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