Democrance is an insurtech startup that offers a no/low-code SaaS platform to enable insurers to launch new digital products and distribution channels quickly without integrating with core systems. The platform digitizes the insurance value chain and sales/distribution processes. It has served over 20 clients in 15+ countries. The document describes Democrance's value proposition and provides examples of its solutions for online sales, third-party distribution, and bancassurance partnerships. It also shares a case study of Democrance's work with Manulife Philippines to launch a hybrid digital distribution model in 3 months to target underserved customers.
1. Kin uses proprietary technology and data sources to more accurately underwrite and price risk, allowing it to insure homes in difficult markets that other insurers avoid.
2. Kin's digital platform generates millions of data points to better understand risk, avoiding the problem of relying on self-reported data from users or agents.
3. During hurricanes like Ida, Kin leverages its data and technology to efficiently triage catastrophic claims and keep customers prepared, in contrast to traditional insurers with outdated systems.
The Damage Protection Plan is an all-risk insurance solution offered by PolicyStreet that protects online purchases for up to 6 months. It is designed to be easily accessible to Malaysian online shoppers by being embedded into the checkout process. A simplified claims platform also allows for easy claims management. PolicyStreet partners with large e-commerce platforms like Shopee to offer this coverage, and it has seen over a million policies sold monthly. The protection plan aims to promote financial inclusion and protect Malaysians from risks.
Through its TDA (technology, digital and analytics) program, AIA is transforming itself into a customer-centric, digitally enabled insurer by 2023. TDA focuses on world-class technology, digital experiences, and analytics across AIA's businesses. AIA is developing a "super app" lifestyle platform with integrated services starting in Thailand, and plans expansions to other markets in 2022. AIA is also partnering with digital platforms, banks, and technology companies to expand its reach and offerings through digital channels.
The document discusses several marketing campaigns conducted by Singlife. It details how 1% and 0.88% campaigns were launched before the public launch to cushion the impact of changes and promote cross-selling. It also discusses pairing a "Save, Spend, Earn" campaign with shopping events to drive local spending and using a holistic communication funnel tailored to seasonal events. The document also analyzes how data allowed assumptions about differentiating a Singlife debit card and incentivizing card spend within the payments space.
UnderwriteMe provides an automated underwriting platform called the Decision Platform that enables insurers to streamline and optimize their underwriting processes. The platform integrates external data sources, applies predictive models, and uses text mining to structure unstructured data for use in rules-based underwriting decisions. Zurich Australia implemented UnderwriteMe's technology to digitize medical exam and lab test results, allowing them to fully automate the assessment and decision-making process and reduce processing times from over 14 days to instant decisions. This provides improved customer experience while reducing errors and enabling Zurich to gain new insights from 117 additional structured data points captured per customer.
The document summarizes innovations in insurtech, including how technology is addressing issues like low insurance penetration and outdated customer experiences. It discusses how insurtech companies are bringing tech-driven solutions to create easy, instant, and personalized insurance through mobile experiences, AI, and data-driven insights. Specific innovations highlighted include products for food delivery protection, medical coverage, device insurance, and more. It also outlines partnerships and distribution methods like working with e-commerce platforms to expand access to insurance.
The document discusses AXA Insurance's Insurance-as-a-Service digital platform. The platform aims to deliver personalized insurance protection and services seamlessly integrated into partners' applications and customer journeys. It uses microservices and APIs to enable flexible integration of insurance products and services into various distribution channels like agents, B2C, and B2B partnerships. Examples provided show how the platform has integrated insurance into applications for travel, car sales, and property rental through its API capabilities.
The document describes ZA Tech, an insurtech company that provides SaaS solutions to insurers across Asia and Europe. It has over 800 employees focused on R&D and delivery and has issued over 250 million policies annually. ZA Tech's core offering, called Graphene, is a full-stack, digital-first insurance platform that supports the entire insurance value chain and can be customized to meet different business needs.
Air Doctor is a digital platform that connects travelers and expats with local doctors globally. It allows users to search for doctors by specialty, language, and location, then book appointments while abroad. Doctors benefit by reaching more patients and maximizing earnings. Insurers benefit from a streamlined digital process that shifts care to lower-cost community providers instead of hospitals. Air Doctor currently has a network of doctors in over 70 countries, with the ability to provide telemedicine consultations and prescriptions in many locations and languages. It generates revenue by charging commissions on payments processed between insurers, patients, and its vetted network of healthcare professionals.
