In our continuing look at digital innovators in the life and health industry, today we examine two more digital tools that L&H insurers are using to engage customers, streamline operations and improve data collection: digital risk assessment and gamification.
Barmenia Life’s introduction of an electronic personal risk assessment
Barmenia Life, a midsized German life insurer, is the first provider of occupational disability insurance to use online tools for electronic risk assessment. Using two apps—vers.diagnose and EQuot—Barmenia’s agents can conduct a risk assessment within a few seconds for their clients. Agents are guided step by step through the process, making consultation simple, and examination of the personal data is completely anonymous. Prospects receive binding information on whether and under what conditions they can purchase a disability insurance policy. After the risk assessment, the tools enable direct document transmission to Barmenia, and a policy can be issued within 24 hours. The vers.diagnose app was developed by analyst firm Franke and Bomberg and reinsurer Munich Re. EQuot is part of the M&M Office software, developed jointly by the insurance analyst firm Morgen & Morgen and reinsurer Gen Re.
AXA’s Healthkeeper platform tracks health rewards points for medical services
Healthkeeper is a technological platform for web and mobile that allows users to track physical activity and receive discounted medical consultations with specialists, wellness centers and spas. The platform uses gamification and different levels, allowing users to define their goals by type of activity and time, measure their performance, and earn “fitpoints.” Users can exchange points for up to 50 percent discounted medical and wellness services, with no commitment for users. It also provides an ad-hoc community for networking and a personal virtual coach.
The Barmenia example is a great illustration of how insurers can integrate app technology into their existing distribution system to create new efficiencies for both policyholders and agents, streamlining data collection and policy delivery.
The AXA platform shows how the growing trend of gamification is useful for engaging prospects and advancing the insurer’s brand beyond its customer base.
And both examples illustrate how creative partnerships with outside businesses can help build an ecosystem that will best serve both customers and the company.
Next week we will look at how two Asian insurers are using tablets and customer call information to build their brands.
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