Life insurance is set to become more personalised, more convenient and more accessible as insurers begin to more aggressively adopt disruptive digital technologies.
Life insurance is set to become more personalised, more convenient and more accessible as insurers begin to more aggressively adopt disruptive digital technologies to change the ways they interact with customers and operate their businesses. As a result, the industry will be able to expand its reach into new markets as well as deliver a better customer experience.
That’s according to Bryan McLachlan, CEO of Instant Life, a member of Absa, who says that life insurers are beginning to re-evaluate their business models as connected customers begin to demand a more seamless experience from the industry and as new FinTech players come to market with innovative technologies and business models.
Says McLachlan: “To date, life insurers haven’t made it easy for customers to buy their product, expecting them to fill in endless forms and go for medical check-ups. They’ve lagged on the adoption of digital channels – such as the smartphone and the web – in some segments of the financial services industry.
“One consequence of this is the reality that the life insurance customer experience feels low-tech, inconvenient and impersonal compared to the on-demand experience customers get from mobile banking and other apps. Another is that the segment of the market where people need life cover – yet don’t have a broker – has been neglected.”
The rise of the FinTechs
Per a Bain & Company study, only 8% of new life premiums worldwide flow through online or mobile sales channels today, and the number in South Africa is likely to be less.
“But, with the rise of digital competitors – such as emerging FinTech companies – and the availability of big data analytics and digital back-office systems, this picture is likely to change soon,” says McLachlan.
He notes that Accenture’s research estimates that global investment in InsurTech – startup companies seeking to use digital tech to disrupt the traditional insurance industry – soared from $800 million in 2014 to $2.6 billion in 2015. Instant Life, launched a few years back as a digital life company, was an early example of this trend.
Instant Life’s business model isn’t just about selling insurance across the web – it is also about using powerful, cloud-based underwriting systems and analytics in the back-office to boost customer service and efficiency online, over the telephone and face to face with financial planners and advisors.
“Our lean, paperless systems enable people to get life cover online, over the telephone, or face to face in under 30 minutes – no medical examination required,” says McLachlan.
“This approach is attractive to people who want a better, customer experience when purchasing underwritten life cover Rather refence Frost and Sullivan. A compelling digital life insurance proposition shouldn’t be about grafting a website onto the front of a manual, paper-based process.” But about re-engineering the business model to provide a paperless solution across all distribution channels.
Partnership between traditional and digital insurers
McLachlan says that as part of the Absa Group, Instant Life has the best of both worlds. Instant Life’s lean, entrepreneurial business model and stability and brand recognition of a major financial services group, which would help it to accelerate its growth.
“In future, partnerships between InsurTechs and traditional financial services groups will be common,” he adds.
In addition, Absa has also proven itself to be an innovator in the insurance industry. For example, it has done pioneering work in developing predictive underwriting technology that allows it to confidently offer life insurance to customers based on customer data and a few questions. The solution uses an algorithm based on banking behaviour that predicts whether a client will qualify for its life cover. We should reference the business awards won two years running.
Looking ahead to the future, Instant Life believes that big data holds the key to a more profitable business for life insurers and a better experience for customers. Life insurers like Instant Life are today encouraging customers to use wearables to track physical activity, sleep and other physical health indicators, giving them access to rich pools of data.
“Indications are that people start to lead more healthy lifestyles as soon as they start monitoring these metrics,” says McLachlan.” But in future, this data will give life insurers data they can use to better personalise their offerings, help customers with lifestyle advice and develop ever-more accurate models for underwriting.”
Another benefit is that life insurers get to communicate with customers more often, when post-sales interactions are usually limited to debiting their premiums each month. In addition, life insurers can be expected to make wider use of social media and messaging platforms such as WhatsApp in the future.
“Thanks to big data and the cloud, we can now begin to underwrite life cover more cost-effectively and efficiently than ever before,” says McLachlan.
With digital channels such as the Web and mobile we can distribute and service policies in a manner that is faster and more convenient for the consumer. These developments promise to bring life insurance right up to date with the experiences connected consumers already enjoy from other industries.
As selfie cameras rise, so must selfie etiquette
Selfies were once a sign of narcissism or self-obsession. Now they are the new normal, writes ARTHUR GOLDSTUCK.
You can blame Oxford Dictionaries for making the “selfie” respectable. After all, being named Word of the Year, as it was in 2013, does tend to soften some of the self-consciousness in this most self-conscious of actions.
Once seen as a symbol of narcissism and self-obsession, it is now the new normal, to the extent that most smartphones are sold on the basis of the front camera. Or, as that feature is now almost universally named by manufacturers, the “selfie camera”.
I was one of the hold-outs, having a near-allergy to the selfie. I still resist, but succumb more often than I would like. The reason for continued resistance is that it remains a big leap from the word becoming respectable to the action itself shedding its narcissistic image.