The insurance industry has evolved over centuries from early forms of risk-sharing in ancient times to the modern insurance model that emerged in the late 19th century. The document outlines three eras of the insurance industry: Insurance 1.0 referred to analog insurance companies of the 20th century; Insurance 2.0 saw insurers adopt digital tools and the internet but still operate similar business models; Insurance 3.0 calls for insurers to fully embrace digital technologies and transform their business models to focus on customer needs in today's digital world. The industry now faces pressures to change as customer expectations have risen and new competitors have entered the market.
Cathay Life Insurance Ltd. - Insurer Innovation Award 2023The Digital Insurer
Cathay Life Insurance implemented a scoring system called CARE to improve the customer experience. CARE stands for Cathay Life Insurance and consists of three scores: Cathay Eye scores customer health risk; Cathay AIMs scores upselling potential; and Cathay Relationship Score measures service satisfaction. These scores allow Cathay Life Insurance to [1] better understand customers and tailor products, marketing, and service, [2] increase sales and improve risk management, and [3] enhance the customer experience overall.
You can receive our Powerpoint slides by sharing this presentation and submitting your email at www.slidebooks.com | Digital Transformation Strategy Template and Training | By ex-Deloitte and McKinsey Consultants
People want a seamless customer experience and smart digital platforms. Banking providers, however, are struggling to complete.
Legacy systems are delaying digital transformations for 77% of financial institutions, and stopping half of them. Agility and streamlined systems are crucial to delivering superb customer experiences, and you need the right digital banking platformto get there.
Our experts, Tim Rutten, the VP Solutions Engineering, and Barry de Leeuw, the Solutions Engineer, discuss the following topics:
* Omni-channel customer experience;
* Open APIs;
* Modular architecture;
* Smart AI-driven banking.
Learn more about the four strategic pillars required to build a future-proof digital bank.
This document discusses bolttech's goal of supercharging its tech-enabled ecosystem for embedded insurance. It provides an overview of bolttech's global insurance exchange platform that connects insurers, distributors, and customers, allowing partners to easily embed insurance. The summary highlights examples of bolttech collaborating with partners in Europe, such as developing device protection services for WINDTRE and embedding insurance into loyalty cards for Amplifon's hearing aid customers.
This document discusses the challenges of operating a digital bank in today's market environment. It notes that the digital market is hyperactive, with new services launching quickly and existing products/technologies easily copied. As a result, prices tend towards zero and users change habits frequently.
The document outlines qualities a digital bank should strive for, such as being safe, fast, stable, sustainable, and providing a valuable user experience. It emphasizes the importance of understanding individual user profiles to personalize services and transforming free users into paying customers.
Finally, the document proposes a roadmap for creating a fully digital bank through integrating FinTech solutions, social networks, and an agile development process focused on continuous innovation and improvement.
Digital Transformation Strategy & Framework | By ex-McKinseyAurelien Domont, MBA
Go to www.slidebooks.com to Download and Reuse Now a Digital Transformation Strategy & Framework in Powerpoint | Created By ex-McKinsey & Deloitte Strategy Consultants.
The document discusses how to build a digital insurance company. It outlines that insurers are evolving from traditional to digital enterprises to adapt to changing market drivers and customer expectations. This requires developing new digital business models, providing an omni-channel customer experience, becoming more customer-centric, innovating products/services, being insight-driven, and improving efficiency. The document provides strategies for unifying the customer experience, simplifying operations, engaging customers, and responding to customers in a timely manner. It also discusses developing a holistic digital strategy through small, continuous projects that deliver business value.
- Bolttech partnered with dtac, one of Thailand's largest telcos, to launch dSurance, an embedded insurance platform using Bolttech's technology.
- dSurance allows dtac customers to browse and purchase insurance products directly from dtac's platform, with seamless payment integration.
- The platform launched in under two months and now offers 10 products from 8 carriers, seeing promising early conversion rates for dtac to expand into insurance.
AIA China has developed an AI-powered conversational training and assessment tool called AI Roleplay to train its insurance agents. The tool allows agents to practice realistic sales scenarios anytime through voice-based roleplays with AI assistants. Agents receive real-time feedback to improve their conversational skills. The tool also provides analytics on agent performance. AIA believes AI Roleplay will improve training efficiency and effectiveness by standardizing assessments, freeing up supervisor time, and allowing agents to learn at their own pace through unlimited practice. Several agents praised how AI Roleplay quickly builds sales skills in a way that simulates real-world customer conversations.
