SLIDE 1
Strictly Confidential
Strictly Confidential
Insurance products as we know them…
1
The Insurance Decoder Strictly Confidential Insurance products as - - PowerPoint PPT Presentation
The Insurance Decoder Strictly Confidential Insurance products as - - PowerPoint PPT Presentation
The Insurance Decoder Strictly Confidential Insurance products as we know them Strictly Confidential 1 Current insurance processes are complicated and lack transparency for consumers, resulting in low trust Websites Insurance Brochures
SLIDE 2
SLIDE 3
Strictly Confidential
Current insurance processes are complicated and lack transparency for consumers, resulting in low trust
2
Cumbersome paper policies Pressured face to face sales Biased insurance research Complex claims process
Websites
Insurance Brochures
Low Consumer Trust
Source: E&Y Global Consumer Insurance Survey 2014 - Asia Pacific level of trust (percentage of consumers citing “complete trust” and “moderate trust”)
70%
78% 83% 92%
Insurers E-commerce Supermarkets Banks
SLIDE 4
Strictly Confidential
3
Insurance consumers lose out because products are complicated and advice are commission driven
1: http://www.icb.org.hk/en/statistics.html
In favour
- f insurer
In favour of consumer Outcome of Insurance Complaints1
19% 81%
SLIDE 5
Strictly Confidential
4
Being simple doesn’t mean transparent
A chatbot is often a black box Aggregators limited by whom they partner with Online Brokers are influenced by commission
SLIDE 6
Strictly Confidential
5
Being transparent doesn’t mean simple
18 page proposal 40+ page contract 19 page proposal 40+ page contract 13 page proposal 30+ page contract
SLIDE 7
Strictly Confidential
10Life has built an insurance ecosystem making insurance simple and transparent for consumers
Insurance key
- pinion leader
Instant advice without the hard sell
6
Mobile
Non sales driven insurance education Decode products with simple ratings
Web
SLIDE 8
Strictly Confidential
Helping users to research insurance with ease and transparency
7
SLIDE 9
Strictly Confidential
Providing understanding and choice
8
SLIDE 10
Strictly Confidential
Users can reach advisors instantly, with privacy and choice
9
Ask any questions, from products to claims Get answers from multiple advisors
Advisor 1 Advisor 2
Chat anonymously and privately
Advisor 2
SLIDE 11
Strictly Confidential
10,302 30,194
Q2 2017 Q2 2018
3.0 X
10Life has attracted a strong user base in Hong Kong in a short period of time
10
32,282 204,447
Q2 2017 Q2 2018
6.3 X
Total Users Monthly Active Users
SLIDE 12
Strictly Confidential
The ecosystem of consumers, advisors and insurance companies are generating significant amount of insurance related data 100+
Connected IFA Consultants
200,000+ Total users 30,000+ Monthly active 700+
Connected Agents
Mobile Decoder Mobile Decoder
11
Ecosystem Connected Insurance Companies
SLIDE 13
Strictly Confidential
12
0% 10% 20% 30% 40% 50% 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+
< 1 minute 37% < 3 minutes 18% <10 minutes 25% 10+ minutes 20%
App session duration Users Age Distribution
User base – young, digital savvy and engaged
Returning New New versus returning
SLIDE 14
Strictly Confidential
Improving advisors utilisation …
13
Office Hours, 48% Non-Office Hours, 52%
Over half of 10Life users ask questions during non-office hours Agents are also most responsive during non-office hours 9 am to 6 pm 7 pm to 1 am
Response Time for 1st Answer
30% quicker
SLIDE 15
Strictly Confidential
Connections made for each advisor….
14
SLIDE 16
Strictly Confidential
Insurer 10 Insurer 9 Insurer 8 Insurer 7 Insurer 6 Insurer 5 Insurer 4 Insurer 3 Insurer 2 Insurer 1
Measuring brand interest by insurance company …
15 Top 10 based on total product pages views, N > 50,000, last 90 days
SLIDE 17
Strictly Confidential
Tracking top products searched
16 Whole Life Critical Illness Insurance Products, based on total product page views, N > 50,000, last 90 days
SLIDE 18
Strictly Confidential
17
Tracking consumer interests …
Product Related Questions Critical Illness Medical Annuity Savings – Short Term Whole Life MPF Travel Motor Jewelry Non-Product Related Questions Lost contact agent Claims Children’s needs Senior Pre-existing condition Pregnancy Coverage
SLIDE 19
Strictly Confidential
What now?
18
SLIDE 20
Strictly Confidential
Insurance companies can now leverage 10Life ratings to compete for consumers with better value products
19
SLIDE 21
Strictly Confidential
20
Agents and brokers can now expand their client network digitally 24/7 and build their personal brand
SLIDE 22
Strictly Confidential
Media can now have a source of unbiased insurance information for their audience
21
https://www.youtube.com/watch?v=RZpdoCaImqs https://hk.news.appledaily.com/local/daily/article/20180528/20403399
10Life’s study on the government health insurance scheme was covered by the two largest media outlets
SLIDE 23
Strictly Confidential
Life Insurance PUSHED purchase based on Commission Driven Advice
Research Connect
General Insurance
- LIMITED CHOICES as
each product requires support from individual agents
- Reach only the AGENT
they meet even if the product is not the best
- Reach the CHANNEL
most convenient even if the product is not the best
- LIMITED CHOICES to
what banks, aggregators
- r brokers promote
Consumers can now make an educated purchase decision
EDUCATED purchase based on Product Value
22
Buy
- Compare ALL PRODUCTS with
Product Ratings
Mobile
Instant Q&A
- Reach ALL INSURERS in the
market instantly
Life and General Insurance Before … Now …
SLIDE 24
Strictly Confidential
CONSUMERS DISTRIBUTORS
23
INSURANCE COMPANIES
Mobile Web