InsurTech: taking life insurance to the next plane
Life insurance policies are traditionally taken for the purpose of ensuring the policyholder's loved ones remain financially secure should unforeseen circumstances occur.
However, present-day insurers recognize that it is no longer business as usual. It is hardly enough to have an insurance policy to protect against typical causes of death – be it accidents, illness or old age. Consumers wish to enjoy life for "the moment", and insurers who recognize and tailor insurance products for this need will benefit.
Since 2013, many InsurTech startup have recognized the opportunity to disrupt the US$4.5 trillion industry using technology. Having seen how Fintech has affected the traditional banking and capital management markets, incumbent insurers are themselves allocating time and resources towards studying new technology-led products and services.
Figure 1: PwC global Fintech survey 2016
Source: PwC 2016
Leading-edge insurance companies are looking at opportunities that promote longer and healthier lifestyle. And they are starting to use InsurTech innovations to help realize the mission of a healthier life for consumers.
The ManulifeMOVE program is one such example. It is a program designed to encourage Manulife customers to take on a healthier lifestyle. This is made possible thanks to the creative integration of wearable devices, analytics tools, the Internet and realizing the desire of a growing population of insurable consumers for a healthier lifestyle.
Fintech Innovation spoke to Guy Mills, Chief Executive Officer, Manulife Hong Kong to talk about the innovations around InsurTech and how it enables insurers such as Manulife to deliver relevant, targeted offerings to consumers.