Accenture is undergoing a digital transformation to improve services for clients, employees, and the business. This involves streamlining processes, automating tasks, and using data analytics across the organization. The transformation includes developing integrated digital business services using SAP to improve account management, sales, delivery, and other operations. It provides employees centralized access to tools, data, and insights to better manage client accounts and delivery of services. The multi-year transformation process focused on practical technology solutions to support new, digitally-enabled ways of working and required changes to employee behaviors.
Baobab is an evolution of Microcred, focusing on becoming a digital bank providing financial services through technology. It aims to reach over 1 million previously unbanked customers through an agent network and automated products accessible via mobile apps. Baobab has seen success in Senegal and Madagascar, with over 800 agents and 100,000 active clients using the SMS-based platform for deposits, withdrawals, payments and loans. Microcred is transforming its infrastructure and products to better integrate customer data and automation, launching mobile apps and remote account opening to improve access, experience and financial inclusion across Africa.
CoverGo Limited is a leading provider of insurance enterprise software solutions using its modular, no-code CoverGo platform. The platform uses over 500 insurance APIs to help insurers build and launch products faster, improve policy administration and claims management, develop omnichannel distribution, and seamlessly integrate with legacy systems. CoverGo's configurable, cloud-based platform addresses key industry pain points around rigid legacy systems, manual processes, and poor customer experience.
Reinsurance Group of America (RGA) - Insurer transformation Award 2022The Digital Insurer
RGA has developed a comprehensive underwriting ecosystem to transform life insurance underwriting through strategic partnerships, new technologies, and expanded capacity and services. This includes an end-to-end suite of underwriting solutions, tools for faster online decisions, and programs leveraging new data and technologies to modernize risk assessment and underwriting processes. The ecosystem has supported significant growth in facultative case reviews and auto-decisioning capabilities, helping insurers scale and improve the customer experience.
The document discusses the transformation of an insurance company into a digital insurer. It outlines how digital technology is disrupting the insurance business and requires new business and operating models. The digital insurer will offer insurance products and services using digital channels to better serve increasingly mobile customers. It will implement principles like customer centricity, full digital capabilities, and fast innovation. This will transform the insurer's strategy, business model, operating model, organization, and IT architecture to focus on digital capabilities and customer experience.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
The document summarizes CoverGo, a no-code insurance platform that allows insurance companies to build and launch insurance products faster, enable digital distribution channels, and automate end-to-end processes. CoverGo addresses common pain points for insurers like slow product development, high customer acquisition costs, and reliance on rigid legacy systems. It provides a modular platform with tools for no-code product configuration, digital portals for distribution and servicing, and microservices powered by open APIs that enable integration and automation. CoverGo has over 30 clients across various countries and supports multiple insurance product lines.
DirectAsia has partnered with VICOM, a vehicle inspection company in Singapore, to provide motor insurance purchases directly through VICOM inspection centers. Using a cloud-based portal, DirectAsia allows customers to receive insurance quotes and complete purchases while their vehicles are being inspected. This new distribution channel has expanded DirectAsia's customer base to include those who prefer face-to-face services over digital channels. DirectAsia projects that this partnership will account for 22% of its total revenue by 2021 and 30% by 2022.
This document summarizes the capabilities of Democrance's insurance technology platform. It provides concise overviews of the platform's sales and distribution modules, servicing and administration features, data and reporting tools, analytics capabilities, team experience, and company contact information. The platform offers a customizable digital insurance solution for emerging markets, with out-of-the-box functionalities for sales, underwriting, billing, renewals and more.
Medinyx designs and assembles self-service kiosks that provide travel insurance sales and renewals. The kiosks allow instant purchases, payments, and issuance of policies. They benefit both customers and insurance providers by offering convenience and reducing costs. Medinyx kiosks are customized solutions that can also serve sectors like telecom, hospitality, aviation, retail, and provide services such as bill payments.
The document discusses the insurance industry landscape and challenges insurers face in accelerating their digital transformations. It notes that customers now expect more efficient and online services, and have little brand loyalty. Insurers struggle with legacy infrastructure and are facing competition from new tech entrants. The solution proposed is Seamless.Insure, a cloud-native modular insurance software that can automate processes, reduce costs and speeds up product launches. It supports the entire customer journey and claims to improve productivity, speed to market and reduce infrastructure costs for insurers. A case study example highlights improved lead conversion rates and a more efficient sales process for an insurer client.
