With the rapid advancement of technology and the continuous improvement of customer expectations, insurers at home and abroad have begun to accelerate the quality, speed and depth of product and service innovation, including more personalized experiences, fairer pricing, faster claims settlement, better risk management, and more, so as to achieve more innovative solutions and revolutionize the way insurance services are delivered.
In order to give you a clearer and more intuitive understanding of the development trend and supply of insurance product innovation at this stage, Baoguan has sorted out the highlights of overseas innovative insurance products and services in April, hoping to help you understand the trends of cutting-edge products.
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33 Highlight Products & Services:
Involving 42 insurance companies, U.S. companies are the most active
We have counted 33 bright insurance products and services released in overseas markets in April, including 21 insurance products and 12 insurance-related services.
In terms of regional distribution, it involves China (Hong Kong, Macau), the United States, Singapore, France, the United Kingdom, Switzerland, Australia and other places, of which the United States has launched 23 products and services, occupying a leading position.
In terms of the main participating insurance companies, these products and services involve 43 insurance companies, including the well-known AXA, Berkshire Hathaway, AIA, American Family Life Insurance Company, etc.
Source: Baoguan finishing
Next, we look at the products and services separately, which types of insurance are involved in these innovations, and what are the common features.
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Provide protection through the cycle,
Focusing on customer needs is key
Specifically, a total of 21 overseas insurance products were launched in April, which can be divided into three categories: health insurance, financial insurance, and property insurance. Health insurance includes self-employed medical insurance launched by Sing Life, DA health plan launched by Doctor Anywhere; Wealth management insurance includes the IncomeBliss annuity plan launched by AXA and the Wealth Centre plan launched by AIA; Property and casualty insurance includes enhanced home insurance from Aviva and rental rental insurance from kanguro. Let's take an example.
1. AXA launched the IncomeBliss annuity plan
AXA has launched a new annuity plan called IncomeBliss in Hong Kong and Macau, offering flexible premium payment and annuity receipt options.
The main benefits of the plan include the Accident Premium Benefit (which protects the policyholder from paying premiums in the event of an accident resulting in total disability), and the Extended Grace Period Benefit (which provides an extended grace period for premium payment in the event of unemployment).
The most important feature of this plan is that it allows policyholders to choose to bill their policies in HKD or USD, giving customers more choice in premium payment and annuity receipt options. For example, the plan structure allows customers to choose between 5-year and 10-year premium payment terms, so customers can choose to receive a 10-year or 20-year guaranteed monthly annuity starting at age 50, thus providing policyholders with the potential to increase returns by offering "monthly non-guaranteed annuity payments". While maximizing flexibility, you can also receive payouts in cash or interest, depending on the policyholder's preference.
2. Singlife has launched a medical insurance plan specifically for the self-employed
Founded in 2017, Singlife is a Singapore-based life insurance company that later merged with Aviva to become the largest insurance company in Singapore. According to a survey conducted by Singlife, 53% of self-employed people in Singapore are not insured against accidents and the potential loss of income resulting from them. That's why Singlife has launched a substantial medical benefit insurance plan specifically for gig economy participants such as freelancers and drivers, which are $18/year for the regular version and $28/year for the upgraded version.
There are four main features of this product plan.
First, policyholders can consult with GPs at the lowest fixed price at over 300 partner clinics in Singapore, or online through the doctor's app. Second, coverage has been expanded to provide a daily hospitalization allowance of up to $80 for up to 30 days. Thirdly, several specialty services, including plastic surgery and obstetrics, are available to the insured person, and specialist consultations can be provided via video call. Fourth, provide customers with pay-as-you-go options, allowing users to pay only for the services they use, rather than continuing a fixed fee.
This product not only fills the insurance needs of gig workers and self-employed people in Singapore, but also plays a huge role in integrating insurance coverage and outpatient care plans.
3. Aviva launches enhanced home insurance
Nowadays, as more and more customers use jewelry, watches, art and other "valuables" as an important reference index for home insurance, the insurance coverage of these "valuables" has begun to soar, so Aviva has launched enhanced home insurance to meet the needs of high-end customers.
Specifically, Aviva has increased the limits for customers who choose to protect personal belongings, such as mobile phones, against loss, theft and accidental damage, from £20,000 to £50,000, a doubling limit. Of course, in addition to mobile phones, gardening equipment, garden furniture, water feature plants, etc., the coverage limit has been increased to varying degrees.
