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March 28, 2018
Innovative Trend of Digital InsuranceeBaoTech Presentation at Thailand Insurance Symposium 2018
Outline Digital Insurance now means too many things. Where should we focus immediately? Connectivity: digital insurance is connected insurance Dramatic reduction of cost of connectivity enabling insurance to be connected to various other
businesses and people of all levels of incomes
Potential action plans? While keeping insurers’ core competencies in risk and investment management, insurance industry
can learn many things from the best internet companies Think of an insurance company as an App company: Connect to users digitally: real time, fully automated Start from top users: policyholders; agents/brokers Then add more and more affinity partners and experiment new products and new models
One big challenge for this immediate opportunity is legacy core system. Insurance Middle Office is a solution for massively connected insurance
eBaoTech is keen to become a strategic partner of digital insurance in Thailand and ASEAN eBao Software for core systems eBaoCloud InsureMO for massively connected insurance
© 2018 eBaoTech Corporation. All rights reserved. 2
Digital Insurance: Immediate Opportunities
Digital Insurance: Too broad; too big; too hard to act on Technologies: internet; cloud; artificial intelligence; block train; internet of things New products: new risks; new ways of pricing; new ways of funding; new ways of
servicing New sales channels: internet New business models: P2P, and so on
What are real and immediate opportunities and proven? Connect insurance to everywhere, digitally Then plus AI and big data And then some others?
© 2018 eBaoTech Corporation. All rights reserved. 5
Digital Insurance: Opportunities and Challenges Digital insurance is connected insurance Insurance to be embedded in numerous affinity businesses Supporting other businesses and life events of people of all income levels
© 2018 eBaoTech Corporation. All rights reserved. 6
Opportunities Big growth potential Less commodity competition Huge room for differentiations and data driven
strategy
Challenges Very difficult to connect insurance to other
businesses Complex products and processes Conservative regulatory framework Culture of slow action and risk aversion Outdated systems in almost all insurers
Embed insurance in numerous affinity businesses
Long Tail (Inclusive) Insurance Made Possible
7
To the right (yellow) is the long tail; to the left (green) are the few that dominate. In this example, the areas of both regions are equal.
Insurance has been dominated by few top channels and limited product offerings
Cost of connectivity and transaction too high in the past
Can digital enable long tail and inclusive insurance?
Insurance everywhere needed?
© 2018 eBaoTech Corporation. All rights reserved.
Fast Drop of Connectivity Cost Leading to Long Tail Economy
8© 2018 eBaoTech Corporation. All rights reserved.
SKU (stock keeping unit) numbers in retail industry Small stores: hundreds Department stores: thousands WalMart: Tens of thousands Amazon.com and Alibaba: around 1 billions
Video channels of different eras Radio broadcast era: a few dozens Cable TV era: hundreds YouTube and similar internet based broadcast: hundreds of millions Micro video apps: everyone is broadcaster
Connectivity of Various Companies
9© 2018 eBaoTech Corporation. All rights reserved.
Billion
100 Million
10 Million
1 Million
User Number
Frequency
WeChatUser: 1 Billions
TaobaoUsers: 500M
FacebookUsers: 2 Billions
Insurer A in China
Users: 130 Millions UberUser: 300 Millions
Bubble color:Red = low conversion rate Green = high Yellow = medium Blue = potentially high
Typical Insurance
Companies
How Insurers Can Learn from Internet Companies?
10
Insurance basics still fundamental and advantages of insurance companies Rick management Capital management
Learn from internet companies on how to connect to their users Lower cost of connectivity Improve user experience Increase frequency of interactions
“User” groups of insurance companies Policyholders Agent/brokers Bank clerks Car dealer shop clerks Travel agency clerks Wealth advisors Broad users of many internets with potential affinity for insurance
© 2018 eBaoTech Corporation. All rights reserved.
Challenge for Insurance Industry
11© 2018 eBaoTech Corporation. All rights reserved.
Low “user” numbers Very slow and difficult to grow customer base Focusing on selling big premium policies
Low frequency interactions Mostly annual interactions
Extremely high unit cost of interaction with customers Too much manual work Everything is so slow Decision making is mostly human judgment instead of data driven
Core system today not designed for massive external connectivity: Need of insurance middle office
12
Channel/Affinity
Core Systems
InsureMO
Basic Elements of Digital Insurance
InsureMO: Insurance Middle Office
© 2018 eBaoTech Corporation. All rights reserved.
Potential Immediate Actions
1. Digital connectivity to top user groups:
Policyholders
Agents/brokers (maybe banks?)
