In the digital age, insurers are innovating to improve the policyholder experience and develop new products, platforms and services. In order to keep you abreast of the development trend and supply of product innovation in the overseas insurance market, Baoguan will organize the highlights of overseas innovative insurance products and services every month, hoping to help you understand the more cutting-edge product trends. The following are the new overseas insurance products in August.
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37 Products & Services:
The number of insurance services has increased significantly, involving 45 insurance companies to a record high
In August, Baoguan counted a total of 37 overseas insurance products and services that deserve attention, including 27 insurance products and 10 insurance-related services. Compared to July, the number has increased significantly.
In terms of geographical distribution, the United States still dominates, and it can be found that most of the innovation in insurance services comes from the United States. At the same time, insurance companies in China (Hong Kong), Singapore, Canada and other regions are also playing an increasingly important role in insurance innovation.
In terms of the main participating insurance institutions, this month's products and services involved a total of 45 insurance institutions, including AXA, Hannover, Marsh, AIA and other insurance institutions.
Next, we will look at the products and services respectively, which types of insurance are involved in these innovations, and what are the key points worthy of our attention.
Source: Baoguan finishing
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Understand your customers' needs, preferences, behaviors,
It is an important factor in the innovation of insurance products
Among the 27 innovative insurance products compiled this month, they can be divided into three categories: life insurance, property insurance, and health insurance.
Among them, there are only three health insurance products, namely the VITACARE health plan launched by Qatar Insurance Company, the medical stop-loss insurance benefit plan launched by Berkley Company, and the supplementary health insurance launched by Ansel Health. The number of property insurance products is the largest, including heat wave insurance launched by AXA, parametric home insurance launched by Cayman Islands National Insurance Company, etc. Life insurance products include term life insurance products published by PhonePe and Yuva life insurance plans published by LIC.
1. Ansel Health launches supplementary health insurance
Ansel Health is a United States-based health insurtech company that addresses the challenges faced by customers with increasing out-of-pocket expenses and the burden of unexpected medical expenses on employees. And as healthcare costs continue to increase, Ansel Health has launched a supplemental health insurance product with United States's Renaissance Life.
It is reported that the new supplementary health insurance plan provides comprehensive coverage for various diseases, including cancer, fractures, concussions, depression and other diseases, and covers a more comprehensive range of diseases than other general health insurance on the market.
It is worth mentioning that the plan offers different types of benefits and services for moderate, severe and severe illnesses, and customers and employees can choose the amount of spending that fits their needs and budget, such as paying some or all of the premium, depending on themselves. At the same time, the product's benefits management and claims are managed through an online platform and mobile app, ensuring a streamlined experience and fast payouts.
2. AXA launched heat wave parameter insurance
According to the relevant data over the past 30 years, the average temperature in Hong Kong has been increasing rapidly at a rate of 0.30 degrees Celsius per decade, which has greatly increased the risk factor for outdoor workers in Hong Kong. To this end, AXA has launched a heatwave parameter insurance product to protect employees in industries such as construction, property management, utilities and transportation.
It is reported that the heatwave parameter insurance is the first product of its kind in Hong Kong, with a premium of HK$19.9 per person, based on a weather parameter model. If the temperature exceeds 36.0 degrees Celsius for three consecutive days between August and October, the policyholder will receive a benefit of HK$100 or a complete heatstroke protection kit, and the compensation does not require evidence of loss, and no additional claim materials or supporting documents need to be submitted.
AXA's Chief Employee Benefits and Wellness Officer said the product, as Hong Kong's first parametric insurance tailored to mitigate the impact of climate change on employees, was developed by a team of multiple climatologists and data scientists, demonstrating AXA's expertise in protecting employees and comprehensive insights into climate dynamics.
3.PhonePe推出预先批准的定期寿险
PhonePe is India's leading fintech company, with more than 550 million registered users and more than 40 million merchants across India, and its digital payment app is considered to be India's version of Alipay. With its leading position in the field of digital payments, PhonePe has expanded its business into finance, insurance and other fields, and recently launched a pre-approved term life insurance, which has attracted a lot of attention from the insurance industry in India.
The biggest feature of this product is that it does not require proof of income, that is, there is no need for formal proof of income or salary, making it easier for users who do not have traditional proof of income, such as casual workers, self-employed people, and businessmen and other customer groups to obtain life insurance.
