October 31, 2018 09:30
We should expect to see Manulife multiply initiatives of the type of Vitality. Its CEO Roy Gori expects that the insurance behavioural generates a large part of the future growth of the insurer.
Insurance behavioral sets based on the habits of life of a client. Plus it has healthy lifestyle habits, the more he will be rewarded, including by pricing the lower of their life insurance policy.
Roy Gori has talked about in his two most recent outings in public. The first occurred on 27 June, while Manulife had a day of the investor. And then, on the 9th of August, the insurer held a conference call following the disclosure of its results for the second quarter of 2018. The transcripts of both events have been made public, there is little, and the Journal of insurance analyzed.
Mr. Gori mentioned that by 2022, it expects that its activities with a high potential, such as those in insurance behavioral, group insurance in Canada and wealth management, generate two-thirds of the profits of the insurer.
20 contacts per month
The CEO of Manulife gave the example of a few statistics stating that the insurance behavioral to have a significant impact. The first relates to the us market. He says that 40 % of the population does not have a life insurance cover. Among the proportion of Americans who have, 20 % are under-insured. This scenario is repeated in all the territories where the insurer is present, said Mr. Gori.
Where the insurance behavioral makes the difference, it is because it allows you to multiply the contacts with the customer, ” he said. “Normally, life insurance companies may interact one or two times per year with their clients. With programs such as Vitality and MOVE, we interact with our clients up to 20 times per month. Frankly, this translates into a stronger relationship with the consumer. In the markets where we have launched these types of products, we are seeing an adoption rate of 20 % higher of our life insurance solutions in the markets where we do not offer. “
“The status quo will lead to failure”
The world is changing rapidly, ” said Mr. Gori. Consumers are embracing new technologies. They no longer accept the complexity, ” he said.
“With a proposal of 16 pages with 128 questions to obtain a life insurance product will more. Consumers want solutions that are simple and intuitive, delivered instantly. At the same time, new start-ups agile come into our space. To stay still would be a path to failure. “
The canadian strategy : to read for next Monday
Michael Doughty, chief operating officer of Manulife in Canada, has also made the point about the strategy of the insurer in the country. He says that the potential insurer is under-exploited. How will operate it ? This content is reserved for subscribers to our newsletter Web paying FlashFinance.ca. To subscribe, click here.