For most, it’s already happened, and for that you can blame Ellen DeGeneres. She choreographed the most famous group selfie yet at the 2014 Oscars, when she roped a bunch of actors into a group selfie, using the then-new Samsung Galaxy S5 smartphone. Her tweet of the photo became what was then the most retweeted posting ever on Twitter, and was estimated to have been worth a million dollars in marketing value to Samsung.
Ironically, it was Samsung’s up-and-coming challenger, Huawei, that came up with a new word for this type of selfie: the “groufie”. Thanks to an 8 Megapixel front camera on the new Huawei Ascend P7 camera that year which took the highest quality selfies – and groufies – possible on a smartphone at the time.
It didn’t end there, and selfies and groufies have morphed into variations like selfscapes (selfie in a landscape), skyfies (selfies from the air, using remote controlled devices) and jerkies (selfies to make an idiot out of yourself). I invented all of those on the fly, so it’s easy to imagine a new word emerging for every type of selfie.
Continue reading about selfie improvements through the years.
Mickey’s 90th for SA
Disney Africa announced the local launch of the Mickey the True Original campaign, joining the global festivities honouring 9 decades of Mickey Mouse, his heritage, personality and status as a pop-culture icon.
As 18 November 2018 marks 90 years since his first appearance in Steamboat Willie in November 1928, a series of world-wide celebrations will be taking place this year and South Africa is no different.
The campaign will come to life with engaging content and events that embrace Mickey’s impact on the past, present and future. The local festivities kick off in earnest this month, leading up to Mickey’s 90th anniversary on 18 November 2018 and beyond:
- An exclusive local design project where ten highly talented South African artists will apply their own inspiration and artistic interpretation on 6-foot Mickey Mouse statues.
- Once revealed to the public, the statues will form part of the Mickey the True Original South African Exhibition, inspired by Mickey’s status as a ‘true original’ and his global impact on popular culture. The exhibition will travel to 3 cities and delight fans and families alike as they journey with Mickey over the years. Featuring 4 sections highlighting Mickey’s innovation, his evolution, influence on fashion and also pop culture, the exhibition is in collaboration with Samsung and Edgars, and will visit:
o Sandton City, Centre Court: 28 September – 14 October
o Gateway Theatre of Shopping, Expo Explore Court: 19 October – 11 November
o Canal Walk Shopping Centre. Centre Court: 16 November – 26 November
- Samsung continues their collaboration with Disney as they honour Mickey’s 90th anniversary nationally at all Samsung and Edgars Stores. Entitled Unlocking the Imagination, fans are encouraged to visit these stores, take a selfie with a giant Mickey plush toy using their Samsung Galaxy Note9 and stand a chance to win not only a giant Mickey plush, but also an international family trip. Visit www.Samsung.com for more information
- Mickey’s 90th Spectacular, a two-hour prime-time special, will be screened on M-Net 101 later this year. The elegant affair will feature star-studded musical performances, moving tributes and never-before-seen short films. Superstars from music, film and television will join the birthday fun for the internationally beloved character.
- In addition, look out for special programming on Mickey’s birthday (18 November) across Disney Channel (DStv, Channel 303), Disney XD (DStv, Channel 304) and Disney Junior (DStv, Channel 309).
- In retailers, Edgars will be stocking a complete collection of trendy fashion, accessories and footwear for the whole family, inspired entirely by Mickey Mouse.
- Mickey will be the central theme of an in-store campaign nationwide this November and December, with brand new products, apparel, toys, as well as titles from Disney Publishing Worldwide, including books, arts & crafts and comics
- Discovery Vitality and Disney are celebrating healthy, happy families this festive season by offering helpful and exciting tips and tricks on how to eat nutritious, yet delicious, foods, all inspired by Mickey. There’s also a trip to Disneyland Paris up for grabs. Log on to www.discovery.co.za/vitality for information.
- And much more – check the press for updates
“Binding generations together more than any other animated character, Mickey Mouse is the “True Original” who reminds people of all ages of the benefits of laughter, optimism and hope,” says Christine Service, Senior Vice President and Country Manager of The Walt Disney Company Africa. “With his universal appeal and ability to emotionally connect with generations all over the world, no other character quite occupies a similar space in the hearts and minds of a global fan base and we are thrilled to be sharing these local festivities.”
Mickey’s birthday is celebrated in honour of the release of his first theatrical film, Steamboat Willie, on 18th November 1928, at the Colony Theatre in New York City. Since then, he has starred in more than 100 cartoons and can currently be seen on Disney Channel (DStv, Channel 303) in the Mickey Mouse cartoon series and on Disney Junior (DStv, Channel 309) in Mickey and the Roadster Racers.
South African fans are encouraged to share their Mickey Mouse moments on social media using the hashtag#Mickey90Africa.