Insurance Innovations with Wearables and Wellness Programs
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1 Insurance Innovations with Wearables and Wellness Programs Simon Pang 13 th November 2015
2 The changing world we live in What will life and living benefits insurance look like in 2020? Wearable biometric device usage Nearly ubiquitous with these devices used to gather and transmit personal data for use by life and health insurers Continuous underwriting Data used for decisions will be automatically sourced rather than provided Loyalty Programs Loyalty programs to enhance customer engagement and make benefits immediate and tangible Upsell Cross-sell Offers Made more frequently and automatically to existing customers Claims Management Happens before the claim has occurred through risk identification and behavior modification. 2
3 The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD Use of Big Data 3 3
4 The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD Use of Big Data 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% US Cause of Death Trends Chronic Other Non-communicable Communicable Non-Medical Chronic diseases, which wellness can materially influence, are now more than 80% of US deaths Source: New England Journal of Medicine 4
5 Data (petabytes/month) The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD Use of Big Data Source: Cisco Systems, MobiHealthNews Shipments of Wearable Computing Devices Healthcare Activity Trackers Other Global Wearable Device Data Traffic Year 5
6 Members (millions) # of members (billions) The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD US Members of Loyalty Programs Avg. household has 29 programs Discovery Global Membership Growth Exponential growth Use of Big Data Source: Colloquy, Maritz, Personal Finance, Discovery 6
7 The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD Use of Big Data # of New Risk Products Launched per Year Americas EMEA APAC # of New Living Benefits Products Launched per Year Americas EMEA APAC Source: RGA Global New PD Survey
8 Google Scale The changing world we live in Causes of death Wearable Technology Loyalty Ubiquity Pace of PD Use of Big Data Google Trend on "Big Data" Present # of RGA Predictive Modelling Exercises Source: Google Trends, RGA R&D Client Internal 8
9 The changing world we live in Loyalty Programs Wearable Technology Product Development Causes of Death Big Data Wellness 9
10 Wellness Programs What is happening? Use of wellness programs to incentivize healthy behavior. Insurers aligning themselves with health/fitness providers allowing access to services at reduced rates. Insurers providing incentives for policyholders to improve health via financial rewards e.g. discounted flights, free calls etc. Some insurers offering renewal premium discounts, which also improves persistency. Programs launched in the US, South Africa, UK, Australia, Singapore and Hong Kong. What is driving this trend? Recognition of alignment of interests between the insurer & consumer. Increase in general awareness to stay healthy. Technology trends e.g. smartphones and wearables. A desire to create a framework for integration and big data. Need for differentiation and more attractive propositions as protection and Accident and Health products become more core. 10
11 Insurance wellness program introductions accelerating Sales Encourages those in good health to buy products with wellness programs. Profitability Improve the claim/lapse experience and therefore profitability of the business with wellness programs. Branding Good publicity for the company by encouraging wellness for the general public. Hong Kong Manulife Hong Kong AIA Vitality
12 John Hancock Vitality People who sign up will receive a free Fitbit monitor, which can be set to automatically upload activity levels to the insurer. The most active customers may earn a discount of up to 15 percent on their premiums, in addition to Amazon gift cards, half-price stays at Hyatt hotels and other perks. All customers participating in the program will start by paying a premium priced at the gold level. That is a discount of about 9% for a 45-year-old man who bought a $500,000 term insurance policy that covered a 20-year period: He would pay $750 annually, compared with the $825 it would cost outside of the Vitality program. Source: The New York Times April 8,
13 Discovery Vitality Active Rewards Vitality Active Rewards gives a personalized fitness goal to each member. Members can then earn weekly rewards for achieving their goal. They can earn another reward if two or more of their friends also reach their fitness goals. Vitality members receive a free Apple Watch and it remains free as long as the member achieve 4 weekly goals. If the member does not achieve the weekly goals they will they have to make a monthly repayment for the Apple Watch. Sources:
14 AXA France Jog your health with AXA To help policyholders maintain their health, AXA offered a Withings Pulse, worth for the first 1,000 customers who purchase supplemental health coverage via their call center or website. Customers will need to register their device online and agree to give AXA access to their step data. Must use the device for 5 days out a week and for 4 consecutive weeks. Customers that take 7,000 steps in one month obtain one 50 voucher for medical services and obtain a 15% discount off all Withings products available on their website. Customers that take 10,000 steps in one month obtain two 50 vouchers for medical services and obtain a 20% discount off all Withings products available on their website. 14
15 Wearables Rise of the Quantified Self The Basics Wearables devices are capable of tracking data relative to the wearer s physical health and exercise e.g. pedometers, heart rate monitors, activity trackers and smartphone applications. People of all ages, weight and gender are embracing wearable fitness devices offering real-time data to track their physical activity. Although wearable device shipment volumes were around 19 million units in 2014, that figure will grow to over 100 million in 2018, according to IDC research. 15
16 Role of Wearables What role are wearables devices playing in the insurance space? Customer Health Awareness Improve Lifestyle Habits Insurance Risk Claims Prevention Early Detection Data Collection / Continuous Monitoring Marketing Increase Touch Points Positive Branding 16
17 Role of Wearables What are the challenges in leveraging wearables in the insurance space? Accuracy of devices? Compliance with use? Consumer loyalty? The Economist: the market for health monitoring devices comprises an eclectic mix of early adopters, fitness freaks, technology evangelists, personal-development junkies, hackers and patients suffering from a wide variety of health problems Pace of technology development? Unmonitored Majority Limited market largely to Motivated Healthy and the Chronically Ill? Information Seekers Sources: The Economist: The quantified self: counting every moment. March 3, Motivated Healthy Wearers Chronically Ill Wearers 17
