Vishwa Kolla, John Hancock Insurance Presentation at CDAO Winter 2017
Post on 16-Feb-2017
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The Power of the Nudge How IoT is Disrupting Life Insurance Industry
Vishwa Kolla
Head of Advanced Analytics
John Hancock Insurance
1 2 3 4
Internet of
Things and the
consumer
Understanding
today’s
perceptions of
life insurance
Leveraging IoT
for life
insurance
Rapidly
growing
trends in
technology
Agenda
4 Ways the IoT Has Innovated the Way We Market to Consumers
4
The Emergence of Platforms and APIs “Build” opportunities are becoming more numerous
than “Buy”
The Lines Between Marketing and Product Are Blurring Where does marketing end and product begin?
Increased Accessibility of Consumer Data Cost of accessing user data is decreasing 1
2
3 Marketing Has Become More Technical and Quantitative The skill set needed to execute marketing initiatives
have become more tech/quant focused 4
Understanding Today’s Perception of Life Insurance
Life insurance ranks at the top of the list of things
consumers know they probably should buy, but get no
personal enjoyment from whatsoever. There's just no
happy way to look at life insurance. In the best-case
scenario, life insurance is just another bill to pay.
And in the worst case, your family collects the benefits,
but unfortunately you're dead.
Source: USA Today, Knowing when you need life insurance, September 19, 2013
CURRENT
PROCESS
Cumbersome & Complex
Long
Invasive
One and Done Approach
Company/Product Focused
Confusion & Lack of Knowledge
The New Insurance Consumer’s Mindset
Source: Suncorp Group, The Changing Face of the Insurance Customer, 2013 1More than 800 owners of small to medium policyholders across the nation were surveyed and classified as the “new generation” due to their change in needs for life insurance
EXPERIENTIAL Driven by experience
SOCIAL Relays on personal networks to access
information
CONNECTED Multiple channels and
devices
INFORMED Gets relevant content
frequently
CURIOUS Interested in
learning
VALUED Looking for appreciation
and recognition
CHOOSEY Less brand conscious HURRIED
Expect the life insurance buying process to take
2 – 3 days
Traditional distribution is shrinking
and moving up market
Limited Access
85% of consumers agree that they
need life insurance
Demand
50-70 Million U.S. Consumers with
unmet Life Insurance need,
creating a $15.3 trillion market
Need
Many Americans are underinsured
and unprepared to cope financially
in the event of the loss of a loved
one
Result
The Gap is not Only in the Process
Rapidly Growing Trends in IoT
The Internet of Things is rapidly changing the
world we live in…
from the way we drive
to how we make purchases
even how we manage energy in our homes
How can we leverage IoT for
life insurance?
What is ?
KNOW YOUR HEALTH
Learn how your lifestyle impacts
your health. Our health reviews,
screenings and online educational
tools will show you how.
IMPROVE YOUR HEALTH
Set your sights on eating better
and being more active. Then do
both and enjoy your new,
improved and healthy life.
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A new approach to life insurance to help you secure your financial
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ENJOY THE REWARDS
Good health is rewarding in
countless ways. Experience
financial savings when you lead
an active, healthy lifestyle!
How It Works?
KNOW YOUR
HEALTH
Travel
Leisure Shop
Premium Savings
Walking
Buying HealthyFood
Flu Shot
Non-smoker
Health Screenings
On-line Education
Gym Workout
Platinum
10,000 pts
Gold
7,000 pts
Silver
3,500 pts
Bronze
0 pts
ENJOY THE
REWARDS
IMPROVE YOUR
HEALTH
Enjoy
Motivational
Rewards
Achieve a
Vitality Status
Engage in activities and
earn points
Determine Vitality Age
and set personalized goals
Complete an Annual
Vitality Health Review
Age
CURRENT CUSTOMER EXPERIENCE
After Bob receives his policy,
the only time he hears from
John Hancock is when he
gets his bill and his annual
privacy statement.
Bob receives his policy
Changes the Customer Experience
PRIVACY
FREQUENT POSITIVE AND REWARDING ENGAGEMENT
John Hancock interacts
with Bob many times in
positive rewarding ways,
helps him reach his
weight-loss goal and
save money!
Earn points for
Vitality Health Review
46
43
Save 50% on
luxury hotel stay
Earn points for biometrics
from underwriting
Earn points for going
to the gym
Earn points and save $$
buying HealthyFood
Earn points for
healthy activities
Bob receives
his free Fitbit
Bob receives his
Welcome Kit Bob receives
his policy
The Whole New Customer Journey
Age
Age
Using IoT to Create a Positive
Customer Experience
Eating Healthy
Exercise Lower Stress
- Step trackers
- Heart rate monitors
Exercise
- Nutrition trackers
- Smart forks
Eating Healthy
- Sleep trackers
- Stress/breathing trackers
Lower Stress
Technology Enables Key Elements of Health
The world of health technology is accelerating so rapidly, it’s hard to keep up with the change!
Linking
loyalty cards
to John Hancock
Vitality account
Product
catalog
Available
offers
Shopping list
creation
Scan barcode
for product
details
View healthy
alternatives
NutriSavings Mobile App Functionality
• Complete your VHR
• Track a gym visit
• View points
• Submit an athletic event
• Upload health screen results
• Read customized newsfeed article
John Hancock Vitality Mobile App
John Hancock Vitality Website
Earn a spin on the Vitality Wheel
Gamification to Drive Engagement
Rewards and discounts are subject to change and are not guaranteed to remain the same for the life of the policy.
JHV mobile app allows you to
submit events, track gym visits
Quest/Walgreens lab results
automatically transfer to Vitality
Vitality Wheel motivates and rewards
customers with e-gift cards
JHV website provides VHR,
online education, goals, tools
Personal health technology data
automatically transfers to Vitality
MapMyFitness app tracks activity
or syncs many other devices
NutriSavings app makes healthier
alternative recommendations
Fitbit app tracks your step
data, weight, food intake, sleep
Connectivity of John Hancock Vitality
QUESTIONS
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