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#ICMIFwebinar The Digital Mutual Digital Income: Customer-centric innovations with digital ecosystems Episode 8, NTUC Income (Singapore) 26 October 2020, 9am GMT
Digital Income: Customer-centric innovations with digital ecosystems
Moderator: Ben Telfer, Vice-President, Business Intelligence, ICMIF
Peter Max
Tay Tiong
Chief Digital Head of
Officer Transformation
#ICMIFwebinar webinars@icmif.org
International Cooperative and Mutual Insurance Federation The Digital Mutual: Episode 8, NTUC Income (Singapore)
1
Digital Income:
2 6 Oct / /
Customer Centric Innovations with Digital Ecosystems
Designing for t he F utu re
2
Agenda
A B O U T N T U C I N C O M E
T H E D I G I T A L E C O SY S T E M L A N D S C A P E
D I G I T A L I N C O M E ' S E C O SY S T E M J O U R N E Y
C A S E S T U D I E S O F E C O SY S T E M PA R T N E R S H I P S
Designing for t he F utu re
3 Designing for t he F utu re
4 Designing for t he F utu re
5 Digital Income WHO ARE WE A group of diverse individuals from different backgrounds and world views who shares the same commitment to designing the future of insurance WHAT WE DO Disrupting Insurance by venturing into new risks arising from technology trends and people's change in behaviours Reimagining Insurance by transforming consumption patterns and breaking down traditional barriers Designing for t he F utu re
6 More than just digital innovation... Looking ahead, people will increasingly live their lives in a few digital ecosystems Sources: Company fillings, Oxford Economics’ population estimates 2020, eMarketer, Statista, press search; Designing for t he F utu re
7 Digital ecosystems become a one-stop shop for customer – leading to loyalty, high frequency usage and dependency Designing for t he F utu re
8 Digital ecosystems designed to own every moment with the customer Designing for t he F utu re
9 Digital Strategy Diverse business models that tap on different forms of ecosystem partnerships Designing for t he F utu re
10
Digital Strategy
Designing experiences around our customers and their ecosystems
Emerging
Ecosystems
Next-Gen Products
Specifically designed for emerging
Designed around your spare Designed around subscriptionmodels; ecosystems that require a fundamentally
change; Happens invisibly for the Gives the consumer flexible control to different product build in order to
new generation of consumers customize their own products easily enable/enhance their business models
- Gig Economy - - Smart City - - Ecommerce -
(Motor UBI) (Coming Soon)
C O M I N G SOON!
Designing for t he F utu re11
Digital Strategy
Through digital ecosystem partners, w e are able to create Income's re-ecosystem layer
Income Frq
Work Hours
Job Type
Vehicle Type
Mileage Per Session
Driving Behaviour
Brand affiliation
Expenditure Frq & Amt
Currency / Location
Income Frq & Work Hrs
Activity Frq
R e - e c o syst e m D a t a
Designing for t he F utu re12
Technology readiness is key when participating in an agile ecosystem economy
Dev/Platform &
Collaboration
China's First Licensed Online Insurer
Largest Online Insurer w/ ~500mm insured
Technology staff accounts for >50% of employees
Insurance
Insurtech & e.g.
Marketplace
Ecosystem Play
Platform Partnered with 5 major ecosystems and 307
ecosystem partners
Achieved 1 billion micro policies issued in a single
day during China's ecommerce events
Designing for t he F utu re13
Summary of our digital ecosystem-led innovation journey
// DTO 1.0 // DTO 2.0
NOTE: We've also successfully digitalized channels for life and health insurance
// DTO 3.0
Emerging
Ecosystems
Next-Gen Products
Designed around your - Gig Economy - - Ecommerce -
spare change; Happens Designed around
invisibly for the new subscription models;
generation of consumers Gives theconsumerflexible
- Smart City -
control to customize their
(Motor UBI)
own productseasily14 Designing for t he F utu re
15
WHAT IS GRABINSURE CRITICAL ILLNESS PAY PERTRIP
4 million Grab users
(access to mobile app)
2 million Grabpay wallets
(wallets with credit cards)
70,000 Grab drivers
(excluding Grabhitch)
150 million Grab rides a year
(excluding Grabhitch)
Designing for t he F utu re16 WHAT IS GRABINSURE CRITICAL ILLNESS PAY PERTRIP Designing for t he F utu re
17
Usage Based Insurance 2.0
Motor Fleet & Retail
Designing for t he F utu re18
WHAT IS MOTOR USAGE BASED INSURANCE 2 . 0
Raised a total of S$150 million from
Customers go t o Select a car & fill in SoftBank Ventures, Insignia Ventures
Carro's website relevant info Partners, EDBI, SingTel Innov8 and
Facebook Co-founder Eduardo Saverin
$500 milion wo r t h of cars sold (2018)
$200 million w o r t h of loans (2018)