UNIQA chose FintechOS as a preferred partner to re-design
their business models and all their products (household,
motor, travel, liability insurance) based on the disruptive and
innovative technology provided by FintechOS platform.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
Double the profits through digital transformation - digital insurance in AfricaThe Digital Insurer
Tawanda Chatikobo, Digital Manager for Nedbank Insurance presented at the Digutial Insurance Conference in Johannesburg in 2015 on how digital transformation can increase profits in the context of bancassurance
This document describes Insureio, a digital insurance marketing and sales platform. It provides a closed-loop system that integrates customer relationship management (CRM), marketing automation, website content, quoting, application fulfillment, and reporting. The platform allows users to generate leads through various tools, nurture leads through automated campaigns, complete sales through online applications, and track results. It aims to streamline insurance marketing and sales processes.
The Digital Insurance Brokerage: Developing a Digital Transformation Plan (Ca...Applied Systems
To thrive today in a time of digital transformation, brokers must seriously consider their technology options and develop a digital transformation plan. It’s no longer viable to remain un-automated and consumers expect mobile and self-service technology during all interactions. To become a digital brokerage, a business must have a digital transformation plan and the five capabilities in place to support digital strategies.
Monetise your games, apps and sites globally with direct mobile billing, premium SMS, WAP billing and m-Wallets. Smooth payments flows, easy integration, top payouts and conversion.
Dealer Mobility (www.dealermobility.ru) - a mobile platform for building a new communication channel between a car dealer and car owners using smartphones and social networks. Dealer Mobility makes it possible to quickly create unique mobile app for car dealer without additional investments into software development
Similar to Democrance - Insurtech Innovation Award 2023 (20)
"Hands-on development experience using wasm Blazor", Furdak Vladyslav.pptxFwdays
I will share my personal experience of full-time development on wasm Blazor
What difficulties our team faced: life hacks with Blazor app routing, whether it is necessary to write JavaScript, which technology stack and architectural patterns we chose
What conclusions we made and what mistakes we committed
Welcome to Cyberbiosecurity. Because regular cybersecurity wasn't complicated...Snarky Security
How wonderful it is that in our modern age, every bit of our biological data can be digitized, stored, and potentially pilfered by cyber thieves! Isn't it just splendid to think that while scientists are busy pushing the boundaries of biotechnology, hackers could be plotting the next big bio-data heist? This delightful scenario is brought to you by the ever-expanding digital landscape of biology and biotechnology, where the integration of computer science, engineering, and data science transforms our understanding and manipulation of biological systems.
While the fusion of technology and biology offers immense benefits, it also necessitates a careful consideration of the ethical, security, and associated social implications. But let's be honest, in the grand scheme of things, what's a little risk compared to potential scientific achievements? After all, progress in biotechnology waits for no one, and we're just along for the ride in this thrilling, slightly terrifying, adventure.
So, as we continue to navigate this complex landscape, let's not forget the importance of robust data protection measures and collaborative international efforts to safeguard sensitive biological information. After all, what could possibly go wrong?
-------------------------
This document provides a comprehensive analysis of the security implications biological data use. The analysis explores various aspects of biological data security, including the vulnerabilities associated with data access, the potential for misuse by state and non-state actors, and the implications for national and transnational security. Key aspects considered include the impact of technological advancements on data security, the role of international policies in data governance, and the strategies for mitigating risks associated with unauthorized data access.
This view offers valuable insights for security professionals, policymakers, and industry leaders across various sectors, highlighting the importance of robust data protection measures and collaborative international efforts to safeguard sensitive biological information. The analysis serves as a crucial resource for understanding the complex dynamics at the intersection of biotechnology and security, providing actionable recommendations to enhance biosecurity in an digital and interconnected world.
The evolving landscape of biology and biotechnology, significantly influenced by advancements in computer science, engineering, and data science, is reshaping our understanding and manipulation of biological systems. The integration of these disciplines has led to the development of fields such as computational biology and synthetic biology, which utilize computational power and engineering principles to solve complex biological problems and innovate new biotechnological applications. This interdisciplinary approach has not only accelerated research and development but also introduced new capabilities such as gene editing and biomanufact
Demystifying Neural Networks And Building Cybersecurity ApplicationsPriyanka Aash
In today's rapidly evolving technological landscape, Artificial Neural Networks (ANNs) have emerged as a cornerstone of artificial intelligence, revolutionizing various fields including cybersecurity. Inspired by the intricacies of the human brain, ANNs have a rich history and a complex structure that enables them to learn and make decisions. This blog aims to unravel the mysteries of neural networks, explore their mathematical foundations, and demonstrate their practical applications, particularly in building robust malware detection systems using Convolutional Neural Networks (CNNs).