2. Digital connectivity to many other user types Offline
Online
Mixed online/offline
3. Experiment new products and new models
14© 2018 eBaoTech Corporation. All rights reserved.
Typical Approaches at Leading Insurers in China
© 2018 eBaoTech Corporation. All rights reserved.
Use WeChat official accounts to enable policyholder self services Almost all basic services done in real time with full automation
Use Apps to enable tied agents and key brokers to work in real time Sales Services on behalf of policyholders Claims reporting and continuous communications
Use API integration to enable bank channels to issue policy and conduct basic services in real time and fully automated
Try to add more and more!
15
Policyholder Self Service on WeChat AccountInsurance Market E-Counter Claim Services
© 2018 eBaoTech Corporation. All rights reserved. 16
Policy Services on WeChat AccountE-Counter: Support policy services to policy holder
© 2018 eBaoTech Corporation. All rights reserved. 17
Cancelation via WeChat AccountE‐Counter‐Policy Holders Surrender(1/2)Support policy holder self surrender the policy and withdraw the premium
18© 2018 eBaoTech Corporation. All rights reserved
Agent App: More Powerful and RicherSupport all products list and search by category
22© 2018 eBaoTech Corporation. All rights reserved
Agent App: Benefit illustration
24
Support benefit illustration and share to social APP
© 2018 eBaoTech Corporation. All rights reserved
Agent App: Premium calculation and policy issuing
25
Support online issue and calculating premium automatically
© 2018 eBaoTech Corporation. All rights reserved
Agent App: Including Electronic Signing
26
Re-check the orders and request the electronic signature with safety control
© 2018 eBaoTech Corporation. All rights reserved
Agent App: Task Management
27
Agent query on own proposals, orders and policies
© 2018 eBaoTech Corporation. All rights reserved
Connected Carriers
28
Datong (Top Life Broker in China): All Sales via App
Key figures of Datong in 2016 Partner with more than 100 insurers. Products: more than 1,000 insurance products, including Life, General
and Health. Users: more than 30,000 agents and 300,000 other users. Revenue: USD 373 million, at a growth rate of 111% (YoY).
eBaoCloud Middle Office
Powered by eBaoCloud
Life Auto Health Accident …
HuaXia TianAn ICBC-AXA EverGrand …
eBaoCloud Launched on October 8, 2016 Use case: social marketing platform, real time quotation, benefit illustration,
and while-you-wait policy issuance, assembly done via just a mobile phone. Variety: support diversified product types from multi-number of insurers. Velocity: On average, 100+ new products go-live on a monthly basis. Volume: Currently having 33000+ agents and 300,000+ registered users.
API called more than 3 million times every month.
Datong Quick Insurance Mobile App
WeChatMobile App
© 2018 eBaoTech Corporation. All rights reserved.
Connected Carriers
29
Traditional Channel: China Grand Auto, #1 Car Dealer
Key numbers of China Grand Auto in 2016 Number of car dealership stores: 670 Revenue: USD 19.3 billion Number of cars sold: 825,000 units Number of auto insurance policies sold: 2.38 millions with total premium
of USD 1.1 billion.
Powered by eBaoCloud
Guang Dong Si Chuan Jiang Su …
China Grand Auto Cloud Platform
Sales Service Claim CRM Report
PICC Tai Ping Fu De Du Bang China Continent
First major car dealer company using own platform for insurance sales, powered by eBaoCloud
eBaoCloud Launched early 2017 and now in national roll out Customer-Centralized Cloud Platform : Lifecycle management and
one screen access of multiple insurers’ products Bundling insurance products across lines: Able to package auto,
non-auto, even life products from multiple insurers Improved Renewal Ratio: Easy to follow up renewal tasks and
approach customers with automatic renewal management Improved Customer Service: Enable full chain customer service
including claim status updating and vehicle repair.
© 2018 eBaoTech Corporation. All rights reserved.
Potential Immediate Actions
1. Digital connectivity to top user groups
Policyholders
Agents/brokers (maybe banks?)
