
Member
Experience
Ø By
bringing
together
all
customer-­‐facing
groups,
USAA
hopes
to
deliver
more
cohesive
experiences
to
members
Re-­‐configuring
organisaLonally
Ø Agile
Labs:
This
iniSaSve
puts
product
experts
and
IT
pros
together
in
a
workspace
to
develop
prototypes
without
the
need
of
phased
approval.
It
delivers
45%
faster
than
its
tradiSonal
waterfall
development
approach.
Embedded
within
company
culture
45
D
P
C
Q.
How
Can
other
look
to
match
USAA’s
global
leadership
in
NPS

46. Online
distribuLon:
Beagle
Street
Business
Model
Ø Applying
P&C
business
model
learning
to
life
insurance
Ø Cheaper,
faster
and
infinitely
scalable
business
model
Ø Direct-­‐to-­‐consumer
only
–
no
tradiSonal
distribuSon
Ø
A
digital
approach
to
acquiring
customers
Ø Complete
online
fulfilment
-­‐
Engaging
online
applicaSon
Ø Truly
omni-­‐channel
delivery
Ø
InnovaSve
business
model
that
capitalises
on
transparency
of
pricing
and
low
cost
of
sales,
service
and
distribuSon
Ø
Google
and
others
are
now
pushing
this
model
in
the
US
Ø Beagle
street
products
can
be
bought
online
within
10
minutes
via
any
device,
usually
at
prices
30
percent
lower
than
tradiSonal
players,
and
with
a
basket
of
value-­‐added
services
included
free-­‐of-­‐charge
DistribuLon
and
Experience
What’s
different?
46
D
P
C

47. Wellness
ecosystem:
Vitality
Life
Changing
the
Face
of
Insurance
Ø Vitality
gathers
user
data
through
health
assessments
and
wearable
tech
and
uses
analyScs
to
improve
underwriSng
and
change
customer
behaviour
Ø Healthy
customers
are
less
likely
to
make
a
claim,
which
means
higher
cost
saving
for
VitalityLife
AnalyLcs
driven
UnderwriLng
Vitality
OpLmiser
Vitality
OpSmiser
allows
clients
to
receive
an
upfront
discount
on
their
protecSon
premiums,
meaning
they
don’t
have
to
wait
for
something
bad
to
happen
in
order
to
benefit
from
their
insurance.
The
discount
is
based
on
the
term
of
the
cover,
and
can
be
as
large
as
25%
1. Pay
lower
protecSon
premiums
in
the
first
year
2. Keep
your
protecSon
premiums
low
in
future
years
if
you
look
ayer
your
health
3. Get
exclusive
rewards
to
keep
you
moSvated
4. The
opportunity
to
earn
cash
back
by
looking
ayer
your
health
47
D
P
C

48. Vitality
Program
–
Global
Reach
48
Quick
IntegraLon
and
Highly
Scalable
Model
Discovery
Vitality
Program,
South
Africa
AIA
Vitality
Program,
Singapore
John
Hancock
Vitality
Program
,
USA
Ø
The
flexibility
of
Vitality’s
structure
allows
it
to
enter
markets
where
the
barriers
to
entry
are
just
too
high
for
new
insurer
entrants.
Ø
Discovery
enters
into
partnership
with
established
insurers
in
those
markets
by
scaling
their
Vitality
model
as
needed
Ø
Discovery
has
partnered
with
AIA,
John
Hancock,
Ping
An,
and
Generali
to
implement
vitality
program
in
Singapore,
USA,
China
and
Europe
48