The Efma-Accenture Innovation of the Month acknowledges excellent entrants to the Innovation in Insurance coverage Awards early within the awards program. This month’s profitable innovation goes to Vida Viva Bradesco, a Brazilian insurer that’s trying to change the notion of life insurance coverage with their distinctive, pay-as-you-go mannequin.
Traditionally, a life insurance coverage coverage was related to safety for the household in case of demise. Nevertheless, Vida Viva Bradesco has designed protection for anybody from 18 to 80 years previous, which offers related protection for every life stage.
Bernardo Castello, Director of Bradesco Vida e Previdência explains the worth of life insurance coverage for any era:
“Life insurance coverage presents a collection of advantages centered on the standard of lifetime of the policyholder, in opposition to unexpected and surprising losses. Due to this fact, it’s a safe various to maintain monetary situations so as for those who can’t afford payments because of sickness, unemployment, or short-term incapacity. Life insurance coverage offers monetary help in probably the most completely different conditions, whether or not for many who have already achieved a situation of independence, with youngsters raised, or for many who nonetheless depend upon earnings to offer to their households. With the assorted coverages and assistances out there, in lots of circumstances, it’s extra advantageous to have life insurance coverage than to maintain the cash as an emergency reserve.”
The event of this product is in response to adjustments in buyer wants and world developments. Everywhere in the world, shoppers are on the lookout for extra versatile and customizable merchandise that may be consumed on-demand.
In Bradesco Vida e Previdência’s efforts to attempt to perceive and take up the idea of on-demand merchandise for the life insurance coverage market, they shaped the thought for Vida Viva Bradesco, absolutely customizable and versatile insurance coverage with 17 protection and 12 help choices.
The query stays, how does an insurer make an on-demand life insurance coverage enterprise mannequin work? Castello says, “Shoppers are curious about on-demand insurance coverage largely as a result of the worth is adjustable based mostly on the chosen utilization or options of the coverage. We see this as a pattern that’s right here to remain in prospects’ lives. Within the case of life insurance coverage, we’ve got from less complicated choices, which supply demise protection with funeral help, to extra complicated and complicated merchandise, together with protection that can be utilized in life, an element that has influenced the demand for insurance coverage. The on-demand mannequin offers the consumer with extra flexibility, agility, and autonomy to suit the coverage to their wants. This format additionally encourages a everlasting overview of what was contracted, in order that the insurance coverage at all times meets the true wants of this client.”
He provides, “On-demand insurance coverage presents a comparatively extra inexpensive premium quantity per insurance coverage coverage and higher flexibility by way of protection and help. In different phrases, the client can activate or cancel the contracted product a lot simpler by self-service. This sort of mannequin takes a customer-centric method, providing merchandise that meet precisely what the client wants.”
To this point, the market is responding positively. Between June 14 and August 31, 2021, R$ 2.3 million in premiums and 18,000 insurance policies had been issued in solely two and a half months.
Castello concludes, “One of many key current transformations in Life Insurance coverage is the shift from the idea of safety to that of prevention. As an insurer, this implies working alongside our prospects to construct insurance policies that anticipate dangers and develop into a part of a extra full and constant monetary planning.
Vida Viva Bradesco is an instance of how an insurer can pivot in response to buyer wants and redefine the worth of the product they’re promoting within the course of.
Hannah Moisand, Efma, Head of Content material says, “We had been delighted to see a conventional and infrequently static insurance coverage providing delivered to prospects in a related and interesting manner. Certainly, the help supplied to prospects by a hyper-personalised on-line expertise is correct on pattern with the trade developments wanted to carry insurance coverage into the 21st Century.”
Submissions to the Efma-Accenture Innovation in Insurance coverage Awards are actually closed. Discover out extra in regards to the choice course of, and particulars on the awards ceremony.
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