All in the Wrist action Final
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Transcript of All in the Wrist action Final
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1 September 24, 2015 1 September 24, 2015
It’s all in the wrist action: Wearables for Life
Insurance Andrew Dart
Insurance Industry Strategist
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2 September 24, 2015
An interesting lesson
On the road to success, there are some pitfalls too!
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3 September 24, 2015
Key insights from today’s talk
• Customer life cycle is the foundation to understanding the new engagement model.
• Wearables can have a positive impact on life insurance.
• Our rewards programs must change.
• There are some cool new ways to do what we have always done.
• The Personal Coach will be the next way to engage.
• People living longer and sharing data will give us new opportunities.
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4 September 24, 2015 4 September 24, 2015
The customer life-cycle and the new engagement model
Foundation of relevance
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5 September 24, 2015
Engagement Spectrum
Attract Capture Service Retain
Customer Lifecycle: Foundational Concept
Aware Consider
New Customer
Contract
Customer
Incident
Situation Change
Separate
Consider Leave
Promise Fulfilment Disillusionment
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6 September 24, 2015
Customer Lifecycle: Many journeys within it
Melvin Brand Flu: Livework Intelligence
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7 September 24, 2015
Attract Capture Service Retain
Traditional Insurance Engagement
Buy
Separate
Claim
1) Nothing going on in between
2) Purely reactive
3) One time risk evaluation / Proxy factors
4) Paper based
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8 September 24, 2015
Attract Capture Service Retain
Digital Insurance #1 – Data Driven Products
Buy
Separate
Claim
Examples: UBI / Wearables
1) Mobile in nature
2) Two-way communication all the time
3) Digital Data / Accurate factors for risk modelling
A) Identify new segments
B) Reduce claims
Data
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9 September 24, 2015
Attract Capture Service Retain
Digital Insurance #2 – Engaged Customer
Buy
Separate
Claim
1) Risk actively managed
2) Claims actively avoided
3) Personal value generated for customer from data
Value to customer
Nearest gym with your equipment
Fastest driving route home
Running trail weather conditions
Data
Services
Value to Insurer & customer
Flood proximity alert
Sitting too long alert
Healthy food selection
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10 September 24, 2015
Attract Capture Service Retain
Digital Insurance #3 – Engaged Prospect
Separate
Services also useful to prospects and ex-customers
Data
Services
Buy Claim
a) Platform of engagement
b) Omni Channel – deliver services how you like to consume them
c) Experience Layer / Engagement Layer / System of Record Layer
Value to everyone
Fitness evaluation
Exercise advice
Nutrition advice
Value to everyone
Information on latest trends
Invitation to events
Cohort competitions
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11 September 24, 2015
Customer Focus 2.0
Customer life-time value “How much can we make from this
person?”
Life-time value for Customer
“How can we create more personal
value for this individual?”
OR
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12 September 24, 2015 12 September 24, 2015
Wearables for Life
They can have a positive impact
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13 September 24, 2015
Why wearables: The rise of obesity (1985 – 2010)
Obesity is just one part of the 70% of the annual $2.6 trillion bill for health
care in the U.S. that is the consequence of potentially changeable human
behavior. – PwC June 19, 2014 via Forbes
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14 September 24, 2015
Wearables for Health & Fitness: Connected People
American Heart Association found up to $3.75 claims savings for Insurance companies in the
first year for every $1 spent on home heart monitoring
Microsoft Watch
Apple Watch
Oscar Fitness device Hexoskin Shirt
FitBit Wearables
Google Contact Lens
Azoi’s Kito
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15 September 24, 2015
Wearables: The benefits of connected people
• Providing a free device significantly increases opt-in rate and
sharing of data by participants
• Feed back from the device reduces program drop out
• Improvement in overall health with connected wearables greater
than simple manual entry App based program
• Reduction in health claims by up to 23% and hospital costs by
16%
• Continued health conscious after program increased from 20% to
60%
• Greater ability to “gamify” due easy collection of range of
standardized metrics
• Clinical grade data if shared is a treasure trove for actuary and
marketing
• 50% of wearable technology owners are between the ages of 18-
34 with almost a third having annual incomes of over $100,000.
Interestingly another 30% are aged 55+ and are overweight.
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16 September 24, 2015
Vitality’s stunning effectiveness
Source: BCG Blog 2014
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17 September 24, 2015
John Hancock – Insurance products based on fitness data
84% of those surveyed said they would be
more likely to purchase a product that
rewarded healthy choices.
