Will Run For Lower Premiums

John Hancock is putting an end to traditional life insurance and plans to exclusively start selling interactive policies. Policyholders will be prompted to use wearable devices (or their phones) to track health data and are incentivized to pursue healthy habits with the promise of lower premiums.

To run the new program, Hancock partnered with Vitality Group, a platform that already operates widely in South Africa and the UK. Vitality claims policyholders using wearables live 13 to 21 years longer than “normally” insured couch potatoes.

Seemingly, this approach is a win-win: consumers pay less while insurers reduce their risk. And, while the company has sold such policies since 2015, a move to fundamentally change their business model poses a stark contrast against the norms of an antiquated industry.

Why its hot: When data collection is mutually beneficial, we’re okay with it

 

 

 

get paid when you get delayed…


It seems solving the pain points of delayed air travelers has become one of 2018’s hottest challenges. The latest brand to take it on is insurance brand AXA, via “fizzy”, it’s smart travel insurance.

Here’s how it works – “AXA’s blockchain-powered insurance plan, called Fizzy, covers travelers for delays of up to two hours or more. When customers purchase insurance using Fizzy, all details and contract agreements are recorded publicly, on the Ethereum blockchain. The contracts, which are connected to global air traffic monitoring databases, automatically trigger compensation payouts when a delay of more than two hours is recorded.”

In otherwords, you get paid (automatically) when you get delayed.

Why it’s hot:

First, it’s one of the most simple and practical, yet smart uses of blockchain and smart contracts we’ve seen yet. There’s plenty of chatter about the potential of blockchain, but considerably fewer actual things consumers can currently do that are blockchain enabled.

But more importantly, it’s a beautiful example of human-driven innovation – and not just because it helps in a situation most of us are likely all too familiar with (delayed flights, more than 150k in the last 30 days just in the US).

One of the biggest headaches with insurance can be having to make claims and waiting to be compensated. fizzy automatically knows when you should be compensated and does so “by the time your flight lands”. So, a matter of hours instead of days.

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defend your home with two guys talking about ketchup…

The “modern home insurance” brand Hippo recently created “Away Mode”, an Alexa skill that activates one of seven “awkward” conversations when enabled, ostensibly to trick would-be burglars ala Kevin McAllister.

But while it is a real skill, it’s actually designed as advertising to generate awareness for the three-year-old brand.

According to Hippo, “Hippo was looking for a way to engage a broad audience in a conversation about home security and home insurance. We figured it was easier to drive awareness and education through humour.

Why It’s Hot:

First, it’s another example of  “innovation” as advertising. And while stunts are nothing new in advertising, this is the first time a brand has used Alexa as the chosen platform on which to execute one.

But more importantly, it’s a beautiful way to emphasize its point of differentiation. Hippo bills itself generally as an insurance company with a different outlook, as a “tech company” that “leverages Smart Home technology to prevent disasters instead of simply responding to them”, and its insurance “protects smart home appliances and electronics”.

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The Aviva Dash Cam Will Save Drivers Time and Money

Insurance company Aviva added a new Dash Cam functionality to their app. The app begins filming as soon as it senses the vehicle move.

It films the journey in short, unsaved loops unless the motion reading from the smartphone detects a potential collision. In that case, the video footage is saved as video evidence that can be submitted with an insurance claim.

While the free app is available to all drivers, there are major benefits for those who are insured by Aviva, including safe driver car insurance discounts and easy ways to complete a claim via the app.

Why It’s Hot: 

  • This functionality makes it easier for drivers to quickly file insurance claims directly from their phones.
  • Video footage can help drivers clearly indicate who is at fault in an accident

MetLife’s New Ad Has A Heartbreaking Twist

MetLife Hong Kong breathes new life into insurance commercials with this spot—a father-daughter story that digs deeper, and packs even more of an emotional wallop, than similar ads of late. “You can’t change your destiny, but you can create your own,” says the brand. “MetLife values the dream of every parent to give their children a good education to pursue a better life. We understand every sacrifice you make for your children’s future.”

Why It’s Hot

I think Metlife did a great job in appealing to viewers emotions but also in making this ad an authentic story that encourages conversation and sharing. Metlife is also running a promotion for this campaign were parents submit a short messaging explaining their dream for their child to enter to win a 3-year endowment to support their child’s education. The execution is also validated by research that was recently published by J&J and IAB that found that images of babies were most likely to grab the attention of young moms (age 18-32). According to their study, 77% of US moms responded to mobile ads featuring babies which is compared to only 19% response for images of a well-dressed woman leading a business meetings. Read more here.

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