Session 114 PD, RGA Session Series Part 2: Reinventing Insurance. Moderator: Michael H. Choate, FSA, MAAA. Presenters: Kevin J Pledge FSA,FIA

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1 Session 114 PD, RGA Session Series Part 2: Reinventing Insurance Moderator: Michael H. Choate, FSA, MAAA Presenters: Kevin J Pledge FSA,FIA

2 Reinventing Insurance KEVIN PLEDGE FIA, FSA 13 Oct 2015 Session 114

3 How much personal protection life insurance (by policy count) will be sold online 5 years from now? 0 9% 10 19% 20 29% 30 39% 40 49% 50 59% 60 69% 70 79% 80 89% % 2

4 Previous results 3

5 Agenda 1. Trends in Life Insurance 2. Why sell online? 3. Online Experience in North America 4. Online Experience in Elsewhere 5. Can this be applied here? 4

6 Trends in Life Insurance 5

7 Trend Life Insurance Sold in US 6

8 Trend Uninsured households 57% of families with children will have immediate financial trouble if the primary wage earner died 30% of households have no life insurance Insurance Gap $20T in US, 1T in Canada 50% of households believe they are underinsured 7

9 Trend Agents 85% of consumers research insurance online Most consumers happy doing business online Average age of agents now 57 disconnect to young modern consumers 8

10 Our Research Agents are not the first source for information Not a positive view of agents or insurance companies First place I would go to is Google. Life insurance companies want to sell you more than what you need. The broker is needed to make the sale. They push you (to buy) because they will make the commission. What are you getting? What are you really covered for? What are your options? No one tells you. I would go on the internet and research companies through forums. 9

11 The Trend is to Online Consumers are looking online to buy insurance: 250,000 relevant Google searches every month in Canada 2.6m relevant Google searches every month in the US Opportunities: Growth Better customer experience Low expenses = better price / higher profits 10

12 Why sell online? 11

13 Willie Sutton Reporter: Sutton: Why do you rob banks. Because that s where the money is. 12

14 Everyone is recommending a modern digital strategy 13

15 We have seen it in other industries Travel - it needs a personal touch and experience Banking online it s not safe Groceries I like to choose my groceries 14

16 Digital Disruption in Retail 15

17 Life Insurance Industry Barriers to Entry Highly Regulated Prudential oversight of insurance companies Capital adequacy Policyholder protection Complex Infrastructure Systems & Processes Brand Reputation Life Insurance is Sold not Bought 16

18 Industry Metrics Time to Issue Cost Capacity 47 days* (including appointment) $500 - $747** + commission Depends on number of agents Can we do better? Sources: * 2009 LOMA Service Turnaround Times Survey Term Products: 47 days **SOA 2010 Expense Study Average Per Policy $500 weighted, $747 unweighted 17

19 Online Insurance Experience in North America 18

20 Online Life Insurance in North America The Problem : The traditional new business process is not customer friendly Modify Application Further Questions Indicative Quote Apply Add l Q s Offer Issue Underwrite Underwrite evidence multiple hand-offs lack overall process control 19

21 Simplified Issue Indicative Quote Apply! UW at claim Simplified issue: Less underwriting = worse mortality experience Claim underwriting = worse customer experience Higher premiums = disappointed customers & higher lapse rates 20

22 Would anyone else do this? 21

23 Would anyone else do this? 22

24 Would anyone else do this? OK maybe one company 23

25 Quick Issue Indicative Quote Apply OR Answer a few questions and we may issue immediately (but the chances are we won t) Refer to agent otherwise Modify Application Further Questions Indicative Quote Apply Add l Q s Offer Issue Underwrite Underwrite evidence 24

26 Accelerate existing processes 25

27 Online Life Insurance Experience Elsewhere 26

28 What is Happening Elsewhere? The future is here, it s just not very evenly distributed 27

29 Beagle Street UK New entrant not really an insurance company Not encumbered by existing distribution Online only No advertising for first two years 28

30 The Beagle Street Approach 5,000x faster Indicative Quote Apply and UW Buy 1/10 of the cost Fully Underwritten No fluids or additional evidence Cover up to 750k Better lapse experience Ave issue time 12 minutes scalable (85% of the time) 29

31 What about barriers to entry? Not an insurance company Focus on distribution Partnerships Reinsurer, Traditional Insurer, Software No complex systems Focus on distribution outsource the rest Fresh approach to branding 30

32 31

33 Can this be applied here? 32

34 Market research Almost half of participants found the value proposition [to buy directly online] very appealing (rating of 8 or more out of 10); these results are encouraging. Years ago, when evaluating consumer interest in the ING Direct value proposition, our goal was to find interest in only half as many target group members (who we defined as innovators). 33

35 10 30 year term insurance, up to $500k Coverage age range Applied UK experience and P&C lessons Simpler, yet more flexible than current products No medical evidence referrals Online, with offline support if needed On cover in 15 minutes or less Full UW + Lower cost = Lower premium 34

36 Where did this put Teachers Life? Insurance T10 - $13.42 T20 - $21.08 T10 - $18.65 T20 - $24.80 T10 - $20.00 T20 - $26.04 T10 - $20.10 T10 - $20.30 T20 - $30.69 Online Quote, Application and Buy Automated underwriting immediate decision including rating if applicable Online Quote and Application Simplified and Manual Underwriting Online Quote and Application Basic auto and Manual Underwriting Online Quote and Application Basic auto and Manual Underwriting Online Quote Manual Application and Underwriting

37 Turn Key Solution for Canadian Fraternals A Complete Solution: Full go to market solution for online fulfillment Administration support Product and underwriting designed for online sales Faster, less costly, more agile: Fast, economical solution Benefit from Teachers Life experience Pay for results

38 Final Thoughts?

39 $20T Uninsured Synergy & Threats $2.7bn Term Market $14.5bn Protection Market

40

41 Thank You & Discussion Kevin Pledge Acceptiv 40

Addressing the Middle Market Protection Gap. Online Distribution Kevin Pledge, CEO and Founder, Acceptiv

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