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Virtual Insurers: New Tools for a New World

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This year, the focus goes beyond technology to mining business insights around how cloud enables strategic industry trends such as Open and Virtual Banking and Insurance, Security and Compliance, Data Analytics and AI/ ML, FinTech and RegTech, Surveillance and more through sharing of best practices and use cases. In sessions led by customers, partners, industry leaders and AWS subject matter experts, you’ll learn how AWS helps financial institutions to focus on the innovation and outcomes that truly drive business forward. Business stakeholders, market makers, and technology owners will all learn something new, valuable and actionable.

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Virtual Insurers: New Tools for a New World

  1. 1. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Virtual Insurers: New Tools for a New World Michael Chan Co-founder and Co-CEO Bowtie Life Insurance Company
  2. 2. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Agenda What is Bowtie? Who are we? What is our purpose? Rebuilding an insurance company
  3. 3. What is Bowtie?
  4. 4. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. What is Bowtie? – A “new breed” insurer First authorization under the “Fast-Track” scheme for virtual insurers in Hong Kong “Full Stack” insurance company focusing on life & health insurance USD 30m Series A Truly “cloud native” – Bowtie was born in the cloud
  5. 5. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Who is Bowtie? – A motivated, diverse team Local insurtech startup core team has been working together for 4 years now 40+ people strong From industry: 10-20 years experience From startups: 27 year old (average age) Attracting newtalent to the industry San Francisco,NewYork,Chicago, London, Sydney,Waterloo,Guangzhou, Macau Uber, Gogovan, Moneyhero,Casetify, AIA, Prudential, Manulife, FWD,HSBC, UBS,HKMA Computer Science,Medicine, Design, Math, Quantitative Finance, Philosophy, Actuarial Science, Medical Engineering, Hotel Management
  6. 6. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. The team
  7. 7. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. We believe insurance is fundamentally good But we have an image problem. Insurance is a meaningful social good but isn’t seen that way by many. of customers are satisfied with their interactions with insurance service providers Source: Morgan Stanley 2014 of customers are willing to purchase insurance online Source: Accenture 2013 < -30 NPS “Worst-in-class” industry customer experience KPIs Source: Bain & Co 2014 < 60% 71%
  8. 8. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Consumer trust across industries 0% 10% 20% 30% 40% 50% 60% 70% 80% Financial Advisory Insurance Financial Services (Aggregate) Credit Cards Banks Chemicals Energy Metals Food & Beverage Consumer Electronics Technology Trust in Industries (Global) Source: Edelman Trust Barometer
  9. 9. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Value-creation shifts from assets to liabilities 5% 15% 54% 59% 100%95% 100% 85% 46% 41% US Japan Korea Indonesia China India Liabilities Asset Contribution to Earnings (before tax, extraordinary loss, and dividends provisions) Source: McKinsey research ▪ US$1.8 trillion1 health protection gap across Asia, or about 10% of household income ▪ Rising middle class, medical advances leading to increased medical spending above general inflation ▪ As markets develop, insurance company profitability is increasingly driven by addressing this protection gap vs. asset management spreads 1 Swiss Re 2018 study
  10. 10. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Technology shifts… All of the 2018 Forbes Fintech 50 run on Amazon. Costs, complexity and security all tilt to the cloud. Traditional IT budgets go to support & maintenance, diverting away from new innovations. 66% of IT budgets go to patches Fintech startups are “born in the cloud” Transformations are challenging projects for incumbents 100% run on the cloud
  11. 11. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Our direction ▪ We believe insurance is fundamentally good ▪ But some historical practices, such as products and service levels, have given our overall industry a bad reputation with the public ▪ We see major changes up ahead ▪ Rising consumer and regulator expectations: ▪ Increasing expectation gaps ▪ Increasing protection gaps ▪ Natural evolution of insurance industries towards protection ▪ Technology advancements ▪ … all above evidenced by money and talent moving ▪ Bowtie is likely just one of the first “new breed” insurance companies Others will follow and help catalyze industry developments
  12. 12. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. 12 Rebuilding an insurer
  13. 13. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Some guiding principles… ▪ Transparency: friendly, high-value products ▪ Value = protection levels ▪ Not necessarily cheap, but good value and “just fitting” actual needs ▪ What an actuary would buy ▪ Restrictions: non-conventional distribution channels ▪ Our survival depends on moving the needle from “push” to “pull” ▪ Investing heavily into the servicing of protection products ▪ “Customer-centric” has a deeper meaning for us ▪ Moving from “administration” to “service” – ecosystem integrations
  14. 14. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Back to the drawing board Designing a “new breed” insurance company Day 1: Setup Business planning, shareholder and governance structure, technology and cybersecurity, getting regulatory approval. Day 2: Design & Experiment Product design, new UI/UX and back-end business processes to support user-directed flows, test with customers to iterate on new content and business processes.
  15. 15. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Underwriting fairly Online Underwriting Multi-layered underwriting questions Richer experience developed by our doctor in consultation with senior underwriters and reinsurers. Transparent loadings No hidden fees, everything is transparent. Underwriting loadings and exclusions are presented explicitly and explained in plain language. No broad-based exclusions. Traditional Manual, back-and-forth, asynchronous Simplified Fast, but high rejection rates coupled with higher premium rates Bowtie’s Approach Immediate decisions, fairer pricing, => more people insured But overcoming… - ambiguous questions - health data protection
  16. 16. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Smooth flows Tell me about yourself Answer a few health questions to personalize your quotes. Everything in just a few taps Validate your ID Submit a photo of your HKID, and our AI will validate your identity in seconds Secure Payment Login with two-factor authentication and pay online using credit cards of your choice
  17. 17. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Empowering Clients Support All Channels Customers can contact us via online live chat, direct messaging services, voice calls or walk-in. Easy to get in touch. Our Care Team Free care services (nurse and medical doctors) for new diagnosis of cancer or major illnesses. Reminder that there’s a real human standing on the other end Single System for Everything Integrated system to gather all the information needed, managing complaints/ claims/ enquiries much more systematically and efficiently.
  18. 18. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. https://www.bowtie.com.hk/zh/about-us/join-us
  19. 19. Thank you! © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Michael Chan michael.chan@bowtie.com.hk

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