Interesting International Insurance Initiatives

Butterfly Effect Intelligence™

April in Review 2018

The following report captures international innovations in

insurance, specifically financial products, advertising, sponsorships,

promotions and distribution, with a focus on technological

innovation.

This month saw the following trends emerge:

One Solution to Rule Them All: The global insurance industry

is being driven by a variety of needs, which call for convenient,

instant and effective solutions, or rather, solution. The one-stop

universal solution age is here and it might be stealing your

customers away. Whether it is partnering up or diversifying

offerings by use of the latest technology, these all-in-one solutions

are packaged for convivence and structured to satisfy.

See pages

Keeping Up with the Digitals: It is crucial in today’s day and

age for companies to have a digital solution available to

customers. Digital solutions have become a hygiene factor, and so

companies have had to innovate within that in order to stand out.

From Virtual Reality that shows customers how their futures

might look, to voice-controlled devices that keeps them up-to-

date on their finances, the possibilities are endless.

See pages

KEY FINDINGS

The Key is Simplicity: Millennials are the largest growing

segment, and like it or not, companies may need to adapt certain

things to their wants and needs. Millennials want instant, simple and

convenient solutions, and even better if solutions can be tailored

specifically for them. Knowing your customer can set your business

up for success, being aware of their changing needs, and being the

first to offer them the easiest solution possible will help your brand

stand the test of time.

See pages

Social Media Healthcare: Addressing healthcare can be more

difficult than waking up on a Monday morning.With low

accessibility of healthcare being a major problem across the globe,

established healthcare providers and young startup InsurTech’s are

redefying the modern-day healthcare environment. An example of

this includes incorporating one of the world’s largest messaging

platforms and the world’s biggest ridesharing services into a

healthcare offering of their own.

See pages

1

Munich Re rolls out Smart

Mobility Programme (U.S.)

25 April 2018

Munich Reinsurance America has

unveiled its Smart Mobility Programme

offering a toolbox of solutions to

address the complex issues

surrounding commercial auto losses

and to help reduce or avoid the risk

of collision for commercial fleets. The

Smart Mobility Program will also

provide access to LossDetect™, an

automated text-mining tool that

recommends solutions by analysing

unstructured automotive claims data

to determine causes of loss; Driver

Coaching, a customised training

platform focused on improving

individual driver safety; and Collision

Avoidance, designed to identify driving

behaviours that could lead to an

accident. Munich Re believes the

product will help to mitigate

automotive accidents, as over 40 000

people were killed on U.S. roads in

2017.

Read More

TREND: ONE SOLUTION TO RULE

THEM ALL

Chubb reveals new small

commercial digital platform

(U.S)

26 April 2018

Chubb has launched a new digital

platform for independent agents to

quote, issue, and service all their

small business accounts, called the

Chubb Small Commercial

Marketplace®. The platform is an

innovative digital experience

designed to modernise the

placement and service of small

business insurance. Through the

marketplace, Chubb is enhancing

the way small business insurance is

being sold and serviced. Built with

advanced technology, the Chubb

Small Commercial Marketplace®

includes features like multi-line

account quote capabilities, online,

account-level billing with a pay-by-

credit card option and immediate

access to Chubb underwriters.

Read More

TREND: KEEPING UP WITH THE

DIGITALS

SHORT-TERMSHORT-TERM

2

HDFC ERGO Insurance

launches DIA chatbot (India)

03 April 2018

India’s third largest private sector

non-insurance provider HDFC

ERGO General Insurance

Company has launched its first AI-

enabled chatbot DIA, on

Amazon’s voice platform Alexa,

which will give 24/7 assistance to

their customers. The new

platform will allow customers of

HDFC ERGO to interact and get

easy access to information about

their insurance policies, simply

with the use of voice commands.

Customers can now easily locate

the nearest network hospital,

network garage or HDFC ERGO

branches, understand the

products offered by HDFC ERGO

and get answers to various

queries related to General

Insurance, simply through a

friendly voice-enabled

conversation.

Read More

TREND: KEEPING UP WITH THE

DIGITALS Lemonade partners with bitJob

to target students (U.S.)