According to the head of Aviva, the enhanced home insurance is mainly designed to meet the expectations and needs of customers, by adding a series of policies and optional add-ons to the insurance product to ensure that customers can choose the best fit for their home insurance needs.
It can be found that whether it is a health insurance product, a wealth management insurance product, or other insurance products, the core of its launch and innovation is customer-centric and focuses on the real needs of customers.
This is because customer expectations are constantly changing, which requires insurers to offer more personalized and customer-centric products to ensure sustainable growth in company performance.
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Innovation in Insurance Services:
Science and technology have become the first driving force
In addition to insurance products, we have also sorted out 12 insurance-related services launched overseas in April, covering home property insurance services, cyber security services, health insurance services and other fields. In today's insurance design, more and more emphasis is placed on services to better meet the diverse risk needs of customers, as we analyze for example.
1. Symetra launches cancer care add-on package
Symetra, a life insurer, has launched a cancer care add-on, the first of its kind in the insurance industry, offering a combination of cancer care benefits and services.
This add-on service consists of four main components. First, more than 50 cancer early detection tests are available, including cancers that are not usually screened for during hospital check-ups.
Second, a range of support is provided to policyholders and their eligible family members, including resolving insurance-related issues, health counseling, negotiating bill payments, and a round-the-clock registration hotline.
Third, providing policyholders and eligible family members with on-demand access to personalized, evidence-based nutrition interventions, such as customized recipes, menu plans, and round-the-clock online nutrition support, can help prevent and manage chronic diseases such as cancer.
Fourth, cash welfare support. With a qualified cancer diagnosis, the insured can enjoy the income of recovering the loss and paying the insurance deductible and copay without the need for receipts or invoices.
As a result, Symetra's cancer care add-on services can be seen more as a portfolio of benefits supplements, with the aim of helping customers live longer and improve their health.
2. Modern Life推出即时报价服务
Modern Life, a New York-based life insurance brokerage and advisory firm, has launched a real-time quote service specifically for financial professionals. This instant quote service is available for all types of permanent life products, including whole life, indexed universal life, universal life and variable products from more than 20 insurers. However, it is currently only available to insurance brokers on the Modern Life platform.
Specifically, Modern Life has launched a universal application based on artificial intelligence and big data for instant terminology quotes, which includes integrated customer fact finder, medical underwriting, artificial intelligence tool assistant, and comprehensive agent management capabilities.
If you rely solely on traditional brokerage firms, the quote for an insurance product can take a few hours, or even days, depending on the complexity of the product. Modern Life's real-time quote service simplifies the quoting process, providing clients with accurate and easy-to-understand results in the shortest possible time in the process of building the fastest path from recommendation to coverage.
3. MetLife launches a service specifically for medical claims and benefits
To enhance the customer experience, help customers understand benefits and meet their specific needs, MetLife has launched a dedicated medical claims and benefits package service. The whole service system includes three aspects.
First, AI analyzes licensed medical and pharmacy claims data to automatically identify claims opportunities and scenarios that may provide additional services. For example, employees diagnosed with diabetes or who are pregnant may be provided with more frequent dental cleanings depending on the situation.
Second, it helps clients analyze their own policies and policies to determine if there are additional benefits opportunities such as disability and dental insurance.
Third, it provides customers with encryption for medical data protection. In the event of fraudulent activity, MetLife provides free legal services to support the loan-related activities.
Based on the above cases, we can find that there are several obvious characteristics and trends of insurance service innovation. First of all, the foundation of innovation is through artificial intelligence and big data and other technologies, such as Symetra's additional services and Modern Life's quotation service, which are all empowered by artificial intelligence to achieve intelligence in the quotation, pricing and other processes. Secondly, the innovation of insurance services lies not only in the flexibility of design, but more importantly, in meeting the risk protection needs of customers with the times, and improving customer satisfaction with insurance products from many aspects.
Finally, innovation in insurance products and services is essential to meet the diverse needs of customers and enhance the insurance experience. Insurance companies should strengthen cooperation with different fields, actively explore ways and processes for the development of insurance products, and provide customers with more comprehensive and personalized protection and services. In the future, Baoguan will continue to pay attention to the latest development of overseas insurance products and services.