Garbage In, Garbage Out: Why poor data curation is killing your AI models (an...Zilliz
Enterprises have traditionally prioritized data quantity, assuming more is better for AI performance. However, a new reality is setting in: high-quality data, not just volume, is the key. This shift exposes a critical gap – many organizations struggle to understand their existing data and lack effective curation strategies and tools. This talk dives into these data challenges and explores the methods of automating data curation.
The Zaitechno Handheld Raman Spectrometer is a powerful and portable tool for rapid, non-destructive chemical analysis. It utilizes Raman spectroscopy, a technique that analyzes the vibrational fingerprint of molecules to identify their chemical composition. This handheld instrument allows for on-site analysis of materials, making it ideal for a variety of applications, including:
Material identification: Identify unknown materials, minerals, and contaminants.
Quality control: Ensure the quality and consistency of raw materials and finished products.
Pharmaceutical analysis: Verify the identity and purity of pharmaceutical compounds.
Food safety testing: Detect contaminants and adulterants in food products.
Field analysis: Analyze materials in the field, such as during environmental monitoring or forensic investigations.
The Zaitechno Handheld Raman Spectrometer is easy to use and features a user-friendly interface. It is compact and lightweight, making it ideal for field applications. With its rapid analysis capabilities, the Zaitechno Handheld Raman Spectrometer can help you improve efficiency and productivity in your research or quality control workflows.
How UiPath Discovery Suite supports identification of Agentic Process Automat...DianaGray10
📚 Understand the basics of the newly persona-based LLM-powered Agentic Process Automation and discover how existing UiPath Discovery Suite products like Communication Mining, Process Mining, and Task Mining can be leveraged to identify APA candidates.
Topics Covered:
💡 Idea Behind APA: Explore the innovative concept of Agentic Process Automation and its significance in modern workflows.
🔄 How APA is Different from RPA: Learn the key differences between Agentic Process Automation and Robotic Process Automation.
🚀 Discover the Advantages of APA: Uncover the unique benefits of implementing APA in your organization.
🔍 Identifying APA Candidates with UiPath Discovery Products: See how UiPath's Communication Mining, Process Mining, and Task Mining tools can help pinpoint potential APA candidates.
🔮 Discussion on Expected Future Impacts: Engage in a discussion on the potential future impacts of APA on various industries and business processes.
Enhance your knowledge on the forefront of automation technology and stay ahead with Agentic Process Automation. 🧠💼✨
Speakers:
Arun Kumar Asokan, Delivery Director (US) @ qBotica and UiPath MVP
Naveen Chatlapalli, Solution Architect @ Ashling Partners and UiPath MVP
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Redefining Cybersecurity with AI CapabilitiesPriyanka Aash
In this comprehensive overview of Cisco's latest innovations in cybersecurity, the focus is squarely on resilience and adaptation in the face of evolving threats. The discussion covers the imperative of tackling Mal information, the increasing sophistication of insider attacks, and the expanding attack surfaces in a hybrid work environment. Emphasizing a shift towards integrated platforms over fragmented tools, Cisco introduces its Security Cloud, designed to provide end-to-end visibility and robust protection across user interactions, cloud environments, and breaches. AI emerges as a pivotal tool, from enhancing user experiences to predicting and defending against cyber threats. The blog underscores Cisco's commitment to simplifying security stacks while ensuring efficacy and economic feasibility, making a compelling case for their platform approach in safeguarding digital landscapes.
DefCamp_2016_Chemerkin_Yury-publish.pdf - Presentation by Yury Chemerkin at DefCamp 2016 discussing mobile app vulnerabilities, data protection issues, and analysis of security levels across different types of mobile applications.
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Self-Healing Test Automation Framework - HealeniumKnoldus Inc.
Revolutionize your test automation with Healenium's self-healing framework. Automate test maintenance, reduce flakes, and increase efficiency. Learn how to build a robust test automation foundation. Discover the power of self-healing tests. Transform your testing experience.
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The democratization of Generative AI is ushering in a new era of innovation for enterprises. Discover how you can harness this powerful technology to deliver unparalleled customer value and securing a formidable competitive advantage in today's competitive market. In this session, you will learn how to:
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UiPath Community Day Amsterdam: Code, Collaborate, ConnectUiPathCommunity
Welcome to our third live UiPath Community Day Amsterdam! Come join us for a half-day of networking and UiPath Platform deep-dives, for devs and non-devs alike, in the middle of summer ☀.