09 April 2018

bitJob, a decentralised peer-to-peer

marketplace meant for the global

student community, freelancers, and

employers recently announced a

partnership with Lemonade, an

insurance company operated and

powered by behavioural economics

and artificial intelligence (AI) that

offers insurance to both renters and

homeowners. The insurance API that

Lemonade has developed will be

integrated into the bitJob

marketplace and will allow students

that are already homeowners to

receive customised rates for rental

and homeowner insurance with one

click. The partnership between

Lemonade’s Artificial Intelligence and

bitJob’s Blockchain will make policy

creation, quoting, and insurance

policies for renters, condo and

homeowners, more user-friendly for

the student community.

Read More

TREND: THE KEY IS SIMPLICITY

SHORT-TERMSHORT-TERM

3

Marsh goes digital with the

launch of its Digital Labs (U.S.)

24 April 2018

Global insurance broking and risk

management firm Marsh has launched

Marsh Digital Labs to develop next-

generation insurance products and

distribution channels. Based in San

Francisco, Marsh Digital Labs will

function as an incubator and focus on

developing innovative products, new

business models, and strategic

engagements with clients, carriers,

and InsurTech firms. Currently, the

newly-launched lab exploring new

offerings in the small commercial and

consumer business, cyber, sharing/gig

economy, autonomous vehicle, and

workers’ compensation sectors.

Marsh Digital Labs plans to partner

with industry, academia, and open-

source initiatives to develop new

products.

Read More

TREND: KEEPING UP WITH THE

DIGITALS Lemonade Partners with P2P

Renters Marketplace Roomi

(U.S.)

20 April 2018

Roomi, the peer-to-peer marketplace

that makes it safer and easier to find

room rentals, sublets and roommates,

recently announced a partnership with

Lemonade, wherein Roomi will offer

renters insurance through Lemonade.

As studies continue to show,

millennials are spending more of their

income on electronics, hobbies and

clothing than older generations, and

since Roomi is dedicated to making

renting safer, it was a natural decision

to offer its users, who are mostly

millennials, an easy solution to protect

their belongings.

Read More

TREND: THE KEY IS SIMPLICITY

SHORT-TERMSHORT-TERM

4

MetLife partners with Tencent

to offer Travel Insurance

(China)

01 April 2018

Global Life and Health insurer

MetLife has announced a strategic

partnership with Tencent to offer

insurance solutions to travellers.

This win-win partnership would

provide MetLife access to WeSure's

1 billion monthly active users on

Tencent's mobile social

communications platform, WeChat,

while simultaneously providing

WeSure’s extensive member base

with MetLife’s global expertise in life

and health protection solutions.

MetLife has been strengthening its

digital footprint through several

alliances and deals in order to

develop new products and services.

The first offering through this tie-up

will be an aviation accident

insurance product, that will be

provided on the WeSure platform.

Read More

SHORT-TERM

TREND: ONE SOLUTION TO RULE

THEM ALL

John Hancock launches VR

Retirement Experience (U.S.)

09 April 2018

What do your customers do when

after years of working, they suddenly

have unlimited time to themselves, or

when their dream house they saved for

all their life, falls apart? These are the

type of questions John Hancock, a U.S.

based financial services provider, is

aiming to answer with its Virtual Reality

Retirement Experience campaign. The

company created a web series with five

short video clips that tell the story of

the characters played by actors, Pete

Holmes and Jamie Lee, who get a

humorous, over-the-top glimpse at all

the unplanned retirement challenges

through a virtual reality experience. In

addition to the web series, the

company is also working with Fast

Company to create themed quizzes

and stories about finance, as well as

native ads.

Read More | View Video

TREND: KEEPING UP WITH THE

DIGITALS

LONG-TERM

5

Prudential Retirement builds

skill for Amazon Alexa (U.S.)

25 April 2018

Alexa, Amazon’s voice-control device,

is popular among users for allowing

them to play their favourite music,

create a grocery list and search the

Internet for an innumerable amount

of answers. Now, users can use the

technology for an even more

complex task: checking up on their

financial wellness. Prudential

Retirement launched its first skill

that works with Amazon’s Alexa,

enabling those registered on the

Prudential Retirement website to

check their balances, rates of return

and outstanding loan balances. As a

security measure, users will be asked

to give a personal identification

number every time they request

Alexa to access their Prudential

Retirement account.

