Slide deck for webinar

1. 1
Why
Telema*cs?
Webinar:
Insurance
Aggregators
In
Asia
29th
September
2015
Webinar:
Insurance
Through
The
Eyes
of
the
Customer

2. Our
Panelists

3. Discussion
agenda
1
Presenta8ons:
James
Harding:
Improving
customer
self
service
in
insurance
Dr
Onn
Keet
Peng:
Using
analy*cs
to
understand
the
customer
Hugh
Terry:
The
mul*-­‐touch
customer
2
Ques8ons
and
Answers
3
Snap
Poll
–
share
your
view

4. Ques8ons
&
Answers
How
to
par8cipate:
If
you
have
a
ques*on
please
type
into
the
messaging
area
and
send
to
the
presenters
Session
format:
The
moderator
will
use
a
combina*on
of
his
own
ques*ons
and
those
from
the
audience

5. James
Harding
@
360Globalnet:
Improving
customer
self-­‐service
in
insurance

6. Designed with the customer in mind
n Devised the proposition (2010-2012)
n Top UK insurer, digitalisation model
n Customer empowered to self-serve claim
n New process = complete transparency for
customer + insurer + third parties
n Imagery validates claim, provides ‘visual’
proof, all data stored in the cloud
n Assisted claims, where necessary WYi5

7. n Net promoter score 76 joint 1st in UK -
would rank No 6 in USA
n Customers score 10/10 in more cases
than the rest of the scores combined
n Cycle times significantly reduced and
claims settled in timescales to rival retail
online
n Indemnity cost reductions of $600 (£400)
per claim over 360SelfServe/360Pronto
n $3,600 on complex claims where live-
streaming takes place and reduction in
cycle times
n Insurers can move to distributed working
with staff at home and “on demand”
working
n WYi5/Pronto completes 40% of its’ jobs out
of hours including weekends (Sat/Sun)
n 100,000+ claims have been settled WYi5/
Pronto, 250,000 SelfServe
The Results are compelling

8. Dr
Onn
Keet
Peng
@
PT
Aegon
Marke8ng
Services
Indonesia:
Using
analy8cs
to
understand
the
customer

9. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 9

10. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 10
Right
Customer
Right
Time
Right
Channel
Right
Product
DISTRIBUTION
PRICING
UNDERWRITING
Why need to understand customer?

11. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 11
How to understand customer?
Understanding customer needs based on the insight extracted from …
TRANSACTIONAL! INTERACTIONS!
DIGITAL
FOOTPRINTS

12. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 12
How to understand customer? Methodology

13. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 13
What: Understanding Customer
Insurance Needs! e.g. types and level of protection needed
Quality Requirement! e.g. preferred level of service standard
Channel Preference! e.g. email, IM, Telephone, face to face
Mood (Sentiment)! e.g. happy, neutral, sad…
Purchase Journey ! e.g. Awareness ⎝ Education ⎝ Consideration ⎝ Enrolment ⎝ Loyalty
Customer Life Stage! e.g. single, married, married with children, empty nest and retired
Customer interactions for insurance should based on the understanding of:

14. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 14
Apply customer understanding to create a superior customer experience
Insurance Needs!
Quality Requirement!
Channel Preference!
Mood (Sentiment)!
Purchase Journey !
Customer Life Stage!
RIGHT Customer!
RIGHT Time!
RIGHT Channel!
RIGHT Product!
What: Understanding Customer

15. Copyright
©
2016
Aegon
Direct
&
Affinity
Marke*ng
Services
Limited.! STRICTLY
CONFIDENTIAL! 15
Technology
Needed
Insight-Driven Customer-Led Insurance Platform
People! Technology! Process! Data!
CUSTOMER!
INSIGHTS!
CUSTOMER!
EXPERIENCE!
infinite learning!
infinite learning!

16. Hugh
Terry
@
The
Digital
Insurer:
The
mul8-­‐touch
customer

17. 17
Welcome
to
digital
customers:
“they
are
mul8-­‐touch”
17
Myth
#1:
Digital
is
a
new
distribu*on
channel
Reality
:
Digital
enables
customer
(&
distributor)
engagement
Online
Face
To
Face
Phone
/
Virtual
The
mul8-­‐channel
customer
is…
Becer
informed
More
demanding
Uses
mul*ple
customer
touch
points
for
both
sales
&
services
Increasingly
starts
on-­‐line
Will
jump
channels
at
any
point
–
catch
them
if
you
can!