📕 Agenda:
12:30 Welcome Coffee/Light Lunch ☕
13:00 Event opening speech
Ebert Knol, Managing Partner, Tacstone Technology
Jonathan Smith, UiPath MVP, RPA Lead, Ciphix
Cristina Vidu, Senior Marketing Manager, UiPath Community EMEA
Dion Mes, Principal Sales Engineer, UiPath
13:15 ASML: RPA as Tactical Automation
Tactical robotic process automation for solving short-term challenges, while establishing standard and re-usable interfaces that fit IT's long-term goals and objectives.
Yannic Suurmeijer, System Architect, ASML
13:30 PostNL: an insight into RPA at PostNL
Showcasing the solutions our automations have provided, the challenges we’ve faced, and the best practices we’ve developed to support our logistics operations.
Leonard Renne, RPA Developer, PostNL
13:45 Break (30')
14:15 Breakout Sessions: Round 1
Modern Document Understanding in the cloud platform: AI-driven UiPath Document Understanding
Mike Bos, Senior Automation Developer, Tacstone Technology
Process Orchestration: scale up and have your Robots work in harmony
Jon Smith, UiPath MVP, RPA Lead, Ciphix
UiPath Integration Service: connect applications, leverage prebuilt connectors, and set up customer connectors
Johans Brink, CTO, MvR digital workforce
15:00 Breakout Sessions: Round 2
Automation, and GenAI: practical use cases for value generation
Thomas Janssen, UiPath MVP, Senior Automation Developer, Automation Heroes
Human in the Loop/Action Center
Dion Mes, Principal Sales Engineer @UiPath
Improving development with coded workflows
Idris Janszen, Technical Consultant, Ilionx
15:45 End remarks
16:00 Community fun games, sharing knowledge, drinks, and bites 🍻
3. 3
• Democrance is an international InsurTech start-up offering a no/low-code
SaaS platform to insurers, enabling them to launch new digital products
and distribution channels easily in 1-2 months, without affecting their core
systems, or any system integration required.
• Channels include online D2C, affinity partners (online and offline),
intermediary (banca/agent/broker). Both personal and commercial lines,
traditional insurance or micro-insurance.
• We serve Life and P&C insurers in 15+ countries, including Manulife, AXA,
MetLife, AIG, Tokio Marine and Zurich.
9. 9
Manulife Philippines’s business objective and pain points
• Launch affordable & simple digital insurance targeting underserved
population in Philippines as untapped market segment.
• Test a “hybrid digital distribution” model; their sales agents pitch to
prospect clients and the interested clients purchase policy with simple 3-step
journey on smartphone.
• Later, the agents will try upsell the higher-ticket traditional insurance to their
clients who purchased above simple product.
Business Objective
Pain Points
• Manulife Philippines’s core system was not capable to launch this use case
quickly.
10. How Democrance helped Manulife as Tech Enabler?
10
Design
Insurance
Product
System
design &
set-up
Product
Configuration
(backend)
Develop
CX journey
(front-end)
System
Integrations
UAT
&
Go-Live!
Before
After
11. 11
Solution & Impact
• Manulife could launch just in 3 months after signing partnership.
Speed to market
Innovative Hybrid Digital Distribution channel
• Launched “Manulife Shop”, which is the online D2C policy purchase journey
which Manulife sales agents can pitch
• With Agent ID code embedded, Manulife can track which agent sold to which
client, and the agent can do upsell/cross-sell later
• It became new powerful tool for Manulife agents to cultivate underserved
mass customer base with affordable insurance
• Conversion % of upsell/cross-sell has met Manulife’s business target
Impact
13. 13
Manulife Philippines’ Press Release referring to Democrance
https://www.manulife.com.ph/about-us/newsroom/latest-news/Filipinos_can_now_buy_insurance_online_through_Manulife_Shop.html
(Quote)
“Manulife Philippines is delighted to launch Manulife Shop
(https://manulife.com.ph/online-shop), a new digital platform to allow Filipinos to
purchase affordable insurance products online at their own convenience.
Manulife Shop offers annually renewable insurance products that empower customers to
choose their coverage based on their budget, with life protection coverage up to Php
1,000,000, subject to the terms and conditions of their procured insurance policy.
The platform was developed in partnership with Democrance, an award-winning international
insurtech start-up that digitizes distribution channels and insurance value chains for emerging
market segments through fast and secure solutions.”