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Insuring the future

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Liberty has recently launched a new generation insurance product that uses telematics, chatbots and new technology, allowing for enhancements to be made in real life.

Imagine a future where ‘simple, flexible and  transparent’ are words you would use to describe the service you receive from your insurer.  What if the quick, friendly exchange that made your day was with a robot that processed your claim with lightning speed using a friendlier and easy-to-use platform?

That scenario is not as far-fetched as it sounds.  In fact, it is what you can expect from Liberty’s Short-term insurance offering, which has been developed together with our underwriter Standard Insurance Limited (SIL).

The short-term insurance market in South Africa is extremely competitive but we identified a gap for a fully digital offering a while ago. The number of digitally savvy consumers who bank, shop and make payments online is growing rapidly and they expect simplicity, convenience and innovation from other products and services, including insurance.  That is certainly true of our current and prospective customers. We are therefore launching a Short-term insurance business that meets the needs of our customers.

Together with SIL we are building a new generation insurer that uses telematics, chatbots and other cutting-edge technology which allows enhancements to be made in real time.  Thus ensuring our products and services are agile and evolve with time as the circumstances and aspirations of our clients change.

With the distinct make up of our offering, we have truly brought the concept of Artificial Intelligence (AI) to life. AI which is based on the idea of building machines capable of thinking, acting, and learning like humans allows for a business and brand such as Liberty to respond more effectively and efficiently.

We have developed a bot (a web robot based on a software application that runs automated tasks over the internet) that has a personality; it is intuitive and learns with each customer interaction so that it can classify, identify and understand customer needs. And it can also deliver a firm quote within five minutes.

The Liberty Short-term insurance’s value proposition will appeal to digitally savvy professionals as well as to people who want to experience exceptional service without the excessive bureaucratic rigmarole. Many of the targeted consumers have grown up with technology and readily embrace telematics and chatbots, which are revolutionising financial services around the world.

Buying insurance can be intimidating for younger drivers and bots can make the experience easier and friendly.  Traditionally, younger drivers also pay more for their car insurance premiums but that’s changing, thanks to telematics. Demonstrating you’re a safe driver regardless of your age makes premiums affordable. Research has also shown that drivers don’t mind sharing data if it comes with benefits.

In our case, we will be offering a significant discount based on a ‘driving test’ that measures driver behaviour over a two week period. The premium reduction kicks in after (within 2 weeks/ 300km) the test is successfully completed and will apply for the remainder of the year until renewal.  All clients will need, is a mobile phone and the Liberty’s Short-term insurance app, which they will also need, to access emergency services.  However, customers can engage on any digital channel, including Facebook Messenger, to get a quote, make a claim and to service their policy.

We are starting off with car insurance, but we are planning to broaden our offering later this year.   We will leverage SIL’s existing claims-handling capabilities with a dedicated Liberty Short-term insurance team to service the Liberty customer base.

As for the future, we are excited by the power and flexibility of the technology we’re deploying and the freedom to explore new features, guided by customers’ needs and wants.

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Welcome to world of 2099

The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.

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Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.

This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.

Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.

As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.

“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”

The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.

“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”

Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.

  •    Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube

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Street art goes electric

Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.

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The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.

The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.

D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.

D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.

“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”

As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.

Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”

Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”

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