18. email
response
8mes
–
slower
than
postal
mail?
18
Source:
Ep*ca,
Survey
of
10
health
insurers,
APAC

19. Life
insurance:
There
are
untapped
opportuni8es
around
the
world
Sources
of
financial
advice
Chart
Source
:
Noble
Oak
Life
“Pure
Life
“Survey
March
2016
-­‐
Australia.
*Swiss
Re
Asia
Pacific
Mortality
Protec*on
gap
2015
19
78%
12%
10%
US$55
trillion
Protec*on
gap
in
Asia*

20. Life
insurance:
There
are
untapped
opportuni8es
around
the
world
digital
strategies
can
change
the
paradigm
that
“life
insurance
is
sold
not
bought”
20
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
less
than
12%
have
so
far

21. 21
21
Source:
Swiss
Re
Sigma
02/14
21
The
cross
channel
journey
”mono”
communica*on
channels
are
going
the
way
of
the
dinosaur
Online
search
Compare
quotes
Browse
reviews
Targeted
advert
Receive
quote
Check
with
friends
Buy
online
Text/email
confirma*on
Online
customer
survey
Fill
out
on-­‐line
claim
request
Post
ra*ng
and
review
Tweet
review
Like
Renewal
no*fica*on
Tweet
review
Referrals
to
family/friends
Follow-­‐up
call
Buy
through
agent
Approach
agent
Product
related
call
Request
further
informa*on
Report
claim
Gather
Informa8on
Seek
advise
Purchase
policy
A]er
sales
service
Make
claim
Internet
Mobile
Social
media
Agent/broker
Call
center
Retail
branch/
bank
Note:
The
red
line
shows
an
example
buying
journey
ini*ated
by
a
mobile
advert,
and
the
blue
line
a
purchase
experience
via
online
search.

22. 22
22
Source
:
McKinsey
Study
Customers
prefer
digital
customer
service:
Telco
example
The
more
digital
the
journey,
the
higher
the
sa8sfac8on
(and
the
lower
expenses
are)
Channels
Customer
service
journey1
Share
of
transac8ons
Customer
sa8sfac8on,2
%
Tradi8onal
Phone
Vendor
Mail/fax
E-­‐mail
Click
to
call
Starts
Ends
57
Digital
E-­‐chat
Forum
FAQ
Personal
account
Virtual
assistant
Social
media
Tradi*onal
Only
11%
Digital
to
Tradi*onal
Tradi*onal
to
digital
41%
41%
Digital
Only
15%
61
76
62
Digital
only
=
+33%
over
tradi8onal
only
1Telecom
example,
Western
Europe;
4
service
journeys
were
iden*fied
based
on
an
analysis
of
11
touch
points
spanning
tradi*onal
and
digital
channels.
For
tradi*onal-­‐to-­‐digital
journeys
(and
voice
versa),
the
first
channel
switch
was
used
to
allocate
the
journey.
2Respondents
who
ranked
their
sa*sfac*on
in
the
top
3
on
a
7-­‐point
scale,
where
7
=
most
sa*sfied.
Also
>
25%
cheaper

23. “Digitally
enhanced”
Insurance
Advisors
Mul8-­‐Device
Access
Customer
Experience
Centre
23
Customer
Experience:
What
is
“Digital
First”
in
the
world
of
insurance?
All
else
being
equal
the
service
hierarchy
is:
• Online
self
service
• Chat
/
email–
for
non
urgent
/
simple
•
Virtual
Voice
–
for
urgent
/
complex
All
else
being
equal
the
sales
hierarchy
for
more
complex
insurance
products
is:
• Online
to
Virtual
advisor
• Virtual
to
face
–to-­‐face
advisor
• Online
only
This
is
counter
intui8ve!
In
the
medium
term
this
may
change
as
AI
improves
THE
MULTI-­‐
TOUCH
CUSTOMER
ONLINE
Face
-­‐to-­‐Face
VIRTUAL
VOICE

