Lydia AI - InsurTech Innovation Award 2022
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Lydia AI - InsurTech Innovation Award 2022
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Lydia AI - InsurTech Innovation Award 2022
- 1. Insure the next billion people
- 2. Meet our Health AI x Insurtech team Alex Tomberg, PhD CTO Jammy Li CIO Pinyu Chen Head of Sales Yohan Moore Head of Engineering Takol Liu Head of Integration Christina Cai Co-Founder & COO Tom Wolf Executive Chairman Anthony Lee Co-Founder & CEO Jennifer Xu, FIAA, CERA Principal actuary Kevin Tan Head of Insurance Product Life & Health Insurers Strategic Partners Awards
- 3. Emerging customers are faced with generic insurance offerings that are difficult to buy 3 $1.8 Trillion Asia’s Life and Health protection gap 1 2.7% of GDP Asia’s insurance penetration rate 2 Source 1, Source 2
- 4. 4 I don’t need health & life protection! I don’t want to take a medical exam! Insurance Literacy Tedious process Emerging customers are faced with generic insurance offerings that are difficult to buy
- 5. Lydia AI uses alternative data to generate health scores based on health AI CONFIDENTIAL Health Score Hospitalization Risk Chronic Disease Risk Cancer Risk Dementia Risk Lydia AI risk prediction models Mortality Risk Activity Data Wellness Data Claims Data Checkup Data Input API data sources We’ve collaborated with academic partners and have published our models in leading journals Medical Data
- 6. Lydia AI identifies healthy and unhealthy customers in all age groups 6 Confidential Male, 25 years old Diagnosis Hypertension 🗶 Diabetes 🗶 COPD 🗶 Alcohol dependence 🗶 Mental illness 🗶 … Renal failure 🗶 Cardiac arrhythmia 🗶 Outpatient 3 Inpatient 0 HS 23 Diagnosis Hypertension ✔ Diabetes ✔ COPD ✔ Alcohol dependence 🗶 Mental illness ✔ … Renal failure 🗶 Cardiac arrhythmia ✔ Outpatient 137 Inpatient 5 HS 28 Female, 23 years old Female, 70 years old Diagnosis Hypertension 🗶 Diabetes 🗶 COPD 🗶 Alcohol dependence 🗶 Mental illness 🗶 … Renal failure 🗶 Cardiac arrhythmia 🗶 Outpatient 2 Inpatient 0 HS 66 Diagnosis Hypertension ✔ Diabetes ✔ COPD ✔ Alcohol dependence 🗶 Mental illness 🗶 … Renal failure ✔ Cardiac arrhythmia 🗶 Outpatient 111 Inpatient 3 HS 76 Male, 73 years old Young customers Old customers
- 7. We integrate scores into apps to personalize offerings and enable instant purchase Agent Scans QR Code Customer Device Agent Device ©2021 Lydia AI. Knowtions Research. Proprietary and Confidential. For Lydia AI and Lydia AI Client Use Only. Customer shares health report with agent for protection planning Customer consents data to calculate health score and receives AI health report that highlights protection gaps Agent sees personalized recommendations for fluidless purchase based on risk profile
- 8. The use case won Taiwan life the Celent model insurer 2021 for data, analytics & AI +22% Increased GWP: Target improvement of sales conversion 15-30% Loss ratio improvement: Identify healthier candidates below industry incidence benchmarks 80% Near real-time medical UW: Target policies achieving policy issue within 3-5 days 8 Live in Nov 2021 and distributed through the largest retail bank in Taiwan, CTBC, serving more than 15 million customers
- 9. Proven in Taiwan and expanding to transform insurance across Asia Lydia AI is partnering with a leading reinsurer to validate and expand health score offerings across Asia
Editor's Notes
- Thank you for joining me today, my name is Christina and I’m a co-founder and COO at Lydia AI where we are on a mission to insure the next billion people. Let me take a few moments to introduce you to our team
- We started from the University of Toronto with 3 people and have since grown to a team of 50 people with 2 offices in Toronto and Taiwan serving our Asian clients. We’re excited to work with such an interdisciplinary group of people from bioinformaticians to actuaries to ML scientists.
- Emerging customers are faced with generic insurance policies that are difficult to buy. The opportunity is massive with LIfe and Health Protection gaps sitting at $1.8 Trillion dollar and low insurance penetration rate.
- 2 of the biggest friction points in the insurance purchase experience is the lack of insurance literacy and a bothersome process. This is where we believe health AI can transform the customer experience and reimagine underwriting.
- This is where Lydia AI comes in - we use alternative data to generate health scores based on Health AI. We’re dedicated to advancing health AI and our machine learning works have been published widely. We use new sources of data such as Medical data, wellness data, claims data and check up data to make predictions on key health indicators. We then combine the predictions into a health score that captures the health risks of a person.
- Lydia AI AI is able to identify healthy and unhealthy customers at all age groups. Our models don’t use age and gender to avoid being prejudicial. For example, a 70 year old female would be rejected immediately using traditional methods but we are able to provide a true assessment of their health. We can predict healthy candidates who are beyond the age of insurability - that’s how you truly extend insurability.
- The health score is integrated into an mobile application that enable omni-channel distribution with a fluidness underwriting experience. The way it works is that customers concept data to calculate the health score and receives a health AI report that highlights key protection gaps. Understanding their protection gaps sets a personalized context for agents to begin speaking to their customers. Customers then share a QR code that sends a limited version, no raw health data, to their agent to guide in the protection planning. Agents will then see a recommended list of products that can be purchased immediately without a medical exam based on the risk profile.
- The solution is live in Taiwan at the biggest retain bank serving 15 million customers and our work has won Taiwan Life Celent model insurer of the year, for those of you attending the Celent conference next month, we’ll be sharing more details there. The bancassurance channel saw 80% of policies achieve near real-time medical underwriting. We’ve also experienced an increase in sales conversion and loss ratio improvements of 15-30%. We’re really proud of the work we’ve done with Taiwan life.
- We are proving our model in the world’s 10th larget insurance market, Taiwan, and are expanding our health score products across asia. We look forward to sharing our journey with everyone here!