2. Digital connectivity to many other user types
Offline
Online
Mixed online/offline
3. Experiment new products and new models
© 2018 eBaoTech Corporation. All rights reserved. 30
Connectivity at Leading Insurers in China
© 2018 eBaoTech Corporation. All rights reserved 31
Typical range of channel connected digitally Top tier and most digital: thousands Tier 2 and modestly digital: hundreds Laggards: still only PC based website little traffic; some with WeChat accounts but no
transactional capabilities
Hundreds of connectivity demands every month from all parties 95% of rejected outright Cost and time to connect still too poor to accommodate
Challenges to make fast and cheap connections Technology: Middle Office being adopted fast Operations Culture Regulatory
Online Sales of Non Auto General Insurance: Almost all by Third Party Apps
Premium Incomes of Non‐auto insurance sold online
Percentage in total online insurance
Non‐auto Insurance Premiums (RMB 100M)Percentage in Total Online Sales
Data Source: CIRC
32© 2018 eBaoTech Corporation. All rights reserved
Products of Non Auto General Insurance
A&H Property LiabilityCredit Other
2017 Non‐auto general insurance sold online: by product lines
Data Source: CIRC
33© 2018 eBaoTech Corporation. All rights reserved
35
Channel/Affinity
Core Systems
InsureMO
Basic Elements of Digital Insurance
InsureMO: Insurance Middle Office
© 2018 eBaoTech Corporation. All rights reserved.
36
PaaS (InsureMO) enable CCIC to rapidly expand non-auto products to 20+ Channels with low effort
China Continent Insurance Company Connectivity
Quotation
Underwriting
Issuance
Endorsement
Cancellation
API byInsureMO
保险师
云中保渠道
亿保网渠道
保险师
保险盒子
兴民保险
向日葵渠道
员工通道渠道
小程序孕产妇渠道
易保中利
机构学平险渠道
汇金保渠道
流量用户渠道
疫苗险渠道
百度地图渠道
辽宁航意微信
通融普华
阿里体育渠道
零花钱APP渠道
非车营销流量用户渠道
非车营销零花钱APP渠道
动宝运动意外险
北京保易通渠道
唯品会
纪家保险APP体育保渠道
© 2018 eBaoTech Corporation. All rights reserved
Affinity: Sina Weibo; JD.com; and Many Others
易保云
Sina Finance
APP
Business Connection
VariFlight
eBaoCloudAPI calls API calls
Insurers
Operation Support
Business Connection
eBaoCloud connect and enable multiple stakeholders in insurance ecosystem
Insurers: provide insurance products eBaoCloud: enablement and connectivity platform to bridge insurers and channels Xing Min: provide business connection and operation support to insurers and digital channels Digital channels(Sina, Xinhua net): contribute traffic
37© 2018 eBaoTech Corporation. All rights reserved
A MNC Life Insurer Adopting InsureMO in Asia
41
Business Case Partnership with telco, e-commerce web site to offering insurance product as membership benefits
One platform on public cloud to serve different countries includes Indonesia, Malaysia, Philippines etc.
Insurance products with flexible coverage, term and payment cycle (pay-as-you-go)
Highly automatic sales, policy servicing and claims
Architecture Detail- Product factory offering flexible and quick product rollout capability
- API to connect with partner’s front-end providing online, real-time
insurance service
- Full lifecycle capability include sales, servicing and claims
- Offering transaction detail to back office through variable
integration mechanism(MQ, API, file etc.)
© 2018 eBaoTech Corporation. All rights reserved
Potential Immediate Actions
1. Digital connectivity to top user groups
Policyholders
Agents/brokers (maybe banks?)
2. Digital connectivity to many other user types
Offline
Online
Mixed online/offline
3. Experiment new products and new models
© 2018 eBaoTech Corporation. All rights reserved. 42
Micro Credit Insurance for Truck Drivers
44
Banks
11
22
33
44
Truck Drivers
Credit Insurers
Trucking sites for good owners and drivers to meet
Trucking fee AR loan Big data based credit
risk assessment Fully automated
Niche segment Credit Insurance for micro loans to ‘High risk SME and Individual’
B-B-C model, leverage 3rd part platform for customer acquisition and risk management
Fully automated process including credit check, risk evaluation, fraud indication and lending management supported by big data
Integrate with 100+ partner, RMB 2 billion premium in 6 months
© 2018 eBaoTech Corporation. All rights reserved.
eBaoCloud
45
Customer in Europe: Enabling Product Innovation
MOONSHOTpowered by
eBaoCloud
eBaoCloud provides premium quote and issues policy
Insurance offering easily integrated into channel websites via automatically generated and exposed APIs
External risk data / profiling used to calculate client specific premium
Real-time parametric information from relevant data providers triggers automatic claim processing and settlement
API
cal
lsReports and financial data for Moonshot
Policy and claims data for insurance carriers
API callsAPI calls
Data Extraction
Train timetable
Shipping cost
© 2018 eBaoTech Corporation. All rights reserved.