24. Trust
is
at
the
heart
of
insurance
Great
insurance
advisors
-­‐
always
in
demand*
Customer
service
maners
Digital
Transforma8on:
Don’t
forget
the
basic
“DNA”
24
*
But
they
could
be
supported
more
by
digital
tools

25. USAA:
Have
it
cracked
25
Source
:
hcp://www.insightsfromanaly*cs.com/blog/bid/324678/Top-­‐10-­‐U-­‐S-­‐Net-­‐Promoter-­‐Scores-­‐NPS-­‐for-­‐2013

26. Customer
Centricity
leader:
USAA
Puts
customer
needs
ahead
of
profits
Strong
focus
on
employee
training
Ø Comprehensive
integra*on
process
for
new
joiners
to
familiarise
them
with
the
USAA
values
and
culture.
Ø Ethos
Training
Alloca*on:
3%
of
yearly
budget
vs.
insurance
industry
average
of
1.5%
Ø Intense
communica*on
to
members,
around
shared
values
and
daily
concerns
of
military
staff.
Ø USAA
consolidated
all
of
its
customer
interac*on
groups
into
a
single
organiza*on,
Member
Experience
Ø By
bringing
together
all
customer-­‐facing
groups,
USAA
hopes
to
deliver
more
cohesive
experiences
to
members
Re-­‐configuring
organisa8onally
Ø Agile
Labs:
This
ini*a*ve
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
tradi*onal
waterfall
development
approach.
Embedded
within
company
culture
26
Q.
How
Can
others
look
to
match
USAA’s
global
leadership
in
NPS?
D
P
C

27. Customer
Portal
/
App
Policy
Systems
Advisor
Portal
Lead/Prospect
Management
Sales
Opportuni8es
The
Digital
Advisor
Business
Model
Tablet
27
Journey
1:
Digital
Transforma8on
of
face-­‐to
face
Digital
Opportuni*es
1.
More
Leads
2.
Becer
service
3.
Becer
selling

28. Bener
customer
service
Customer
portal/app:
An
on-­‐line
marke*ng
capability
for
customer
engagement
leading
to
cross
sell
/
up
sell
opportuni*es
1
Build
a
digital
“eco-­‐system”
around
legacy
policy
systems
to
treat
customers
like
customers
2 Customer
experience
centre:
Mul*
channel
customer
support
to
connect
customer
interac*ons
–
a
digitally
assisted
customer
service
revolu*on
(the
engine
room
for
conver*ng
“data
into
business”)
3 Advisor
portal:
Customer
data
and
advisor
performance
at
your
finger
*ps
Business
outcome:
Building
deeper,
richer
and
becer
rela*onships
with
customers
and
advisors
Facilitate
and
co-­‐partners
the
advisors
to
becer
meet
customer
needs
Allow
“farming”
as
well
as
“hun*ng”
Customer
Portal
/
App
Customer
Experience
Centre
Policy
Systems
Advisor
Portal
28
Tablet

29. Online
distribu8on:
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
tradi*onal
distribu*on
Ø
A
digital
approach
to
acquiring
customers
Ø Complete
online
fulfilment
-­‐
Engaging
online
applica*on
Ø Truly
omni-­‐channel
delivery
Ø
Innova*ve
business
model
that
capitalises
on
transparency
of
pricing
and
low
cost
of
sales,
service
and
distribu*on
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
tradi*onal
players,
and
with
a
basket
of
value-­‐added
services
included
free-­‐of-­‐charge
Distribu8on
and
Experience
What’s
different?
29
D
P
C

30. 30
Digital
First:
Sales
and
Marke8ng
model
Website
Bounce
Connect
&
Engage
Inform
&
Educate
Educate
Quota*on
Consumer
Virtual
Sales
Advice
&
support
Buy
Landing
page
Digital
Marke8ng
Con8nuous
improvement
Permission
based
Prospect
Database
Marke8ng
Services
Inform
Buy
Direct
Buy
Phone
Offer
Data
&
content
Consumer
data
Data
Insight
Data
&
Content
Visit
website

