EFMA-Accenture Innovation in Insurance Award WELLGAGE Connected Health & Wellness Engagement Platform

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Damian Matthews
6 years ago
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1 Change picture to a screen shot of Tictrac solution EFMA-Accenture Innovation in Insurance Award 2017 WELLGAGE Connected Health & Wellness Engagement Platform Image: used under Image: license used under from Creative license from Common Munich Zero Re

2 Consumer adoption of new technologies significantly changes the environment an insurer is doing business in Image: used under license from shutterstock.com Image: used under license from shutterstock.com 2 Image: used under license from shutterstock.com

3 Shifting user expectations: Customers want to manage their own health and wellbeing However: Insurance mostly not ready to deliver relevant services in the way users are used to it from other areas of life 3 Image: used under license from Shutterstock.com

4 Availability and access to data: A game changer for insurers However: Insurers are missing out on relevant data and expertise to utilize those data it to their benefits 4 Image: used under license from shutterstock.com

5 New tools for engagement: Devices connect customers with insurers However: Insurers focus more on medical intervention instead of lifestyle and wellness issues 5 Image: used under license from shutterstock.com

6 How to live up to this changed environment? Focus on consumer engagement first! Become interactive with consumers Identify their needs Drive usage of personalized services Improve health outcome Image: used under license from shutterstock.com

7 Now is the right time to start! Because fast technology adoption of consumer other market players are moving into insurance space insight generation from data needs time for collecting and exploration 7 Image: used under license from MunichRe

8 Munich Re provides a state-of-the-art Connected Health & Wellness Engagement Platform Personal projects Key target user metric timeline Overview on weekly performance Connected data Display of all data collected Showing trends of time 5

purchase devices Platform for insurerspecific services

9 Munich Re provides a state-of-the-art Connected Health & Wellness Engagement Platform Marketplace User access to purchase devices Platform for insurerspecific services Engagement services Dedicated marketing team Localized campaigns and challenges 5

new habits Automatic check-off of tasks via wearables Automated insights

10 Munich Re provides a state-of-the-art Connected Health & Wellness Engagement Platform Data driven programs 14 specific action plans to form new habits Automatic check-off of tasks via wearables Automated insights Insightful feedback to user on collected data Motivation to continue or change behavior 5

for the user Interactive timeline Action Plan

communication Personalized, contextualized feed

to drive social engagement tactics Direct support

Facilitation via small, concrete and manageable

11 Interaction, contextualization and personalization makes proposition highly relevant for the user Interactive timeline Action Plan Health Journeys Personalized & actionable communication Personalized, contextualized feed of data and insights Proactive push communication to drive social engagement tactics Direct support for nudging and reinforcing e.g. habit formation Personalized programs for lasting habit changes Facilitation via small, concrete and manageable steps Conditionally displayed relevant and timely curated health content Personalized and time-sensitive communication right message at right time Ranging from activity summary to actionable tips to data science-driven insights 6

12 Engagement service: Keep in close contact with your customers What is it? A dedicated Product Marketing unit that drives campaigns to continuously engage your users Engagement Services focuses on your customers business and health KPI s Image: used under license from Tictrac

Once engaged, users are steered to relevant services What

ng to users for e.g. program referrals or defined

13 Once engaged, users are steered to relevant services What is it? Engagement platform creates personalized, timesensitive and actionable push messaging to users for e.g. program referrals or defined services based on what matters to them A complete marketplace of additional services can be offered to users Image: used under license from Tictrac

14 What is in it for an insurer beyond engagement? Marketing Continuous member interaction Improved detection & intervention Claims/Health management Client centricity Sales Acquisition & retention Risk stratification and dynamic pricing Actuarial/ Underwriting 14 Image: used under license from shutterstock.com

Real time status of activity on the platform with quick links to all

15 My Data : Deep dive into collected information and option for manual logging of additional metrics What is it? Real time status of activity on the platform with quick links to all programs and activities Access to manual entries for additional metrics Image: used under license from Tictrac

Personalized life event and health condition journeys: Manage

Dynamic condition management programs that empower and support

16 Personalized life event and health condition journeys: Manage your health What is it? Dynamic condition management programs that empower and support the user to better deal with the respective live event or health condition Example: Healthy pregnancy. Further journeys on roadmap 2017, i.e. Diabetes Life Management and Hypertension & Cardiovascular Health Image: used under license from Tictrac

insurer s objective Can be linked to any rewards redemption platform, where

17 Health points: Instrument to reward healthy actions What is it? Reward behavior and allocate points on predefined activities linked to insurer s objective Can be linked to any rewards redemption platform, where the burnrate of health points can be defined as needed Image: used under license from Tictrac

18 Action Plan & Health Journeys: Positive habit forming to support behaviour change Available action plans focus on, i.e.: Weight management Diabetes Sleep management Fitness Stress management Pregnancy (high sensibility to physical well-being) Mental health What is it? Personalized programs for lasting and positive habit changes using small, concrete and manageable steps Key component of physical and metabolic interventions for lifestyle induced conditions and health concerns Image: used under license from Tictrac

19 Summary: Connected Health & Wellness Engagement Platform solves key challenges across insurance markets Health insurance Strengthen e-health Drive utilization of digital consumer offerings Improve policyholder health Offer white label platform to corporate groups and their employees Life insurance Access to consumer lifestyle data for on going adjustment of actuarial and risk models Improve policyholder health Ongoing dialogue with policyholder General insurance Cross pollination of products and services Increase relevance in day-today policyholders lives Expand from insurance product to lifestyle services Significant improvement in sustained consumer engagement Leapfrog connected health market, enabling insurer to take center stage with consumers 19 Image: used under license from MunichRe

20 Why should you do this with us? 20 Image: used under license from shutterstock.com

21 Disclaimer 2017 Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München ("Munich Re"). All rights reserved. The content of this presentation (including, without limitation, text, pictures, graphics, as well as the arrangement thereof) is protected under copyright law and other protective legislation. These materials or any portions thereof may be used solely for personal and non-commercial purposes. Any other use requires Munich Re s prior written approval. Munich Re has used its discretion, best judgement and every reasonable effort in compiling the information and components contained in this presentation. It may not be held liable, however, for the completeness, correctness, topicality and technical accuracy of any information contained herein. Munich Re assumes no liability with regard to updating the information or other content provided in this presentation or to adapting this to conform with future events or developments. 21 Image: used under license from shutterstock.com

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