Social Responsibility: Local Charity Insurance Platform
11
22
33
44
Elderly with no children
Insurers
Local Charity OrganizationsMaintain and qualify potential receivers of donations
Donors
Offline qualification of old people with no children
A&H insurance Fully automated
Technology change Charity Awarded as pioneer IT+ practice by government institution
eBaoCloud
© 2018 eBaoTech Corporation. All rights reserved. 46
Who We Are
200+INSTALL BASES/W and Cloud
30+COUNTRIES
1,500+PEOPLE
Asia Pacific:Shanghai (Global HQ and R&D)BangkokBeijingJakartaKuala LumpurMumbaiPune Singapore SydneyTokyoWuxi
Americas:New YorkSao Paulo
Europe:Zurich LondonRotterdam
GENERAL
LIFE HEALTH
CLOUD
Insurers
Broker/agents
Affinity partners
FinTech Startups
Core systems
Fast components
Implementation
Maintenance
SOFTWARE
SERVICES
Individual
Group
SME
Established in Year 2000
50+ customers 150+ install base
48© 2018 eBaoTech Corporation. All rights reserved
eBao Offerings: Software and Cloud
50
Product Innovation: new risks; new pricing; slicing and mixing benefits at any level, across LOB
Traditional products connected to numerous new channels digitally
Connected Insurance: embedded anywhere, anytime, anyhow
Long
tail
Trad
ition
al
Traditional Long tail/Scenario based
Traditional/old business going digital: Big potential near term
PRODUCT
CH
AN
NEL
eBao Cloud
Product Factory
Policy Admin Claims RI
Party Management (customer centricity)
Data Warehouse and Analytics
eBao Software
© 2018 eBaoTech Corporation. All rights reserved
51
Channel/Affinity
Core Systems
InsureMO
Basic Elements of Digital Insurance
InsureMO: Insurance Middle Office
© 2018 eBaoTech Corporation. All rights reserved.
© 2018 eBaoTech Corporation. All rights reserved.
API Gateway
API Authentication
API AuthorizationRate Limit Control
RoutingService Registration
Tenant Management
Permission Management
API Registration
API Publish
API Test Case Design
API Aggregator
SMS Template Config
eMail Config
Payment Account Config
Configuration Center
Logging Analysis
Trace Monitor
Micro Service Monitor
CPU/RAM/OS Monitor
API Dashboard
Management related ServicesMonitor & Analysis
PAAS powered by
Alert Service
Service Discovery
SMS Service
eMailService
2FA Service
Common Services
Queue Service
Cache Service
K/V Store Service
Search Engine Service
eBaoCloud InsureMO Architecture ‐ Dockerized Micro Services powered by Kubernetes
Print Service
Encryption Service
Payment Service
Product Service
Quotation Service
Policy Service
Claim Service
Proposal Service
…
Foundation ServicesDatabaseService
Mobile APP Social MediaWeb Site Internet of Things
Insurance Services
InsureMO
API Gateway
…
QRCodeService
Image Service
…
Channels
IAAS Vendors
Examples of Insurers as CustomersGeneral Insurance Life Insurance
53© 2018 eBaoTech Corporation. All rights reserved
Distribution channel, Affinity, and FinTech Startups
© 2018 eBaoTech Corporation. All rights reserved 55
Traditional Affinity FinTech
eBaoTech in Thailand
55
API – Platform (eBaoCloud)1. SEG-SEIC, Southeast Insurance2. NSI-Namseng Insurance3. NKI-Navakij Insurance4. Thaisri Insurance (TSRI – ERGO)5. AIG6. MSIG TH7. Lockton Broker8. Big C Broker
LS & GLS (Life Core System)1. Chubb Life (ACE Life)2. TSLI – Thai Samsung Life Insurance3. SELIC – Southeast Life Insurance
GS (General Core Insurance)1. SEG-SEIC
Recap Immediate focus Connectivity: digital insurance is connected insurance Dramatic reduction of cost of connectivity enabling connected insurance
Potential action plan Basics still fundamental: risk and investment management Think of an insurance company as an App company: Connectivity to top users: policyholders; agents/brokers Massive connectivity to many other user types New products and new models
Insurance Middle Office needed for massively connected insurance
eBaoTech keen to be a strategic partner of digital insurance in Thailand and ASEAN eBao Software for core systems eBaoCloud InsureMO for massively connected insurance
© 2018 eBaoTech Corporation. All rights reserved. 56