Insurer Tokio Marine Life rolls out chatbot and app for advisers
Recap: Chatbot named TOMI over Facebook Messenger. New app TM Wave.
- Chatbot is meant to provide instant answers to operational enquiries and would enable frontline staff to focus on dealing with more complex queries
- Actively engage advisers by sending push notifications of relevant industry articles
- Focus on enhancing internal efficiency and adviser engagement, plans are underway to expand its functions to allow for customer-facing interaction
- Co-created with homegrown startup Pand.ai, an incubatee at SGInnovate
- TM Wave, an in-house initiative that streamlines administrative processes for advisers. The app allows outstanding documents to be submitted as a photo via smart phones, minimising turnaround time.
Market Trends Are Pushing a Slow-to-Adapt Insurance Industry into the Digital Age, Majesco Research Finds
- NPS scores from customers who rated all three broad components of their journey across the insurance value chain as “easy” (researching, buying, servicing) with 50 to 76-point higher NPS scores compared to customers who rate even one part of the experience as “not easy.
- 70% of independent agents report that they have a strategy in place to move to digital technologies
- 79% of consumers indicate they prefer to use digital channels for interactions
- By 2020, over 60% of US small business will be owned by Millennials and Gen Xers, who prefer to manage insurance digitally
- Digitalizing processes can result in a 65% reduction in costs and a 90% reduction in turnaround time
U.S. insurers get inside cars, mouths, grocery carts in profit search
- Beam Technologies connects blue-tooth enabled toothbrush to dental insurers for premium discounts
- In life insurance, John Hancock Financial started offering a policy in 2015 that gives customers discounts on healthy groceries when shopping at certain retailers and rewards for hitting exercise targets as measured by a wearable device. The program, designed in partnership with Vitality Group, includes a free Fitbit or an Apple Watch for as little as $25 if a customer hits their targets.
6 Startups Sign on for Global Insurance Accelerator’s 2017 Cohort
- Find Bob uses machine learning and gamification in its growth, transition and succession planning tool for financial advisors and insurance agents.
- InsuranceMenu developers of a platform for local insurance agents incorporating more automation and real-time rate calculations into the benefits application process
- MotionsCloud is working on mobile and artificial intelligence applications that work within the insurance claims process
- RE-sure is a blockchain-enabled, app-driven, insurance product designed for the on-demand economy
- Sentrys is a data-protection platform for all members of the auto insurance value chain, from consumers to vehicle manufacturers and insurance companies
- ViewSpection is developing a smartphone-centered data exchange platform that guides policyholders through an inspection of their property for remote agent and underwriter evaluation
John Hancock and NextCapital Announce Enterprise Digital Advice Partnership
Recap: John Hancock Retirement Plan Services will integrate NextCapital’s digital 401(k) platform and begin offering its automated retirement plans and IRA rollovers over the next 12 months. DOL-motivated as robo-advisory is expected to play a key role for advice in best interest of clients.
NextCapital’s robo-platform allows retirement plan participants to have portfolio tracking, planning, savings advice and portfolio management online. The financial advice will be automated, but live help will be available to service the accounts, said Peter Gordon, chief executive of John Hancock Retirement Plan Services, which is part of John Hancock Financial, a division of Manulife Financial Corp.
- Custom user experience and ongoing engagement
- Proprietary or third-party investment methodology
- Self-service and advisor-assisted service models
- Multi-channel supporting 401(k), IRA, and retail brokerage accounts
- Integrations with 401(k) recordkeeping systems and retail custodians
2017 GLOBAL DISTRIBUTION & MARKETING CONSUMER STUDY
Recap: Rise in acceptance of robo services creates challenge for financial services industry: strike a balance between humans and robots
- Seven in 10 consumers around the world would welcome robo-advisory services
- Consumers are now open to robo-advice to help determine which bank account to open (71 percent), which insurance coverage to purchase (74 percent), and how to plan for retirement (68 percent).
- Nearly one-third would switch to Google, Amazon or Facebook for banking services (31 percent), insurance services (29 percent) and financial advisory services (38 percent).
- Nearly the same percentage of global consumers would also consider switching to a supermarket or retailer for their banking (31 percent) and insurance (30 percent) services.
- The survey found nearly two-thirds of consumers are interested in personalized insurance (64 percent) and banking (63 percent) advice based on their individual circumstances, and when asked about wealth management advice, that increases to 73 percent.
- Accenture surveyed 32,715 respondents across 18 countries and regions including the US, Canada, Benelux, France, Germany, Ireland, Italy, Nordic countries, Spain, the United Kingdom, Brazil, Chile Australia, Hong Kong, Indonesia, Japan, Singapore and Thailand. Respondents were consumers of banking, insurance and wealth management services; they were required to have a bank account and an insurance policy and were asked if they used an Independent Financial Advisor, Wealth Manager or Asset Manager, with total financial advisory responses totaling 9,987. Respondents covered multiple generations and income levels. The survey was conducted during May and June 2016.