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.
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.
How A Global Insurance Brand Turns Customer Insights Into Long Term Success
Recap: It’s AXA.
- Instituted a system of insight called two-way customer feedback. This system gives us access to customer feedback very quickly at nearly all touch points, ultimately driving how we improve our customer experience
- One of the first Insurance companies in the US to provide customer reviews on our website, across most product lines. The reviews provide both transparency to our customers as well as feedback on areas where we might improve
- With respect to collecting customer insights, AXA works with third parties which help us understand the feedback without revealing our customer’s personal information
- Speed: AXA redesigned some key annuity products after the financial crisis so they would be more resilient in a variety of market conditions, such as prolonged low interest rates
- Complementary Product Development: AXA created the Employee Benefits Business in 2015 for small- and medium-sized companies with 20 to 500 workers. Our research showed this to be an adjacent, but underserved, market
MassMutual RetireSmart Ready Tool
RetireSmart Ready Tool
Recap: Sharpening an online tool to give retirement plan savers clearer information and help them make better decisions
- Refreshed step- by-step navigation to make planning easier and quicker than before
- Ability to include balances from other plan/provider accounts
- New focus on income replacement success gives you an accurate picture in dollars OR income percentage of financial wellness in retirement
- Changes to the site’s look, feel and navigation
- Graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there
- Savers can obtain guidance on what steps to take if their current savings strategy is falling short of their retirement goals. Savers can choose to implement the recommended strategies by themselves, or work with a financial advisor on a recommended strategy