With the launch of this product, PhonePe has ushered in a new era of financial inclusion in India, making insurance products inclusive. PhonePe said the launch aims to bring previously underserved customers into the term life insurance network by making a product more accessible and affordable for India from all socioeconomic classes, and aims to expand the product's reach to 50 million users by the end of 2024.
As can be seen from the above cases, customer expectations and needs are constantly changing, driven by technology, social changes and the pandemic. Innovation is not just about providing a range of products and information support, but also about understanding the unique needs, preferences and behaviors of customers and creating personalized solutions to meet them. Of course, not all innovations can succeed in the commercial market, and the process of developing and testing new products is expensive, but the rewards for insurance companies once the innovation is successful are also huge.
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Service innovation through customer feedback,
This creates a positive cycle
This month, there are a total of 10 insurance-related services, covering a variety of areas such as claims, risk management and analysis, and customer service, among which there are many bright cases.
1. AIA launched the membership insurance portal service
Recently, AIA launched a new membership insurance portal in Australia to provide a range of related services for group insurance customers. It is reported that the portal mainly provides three major services.
First, members are able to receive real-time updates on the status of their applications from the portal, including the portal that allows for instant document uploads and integrated digital identity verification, reducing the administrative burden on trustees and allowing for faster decisions on claims.
Second, the portal provides secure digital access for attorneys, caregivers, and other third-party representatives, enabling them to effectively process and track claims on behalf of policyholders.
Thirdly, the portal will regularly update the content of personalized articles for policyholders to ensure that customers understand and receive relevant education on insurance.
Fourth, the portal optimizes the claims experience, providing customers with the ability to track their claims throughout their lifecycle, ensuring transparency and simplicity as customers move through a range of claims activities.
Following the launch of the website, HESTA, Australia's largest fund organisation, said it had reduced claims call centre inquiries by 40 per cent. And, when a customer makes a claim due to illness or injury, it is naturally stressful, and AIA's portal offers services that help ease the emotional burden of assessing a claim.
2.Experian launches auto insurance rate monitoring service
A large expense like car insurance can be a financial challenge for many people, so most people look to price comparison sites to find the right product for their needs. Experian, a data technology company, has launched an auto insurance rate monitoring service to help consumers save on their premiums in an automated way.
Specifically, Experian's rate monitoring provides real-time customized rates from more than 40 top insurance providers for free, and users can see the average price in their area as long as they enable price monitoring, which is estimated based on the quotes that Experian has provided to users in the region in the last 30 days, and users will receive automatic alerts whenever a cheaper price is available. In addition, Experian offers help with canceling existing policies, seamlessly switching to a new provider, and free access to a variety of tips and resources for buying car insurance to help users make informed decisions and maximize their premium savings.
It is reported that Experian's rate monitoring service can help users save an average of $800 in premiums, covering all 50 states in the United States.
3. Aon launches Director & Executive Risk Analyzer
Recently, Aon launched Risk Analyzer for senior executives of insurers, a digital application that helps senior executives of listed insurers make correct and timely decisions to mitigate executive risks to directors, executives and businesses.
Specifically, the analyzer uses data and analytics to provide differentiated insights to help company executives make better decisions in an ever-changing risk environment, including real-time analysis of the likelihood and extent of a company's losses, measurement of a company's stock volatility based on historical settlement data, liquidity issues, controversial mergers and acquisitions, and regulatory matters. At the same time, customers can adjust the analyzer's risk model in real time based on new company fundamentals, so that new risk analyses can be revised.
Prior to this, Aon's Property Risk Analyzer and Casualty Risk Analyzer debuted in early 2024 and have already achieved some success in the market. And as insurers' risk landscape becomes more complex, Aon said that risk analysts at the top of insurers are likely to succeed in the market.
From the above cases, it can be found that in order to provide better services to customers, insurance companies will establish user-friendly websites, mobile applications or customer service hotlines, use a variety of channels to establish contact and communication with customers, and through customer feedback, in turn to develop products or services that meet the unique needs and preferences of customers, so as to form a positive cycle, which is also a trend of service innovation for insurance companies in the future.
Last but not least, we will continue to monitor the latest development of overseas insurance products and services every month, and we hope that you will stay tuned.