18 Wearables Rise of the Quantified Self The right incentives motivate change Vitality studies show that hospital costs were 6% lower for those members who were inactive and became active, and 16% lower for those members who were active throughout the study compared to those who remained inactive. Source: Vitality Technical Brief: Wearables at Work 18
19 Does Walking More Really Improve Health? We have the wearables to track the steps and biometrics so? A 10 years Australian study found linearly correlation between daily steps count and mortality improvements. Mortality Ratio vs. Steps Count On average for every extra 1,000 steps taken, mortality is improved by approximately 6%. The improvements are visible even if the lives have suffered from poor living habits or chronic diseases Adjusted Hazardous Ratio Per 1,000 Steps Increase Male Female BMI overweight BMI normal weight / obese 8% 4% 6% 9% Ever had hypertension 5% Ever had diabetes 14% Smoker Non-Smoker 3% 6% Source: PLOS ONE Objectively Measured Daily Steps and Subsequent Long Term All-Cause Mortality: The Tasped Prospective Cohort Study 19
20 What s really driving behind any successful wellness programs with the use of wearables? 20
21 Behavioral Science & Changes in Habits We humans prefer small payoffs now over larger payoffs later, which leads us to largely disregard the future when this involves sacrifices in the present. We therefore prefer to forego long term survival and comfort in favor of the short-term pleasures of unhealthy food and laziness. We also tend to overestimate our abilities and health status (too optimistic). We thus need immediate rewards (financial) to take action. 21
22 Alfa Bank Russia Alfa Bank uses activity trackers to offer higher interest rates to customers who exercise. Customers connect their activity tracker to their savings account online to use the service. Then, with every step they take, money is transferred from their current account into a special savings account with a higher interest rate. Users can choose how much money is transferred per meter walked, from 1-50c, and a maximum 25,000 meters per day can be moved into the savings account. According to Alfa Bank, customers using the service are saving up to twice as much as the average and walking 1.5 times as far. 22
23 Habits are hard to change? The only way to change a habit is to replace it with a healthier one Wearables measures the habits and collect data information Computation technology tracks and analyze data, create suggestions and warning signals Provides valuable suggestions to incentivize healthy habits Source: Corporate Wellness Smart devices as game changers 23
24 Behavioral Change Source: Withings Corporate Wellness Report 24
25 DISCOUNT Hyperbolic Discounting as applied to Wellness 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% YEARS FROM NOW Hyperbolic discounting is the human tendency to prefer smaller payoffs now over larger payoffs later, which leads one to largely disregard the future when it requires sacrifices in the present. Consider the following the options for smokers: A. Continue to smoke, get a small pleasure right now (immediate utility = 10) B. Quit smoking, doesn t get any immediate pleasure (immediate utility = 0) but will be healthier in 10 years (10-year utility = 100) 25
26 APPARENT UTILITY Hyperbolic Discounting as applied to Wellness Continue to smoke Quit smoking YEARS FROM NOW Continue smoking Quit smoking Utility at T= Utility at T=10 People usually choose to continue smoking because they discount the future health too much (i.e. red line is higher than blue line at T=0) We would need provide immediate incentives to counteract the hyperbolic discounting (i.e. shift the blue line upward) 26
27 Key Learnings and the Future 27
28 South Africa Benchmarking Trip Key Learnings In October 2014, RGA accompanied a consortium, sponsored by the Japanese Ministry of Economy, Trade and Industry (METI). Key Findings: o o o o o Wellness allows insurance companies to collect health related and customer data, increase customer engagement and attract and retain the best risks. Important to identify and help change modifiable health behaviors that drive health care costs. Programs tend to work better with individuals making a conscious decision to join. By charging a fee, customers are more motivated to use the service and to value what is on offer. Perceived benefits of the program however need to outweigh the actual cost of membership. Discovery obtained a huge first mover advantage as competing companies were slow to react. We are in a war against the tobacco and unhealthy food companies It s all about the data 28
29 Key Success Factors Recipe for Success Incentives & Motivations Big Data & Technology Sizable Financial Reward Easy Simple Achievable External Partners 29
30 Hi Oscar Health Insurer changing the game Using technology and design to make healthcare simple, intuitive, and human. Tell us your symptoms to get started. You can shop for a doctor and pick one you like or just click to talk with a doctor right away. Then see all your visits, prescriptions, and lab work in an intuitive timeline. Stay in shape with a free Misfit Flash fitness tracker. Sync with the Oscar app to count steps and earn $1 when the daily goal is reached. You can get up to $240 each year just for being active. Oscar has the new-era tech pedigree to become the Spotify, Airbnb or Uber of health insurance New York Times Source: 30
31 Discovery is excited to be partnering with HLI in bringing affordable genome sequencing to large numbers of its clients in South Africa and the United Kingdom. We believe that this is a pioneering approach in global health insurance, and will enable us to provide our clients with the world's most advanced, current knowledge on their genetically determined disease risks, as well as on personalized health, wellness and medical treatment strategies. In addition, the de-identified genomic data will be used for extensive ongoing research with numerous collaborators around the world, and we are excited that together with our clients, we will be able to make a material contribution to global research efforts aimed at improving the health of populations and reducing the growing burden of diseases of lifestyle Dr. Jonathan Broomberg, MD, Ph.D, CEO of Discovery Health Source:
32 How Will The World Look Like In The Future? Longevity Can Be A Reality! 32
33 2015 RGA. All rights reserved.
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