Read More

TREND: KEEPING UP WITH THE

DIGITALS

One blockchain solution to rule

them all (U.S. and India)

19 April 2018

Cognizant, a U.S. based IT service

provider has partnered with a

consortium of leading Indian life

insurers to develop a blockchain

solution to ease cross-company data-

sharing. The solution will help

insurers reduce the risk of data

breaches, fraud and money-

laundering, while delivering a superior

experience to customers through

improved process efficiency, better

record-keeping, and accelerated

turnaround time. The solution will

also help insurers reduce their

reliance on data intermediaries and

aggregators in obtaining customer

and policy details, thus enabling

insurers to reduce operating costs,

avoid duplication of procedures, and

streamline approvals.

Read More

TREND: ONE SOLUTION TO RULE

THEM ALL

LONG-TERM LONG-TERM

6

On-demand healthcare (U.S.)

19 April 2018

From on-demand ridesharing, to on-

demand healthcare services, Uber is

taking the gig economy by storm and

it’s not stopping anytime soon. The

ridesharing company announced that

its health division, Uber Health, is

partnering with the San Mateo-based

healthcare platform Collective

Health, to enable the company to

easily book Uber rides for members

and ensure dependable

transportation for healthcare

services. The service is currently in a

pilot stage and will focus on members

with complex needs. The main

objective of the partnership is to

eradicate the low accessibility of

healthcare and help people get the

right treatment at the right time.

Read More

TREND: SOCIAL MEDIA

HEALTHCARE

Walmart eyeing healthcare

market (U.S.)

02 April 2018

Walmart has been making forays into

consumer healthcare for more than a

decade. Now the retail giant may be

looking to play a bigger role in the

sector by acquiring Medicare

insurance giant Humana. The move

comes just as its rival Amazon is

increasingly making its own moves in

the healthcare market. The potential

partnership will see Walmart provide

healthcare to consumers at home

and offer a convenient one-stop

health superstore with insurance,

drug coverage, pharmacies, clinics and

doctors. Walmart would be able to

steer Humana’s millions of customers

to the chain’s stores, create new

medical and wellness services in its

millions of square feet of retail space,

and take a bigger slice of the U.S.’s

$3.5 trillion in health spending.

Read More

TREND: ONE SOLUTION TO RULE

THEM ALL

HEALTHHEALTH

7

Great Eastern launches AI-

powered wellness and loyalty

platforms (Singapore)

18 April 2018

We all need a little motivation on

days we don’t feel like working out,

and having a personal trainer can be

really helpful with that. Great

Eastern’s latest initiative attempts to

solve that problem through two new

platforms: GETGREAT and UPGREAT.

The company developed the

platforms to empower and reward

customers and the community to live

healthier lifestyles. GETGREAT is the

first-of-its-kind wellness platform

with a wellness coach, GERI, powered

by artificial intelligence, which offers

personalised coaching 24/7 to nudge

users towards their personal wellness

goals. UPGREAT provides a single

mobile platform where customers

can seamlessly enjoy all their loyalty

benefits and rewards digitally anytime,

anywhere. The apps are available on

the Apple App Store and the Google

Play Store.

Read More

TREND: ONE SOLUTION TO RULE

THEM ALL

Babylon Health partners with

Tencent for personalised AI

health solution (China)

05 April 2018

Babylon Health, the British digital

health start-up that uses artificially

intelligent algorithms to assess illness,

has struck a deal with Chinese

internet giant Tencent to offer its

technology on the group’s WeChat

social messaging platform. The deal

will give WeChat’s 1 billion users the

ability to message medical symptoms

to Babylon’s app, which will send back

healthcare advice, and drive the

company into China’s medical market,

increasing the level of accessibility of

healthcare in the country, and

improving the overall quality of

healthcare received. When users

interact with the AI system, it

analyses and forms a personal

assessment based on those inputs

and then makes recommendations.

Read More

TREND: SOCIAL MEDIA

HEALTHCARE

REWARDSHEALTH

• 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?

• What strives has your company made in offering clients aone-stop solution that is tailored to fit their individual needs?

• How well do you know your target market and what level of emphasis have you put into identifying how their needs may change?

• To what extent has your company utilised the latest technology to offer your customers a digital offering that will keep them coming back?

SO WHAT?

Try your hand at answering these questions:

EUROPE:

+44 (0) 19 545 83815

+44 (0) 79 501 27079

europesales@bflye.com

AFRICA:

+27 (0) 11 465 9711

+27 (0) 11 465 9755

africasales@bflye.com