31. Don’t
forget
about
the
human-­‐human
touch
The
rise
of
O2O
models
–
on-­‐line
to
offline

32. 3232
Journey
3
-­‐
LifeBroker:
Aggregator
Ø Lifebroker
has
a
strong
focus
on
excellence
in
customer
service
and
is
one
of
leading
examples
of
insurer
taking
a
stake
in
the
distribu*on
model
Customer
Focus
Key
Product
Features
Ø Provides
price
and
benefit
comparison
from
more
than
10
providers
Ø Simple
process
leading
to
a
call-­‐back
instead
of
an
online
applica8on
process
Ø Strong
focus
on
excellence
in
customer
service
with
a
mul*-­‐
channel
and
differen*ated
service
challenge
Ø One
of
many
examples
of
insurers
taking
a
stake
in
a
distribu*on
model
Quick
Online
Comparison
D
P
C

33. 33
33
Journey
2
-­‐
Life
Search:
puqng
a
friendly
face
first
33

34. 34
34
Life
Search:
selling
the
benefits
of
advice
34

35. 35
35
Life
Search:
email
response
in
<5
minutes
35
Thank
you
for
reques*ng
a
quote
from
LifeSearch.
If
you’re
wondering
what
to
do
next,
I’m
here
to
help.
The
insurers
like
you
to
take
advantage
of
our
free
advice
service
geyng
your
cover
right
first
*me.
As
online
prices
aren’t
always
accurate
and
not
everything
shows
up,
we
ask
a
few
more
ques*ons
to
run
a
more
detailed
tailored
search
for
you:
·∙
Do
you
have
any
health
issues
(Currently
or
in
the
past)
or
take
any
medica*on
/
*me
off
work
recently?
·∙
Occupa*on?
·∙
Height
and
Weight?
·∙
Family
History
(Parents
and
Brothers
and
sisters,
Heart
Acacks,
Strokes,
Cancer
or
Diabetes
before
65yo)?
·∙
What
are
you
wan*ng
insurance
to
do?
·∙
How
long
would
you
manage
on
sick
pay
and
savings
if
you
couldn’t
work
due
to
ill
health?
If
you
can
get
this
informa8on
back
to
me,
I
can
run
a
whole
of
market
search
to
find
you
the
right
cover
at
the
lowest
price.

36. Product
ecosystem
model:
Good
Doctor
(Ping
An)
36
Q.
How
do
insurers
a)
create
eco
systems
and
b)
secure
their
place
in
those
eco-­‐systems?
>70
million
registered
users
>1,000
full
*me
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
crea*ng
largest
“closed”
healthcare
eco-­‐system
=
“
Internet
healthcare
2.0”
3636
D
P
C
Source:
Eco-­‐system
picture:
Ping
An
presenta*on

37. 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
illustra*ve
example
of
a
digital
eco-­‐system
business
model?
D
P
C

38. Snap
Poll
3
38
Q .
Stand
back
and
become
a
customer.
Which
of
the
following
methods
of
purchasing
term
life
insurance
is
the
one
that
you
would
personally
choose
How
to
par8cipate:
Just
respond
to
the
ques*on
when
it
appears
on
your
screen

39. § Informal
&
Welcoming
–
everyone
should
be
comfortable
§ Demonstra*ng
interest
and
excitement
in
digital
Insurance
§ Designed
to
educate
and
inform
–
not
to
sell
§ Not
“startup
vibe”
and
not
“
corporate
insurance
vibe”
–
a
mee*ng
in
the
middle
§ Posi*oned
as
THE
must
acend
digital
insurance
conference
in
Asia.
Aim
to
Become
an
annual
event
with
venue
likely
alterna*ng
between
Hong
Kong
and
Singapore
Conference
“Vibe”

40. Bringing our community in Asia together for an
innovative conference on digital insurance in 2016
Location: Hong Kong
Date: 23rd November 2016
http:asia2016.the-digital-insurer.com
Digital
Insurance
Conference
in
Asia

41. Post
webinar
ac8vi8es
Recording
will
be
emailed
to
registered
par*cipants
Next
Webinar
will
be
in
a
couple
of
months
on
the
blockchain
Please
give
us
your
feedback
If
you
would
like
to
follow
up
with
any
of
the
panelists
-­‐
Simon
Phipps:
simon.phipps@kpmg.com
-­‐
James
Harding:
james.harding@360globalnet.com
-­‐
Dr
Onn
Keet
Peng:
kp.onn@adms-­‐asia.com
-­‐
Hugh
Terry:
hugh.terry@the-­‐digital-­‐insurer.com