This week, I’m continuing my analysis of our L&H Innovation Tracker by examining how Digital Innovators around the world are applying digitalization to their processes and service models.
The tracker identifies the leading companies that are developing innovations designed to improve, streamline, and speed up internal and selling/service processes, and to evolve the relationship model between themselves and their customer segments.
The tracker includes some great specific examples of what individual insurers are doing in the area of processes:
- ING Life, one of the leading life insurers in Poland, created a group calculator—the country’s first application for agents which supports the presentation and sale of group policies. The calculator allows agents to present insurance offers and calculate premiums, accelerating the process of preparing and finalizing the contract. The app was developed based on feedback from agents on what their clients and prospects wanted.
- MetLife pojistovna in the Czech Republic launched Vekomat, an interactive online application that determines customers’ biological age based on a short lifestyle questionnaire and offers discounts for particular insurance products. Customers can share the results on Facebook and Twitter.
- Prudential in the U.K. rolled out a cloud-based financial planning tool from Anaplan designed to improve the efficiency of its quarterly pension bonus payments through greater automation and better use of analytics.
In the area of service model innovations:
- AXA Seed Factory, the seed fund for innovative start-ups recently created by AXA in France, is making its first investment in FundShop, an online savings management platform designed by SupportFi SAS. The product helps individual investors to manage their savings and build an optimal portfolio, based on their investment profile.
- Prudential Plc in the U.K. is investing heavily in boosting its digital presence, with initiatives including the creation of an online investment platform. Over the next two years, the insurer has earmarked the equivalent of 14 percent of the UK division’s annual operating profits to attain of this goal.
- Picwell, a U.S. start-up founded by a group of University of Pennsylvania healthcare experts, is a recommendation engine that uses predictive analytics to assist consumers in selecting health plan options. The platform combines big data, predictive analytics, behavioral economics and machine learning with consumer-friendly user interfaces and engagement tools.
Once again, it’s interesting to note how insurers are using direct input from users like their agents to develop products and processes that integrate the latest technology. These products epitomize simplicity and ease of use for the consumer.
Next week we’ll look at how L&H insurers are using digitalization to revolutionize how they communicate their brand to customers and prospects.