We return with a per k m pricing Carro sends required Reportedly on track for $1B by 2022
based on the car + driver profile info t o us via API
First t o launch a subscription service
for commitment-free car ownership
Presence in
Driver gets subscription confirmation Carro will be billed monthly
& collects the car at Carro for the mileage used19
WHAT IS MOTOR USAGE BASED INSURANCE 2 . 0
Base: charged per vehicle to start the policy
Monthly Premium: 100 % Usage-based, determined by mileage driven
Illustration
In September, Carro's vehicles under Upon receiving the data from Carro at month end, we charge based
Milesurance have the following usage: on each car's usage, in this case, a total monthly premium of $390
Private Private
Car Driver Usage Car Driver Usage $/km Total
Car 1 Driver 1 800km Car 1 Driver 1 800km $0.05 $65
Car 1 Driver 2 1000km Car 1 Driver 2 1000km $0.1 $100
Car 2 Driver 3 1500km Car 2 Driver 3 1500km $0.08 $120
Car 3 Driver 4 1500km Car 3 Driver 4 1500km $0.07 $105
Total Premium $390
Designing for t he F utu re20
GigSurance
Providing gig economy workers with a safety net at work
Designing for t he F utu re21
WHAT IS PA GIGSURANCE
100% Usage-Based
Hourly Micro Premiums
Real-time Issuance
Designing for t he F utu re22
WHAT IS PA GIGSURANCE
FULL DIGITAL JOURNEY
Personal Accident
EBCoverage
charged based on
working time slots
Gig workers select preferred Scan QR to "clock in"
timeslots to book working hours (auto clock out based on timeslots)
Each JobID is configurable based on JobType and WorkerProfile
to automatically quote a unique pricing per hour /per slot
Designing for t he F utu re23
24
WHAT IS SNACK BY INCOME
Takes train to work
(+$50 Accident coverage) 1 - 1 Lunch with colleagues Takes bus to home Dinner with Family (w/VISA)
(+$50 Life coverage) (+$50 Accident coverage) (+$50 Life Coverage)
7.45AM
Mobile grocery shopping (w/ VISA) Evening jog
(+$100 Critical illness coverage) (+$50 Accident coverage)
Morning coffee (w/ VISA)
(+$50 Life coverage)
Designing for t he F utu re25
WHAT IS SNACK BY INCOME
It's A l l A b o u t B i t e - S i z e d Yo u r U n i q u e Lifestyle Get The F l e x i b i l i t y
Contributions Gets Yo u I n s u r e d Yo u Deserve
You'd be a m a z e d a t how m u c h Each t i me you p e r f o r m a linked Start, stop a n d adjust t h e m
c o ve r a ge you c a n build u p over activity, you'll be issued a m i c r o - whenever you w a n t ! No u p - f r o n t
t i me with your spare c h a n g e ! policy t h a t covers you for 360 days. c o m m i t m e n t needed.
Designing for t he F utu re26
SNACK PRODUCTS
+ INVESTMENTS (Q1 2021)
Designing for t he F utu re27
SNACK LAUNCH
N U M B E R S S I N C E L A U N C H (A S O F 3 0 T H S E P T )
~ 29 k do wnload s , ~ 12 k signups as of 30t h Sept,
43% conversion t o signup users (vs downloads )
6 .7% conversions t o ac t i v a t ed users (vs signup users)
0 . 9 ac t i v i t ie s / da y pe r ac t i v a t ed user
Top 5 Finance iOS & And r iod App , #1 T r ending Finance And r iod App
P A R T N E R S / E C O S Y S T E M S
SNACK T riggers - VISA, EZLink , Fi t bi t , B ur pple , Foodpanda , Lalamov e, Ga r min
SNACK+ G r o u p s - NTUC SEs, SAFRA, EZLink , Foodpanda , Lalamove
SNACKUp Brands - Foodpanda , Revolut, Thom s on Medical , Sarnies, Omakase
B ur ge r , Jona t han Abel , ShieldMa sk, m yRep u blic , mo r e
onboa r ding soon!
Designing for t he F utu re28
Digital Income:
Customer Centric Innovations with
Digital Ecosystems
END / /
Designing for t he F utu re29 Appendix
30
SNACK//
User Journey on the SNACK App31
SNACK//
User Journey on the SNACK App32
SNACK//
Stacking insurance coverage
and staying protectedDigital Income: Customer-centric innovations with digital ecosystems
Moderator: Ben Telfer, Vice-President, Business Intelligence, ICMIF
Peter Max
Tay Tiong
Chief Digital Head of
Officer Transformation
#ICMIFwebinar webinars@icmif.org
International Cooperative and Mutual Insurance Federation The Digital Mutual: Episode 8, NTUC Income (Singapore)The Digital Mutual: Episode 9, Achmea (Netherlands)
Becoming a data-driven
digital insurer to enhance
value for customers
9 November, 3pm GMT
www.icmif.org/icmif-webinars
International Cooperative and Mutual Insurance Federation
#ICMIFwebinarThe Digital Mutual webinar series
Episode 8, NTUC Income (Singapore)
Episode 7, San Cristóbal (Argentina)
Episode 6, HUK-Coburg (Germany)
Episode 5, LB Group (Denmark)
Episode 4, Securian Financial (USA)
Episode 3, P&V (Belgium)
Episode 2, The Co-operators (Canada)
Episode 1, Seguros Unimed (Brazil)
www.icmif.org/digital-mutual
International Cooperative and Mutual Insurance Federation
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