The Actuarial Society of Hong Kong Product Development Case Studies and Food for Thought

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1 The Actuarial Society of Hong Kong Product Development Case Studies and Food for Thought Andy Hui 6 November 2014

2 Why Product Development? Key Partners and Enablers Direct Insurance Co. Value Proposition Customer Segment Distribution 2

3 Case 1 Early Stage and Multiple Pay Critical Illness Products 3

4 A true story in Singapore Content Paid $77,000 premium for 3 policies Diagnosed with early stage breast cancer (stage 0) 12 hour operation to remove right breast and reconstructive surgery Clearly a Job to be done request not being satisfied No coverage -> with Insurance company citing does not fulfill the definition of cancer 4

5 What is the Job to be done in this case? Gaps in protection coverage in existing insurance product Increases in early detection of critical illnesses due to medical advancement, but products are not evolving at the same time Changes in life-style (e.g. lack of exercise, food and vegetable in-take) leading to higher prevalence of critical illnesses in particular early stage Need to increase the relevance of insurance product offering in line with lifestyle changes and medical advancement 5

6 Some statistics to substantiate Critical illnesses occur more frequently and not always terminal & survival rates are rapidly improving Chances of getting 2 nd or even 3 rd Critical Illness is very possible Top 3 Critical Illness Survival rates in Singapore: 10-Year Survival rates for Heart Attack in Singapore on average is 56%. 10-Year Survival rates for Cancer in Singapore on average is 41% for male; 53% for female. 30 days Survival Rates for Stroke in Singapore is 91% for male; 92% for female. Single cover is not sufficient any more 6

7 Early Stage diagnosis increase but no reduction in the incidence of late stage Cancer Jemal Breast Cancer Research

8 10 year breast cancer survival by stage Early diagnosis and Early treatment leads to higher chances of survival 8

9 The Value Proposition (1) - Early Stage Critical Illness Product % Pay-out Critical Illness Event 70 CI events Pay a percentage of SA according to severity of specified illnesses Low Severity Medium Severity High Severity 50% 100% 100% Diabetic and Other Related Disease Angioplasty and Other Invasive Treatments for Major Coronary Artery Disease Diabetic complications include Diabetic Retinopathy, Diabetic Nephropathy or amputation of part of limb due to gangrene 10% or SGD 10,000, whichever is lower 20% or SGD 20,000, whichever is lower 9

10 Early Stage Critical Illness Illustration Pay 100% SA for Diagnosis of Critical condition 100% - Heart Attack Increasing accumulated payout as impairment progresses to more severe stages 25% - Heart Attack 100% Severity ALL or NOTHING 50% Carcinoma in situ of specified organs treated with Radical Surgery 75% 50% 25% 25% - Pericardectomy Easier to claim a smaller amount Vs traditional product Strong marketing message Mind the Gap Encourage early treatment and easier recovery 10

11 The Value Proposition (2) Multiple Pay Early Stage Critical Illness Product 300% 100% 100% 100% 100% 11

12 The Value Proposition Value Proposition Customer Gain points Re-designed coverage in line with medical advancement Multiple critical illnesses coverage so there is protection even after a claim Locks-in insurability when the life is still healthy Pain points Lack of coverage for diagnosed conditions that are increasingly common due to medical advancement Inability to purchase insurance after a claim has been made. Yet it is the time when coverage is most important 12

13 Issues to address (1) Product design Robust process which includes dedicated team of medical doctors, pricing actuaries, underwriters and claims professionals to ensure the product. Terms & Conditions are sound. Pricing Clear to our customers and meet their protection needs Use measures or criteria which are technically correct and medically sound Definition that can accommodate future medical advancement Avoid any claims dispute in view of claims management Include any necessary exclusions Consider the following factors in the pricing : 1. Definition of the Condition 2. Progression to Later Severity 3. Overlap with Other Conditions 4. Relative Risk 5. Survivorship after CI 6. Deterioration Trends 7. Etc etc 13

14 Issues to address (2) Underwriting Product Sum Assured / Payout vs. Insurance Need The underwriting process / Application form is appropriate to the new product Anti-selection Underwriting guidelines normal critical illness underwriting guidelines do not cover early critical illness impairments Manage underwriting via audits Claims management The claims forms are suitable for the new product Keep track of policies which have made multiple claims and severity of claims Manage claims: Audits Make sure exact benefits are being paid 14

15 Case 2 Insurance Products for Senior Market 15

16 Insurance Product Senior Market For a typical critical illness protection product in Asia, what is the percentage sold to issue age 50+? 16

17 What does the data say 17

18 Potential reasons for under penetration of Senior Segment Potential Issues for Under Penetration Price Underwriting Process Need for medical examination almost for all cases Psychological hurdle of potential customers and agents Marketing Proposition Unpenetrated market of affluent with insurance needs Favorable demographic trends Medical advancement coupled with higher survival after diagnosis Enablers: Evolution of Underwriting 18

19 The offering With an average life expectancy of 82 and the median age of Singaporeans projected to shift from 39 years in 2010 to 55 years in 2050, it is a healthcare nightmare. First Critical Illness plan for individuals between age that will offer protection at affordable premiums up to age of

20 The Value Proposition Value Proposition Customer Gain points Modified underwriting program to minimise the need for medical underwriting Making insurance more accessible Long term coverage with affordable premium Pain points Old and carry certain medical conditions Buying insurance likely a cumbersome process going through detailed medical examination and resulting in substandard rating 20

21 Issues to address in a Senior product Underwriting Modified underwriting program to cater for mildly substandard cases without going through medical examination Underwriting at the older ages are especially challenging for cognitive type impairments Pricing Old age pricing going up to age 100 often difficult without any credible data Critical Illness deterioration trends e.g. Alzheimer Need for guarantees 21

22 Product Development is more than Product Development Product Ideas Underwriting Solutions Pricing Solutions 22

23 Product Development beyond the Job to be done Re-pricing Capital Requirement Changes in Distribution Landscape Regulatory changes Product Re-Positioning Changes in Economic Landscape Consumer Sophistication Strategic Positioning 23

24 Case 3 Term Insurance Market in Singapore 24

25 Background Term market in Singapore is highly commoditised Yet it is an important of the insurance market (much more so than Hong Kong) primarily because of: Government promotion on insurance (CPF, MediShield etc.) Consumer Awareness Agents and Independent Financial Adviser attitude (?) Regulatory Development in for 2015 Web-aggregator Direct to consumer channel (with standardized product specification) on term and Whole Life product 25

26 The Business Times (Article) It is hoped that the portal will spur competition as it lifts the veil on pricing. Any consumer can access the protocol, view the pricing, request a no-obligation quote. 26

27 For a particular company Change in Senior Management Sales momentum dropped substantially in the last few years Re-priced the term product to gain back momentum. For the stakeholders involved: Consumer Distributor agency, broker Shareholder 27

28 Conclusion Industry and Competition forces Macro Economic Forces Key Trends (Regulatory, Social, Technology etc.) Identify Job to be Done Structure Value Proposition VOC / VOD Gather Enablers Post VOC / VOD Monitoring Launch Product Clean Proposition Buy-in from all stakeholders Balance out risk and return, understanding no risk no (premium) return Fail fast, fail cheap, try again 28

29 Final Words 29

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