Universal Life & Term Life • Nonsmokers – 1,000 points
• in-range cholesterol – 1,000 points
• In range glucose – 1,000 points
• In range blood pressure – 1,000 points
• Regular workouts – 3,120 points annually
• Flu shots – 400 points
Up to $36,000 in
premium savings
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18 September 24, 2015 18 September 24, 2015
Rewards must change
Don’t you know me by now?
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19 September 24, 2015
Today we have impersonal e-coupons – you find the value!
Ho hum!
I don’t do “Spas”!
I hate check-ups!
My eyes are good!
My feet are good!
I don’t go to the gym or
buy vitamin supplements!
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20 September 24, 2015
In Store promotion creating personalized customer value
Credit: idownloadblog.com
Engagement across the Affinity ecosystem
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21 September 24, 2015
New and improved rewards for Vitality
Credit: Discovery.com
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22 September 24, 2015 22 September 24, 2015
The cool new ways to do what we always have done
Start ups and Unicorns
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23 September 24, 2015
FitSense: Simple score, multi-device, flexible rewards
Source: Fitsense Pte Ltd
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24 September 24, 2015
MyFiziq: A new way to look at BMI over time
Credit: MyFiziq.com
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25 September 24, 2015
Oscar Health
Credit: Forbes Blogs
Free device and App with insurance
Hit your daily activity target and get $1 on an
Amazon gift voucher capped at $20 monthly
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26 September 24, 2015
Kito – A Clinic in an iPhone case
www.azoi.com
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27 September 24, 2015
Virtual Doctor visits
Insurers can get
savings upward of
75% by purchasing in
bulk for their
members.
Customers save time
as they can get
immediate answers
for family medical
issues 24x7
UnitedHealthcare is planning to cover all or part of the cost of
these e-visits for up to 20 million of its customers by 2016
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28 September 24, 2015 28 September 24, 2015
The Personal Coach will be the next way to engage
AI and scalable advice
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29 September 24, 2015
CIGNA Health App
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30 September 24, 2015
Scalable advice – How Next Gen AI differs from Siri
Natural Language Processing
with Voice Recognition
“Sit boy!”
“OK!”
Cognitive Computing
“A chair is to sitting, as a bed is to ______”
“Huh? – Woof?”
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31 September 24, 2015
Using interactive AI to eliminate forms & boost engagement
Improve healthy habits by 23%. 200 million texts with
users in the first 3 months after launch. “Damn; if it
doesn’t feel like I’m talking to a real person!”
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32 September 24, 2015 32 September 24, 2015
Super longevity and sharing data
New business opportunities
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33 September 24, 2015
The Dawn of Super Longevity
“One hundred and fifty, and still young, dude. Rock on.”
Credit: Disney Pixar
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34 September 24, 2015
Super Longevity: Extend & improve quality of life
Parkinson’s Disease
Alzheimer’s Disease
Diabetes
Obesity
Genetic Mapping
Google’s Baseline Study
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35 September 24, 2015
Super Longevity: Cycle-time on human organs?
Just like planes, we will
monitor key
components of the
human body and
replace them before
they become a
problem
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36 September 24, 2015
Super Longevity: Early detection and intervention
Google is developing nanoparticles and wearables for early detection of cancer
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37 September 24, 2015
Using data to manage chronic diseases
“Our customers get better, just by being our customers.”
Ross Beerman, CEO AllLife Insurance, SA.
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38 September 24, 2015 38 September 24, 2015
In Summary
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39 September 24, 2015
Key insights from today’s talk
• Customer life cycle is the foundation to understanding the new engagement model.
• Wearables can have a positive impact on life insurance.
• Our rewards programs must change.
• There are some cool new ways to do what we have always done.
• The Personal Coach will be the next way to engage.
• People living longer and sharing data will give us new opportunities.
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40 September 24, 2015
Product Innovation
Data Driven
Ecosystems
Buying Journey
Insight Enabled
Enhanced Customer Experience
As a Service
Internet of Things / Wearables
Mobility
Embracing Market Dynamics
Addressing New Needs and Wants
Leveraging Technology
Consumption
Understanding
Engagement
Where to start? Master any of these 3 major themes
On the road to success, there are no short cuts.
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41 September 24, 2015 41 September 24, 2015
Thank you
Andrew Dart
Insurance Industry Strategist
CSC Asia, Middle East and Africa
Twitter: @ITInsuranceGuy
Email: [email protected]