The world is all agog about digitalization. New technologies and solutions, more data driven than ever before, is changing the global insurance landscape.
One aspect of this digital revolution that we should be looking forward to is how these technologies will transform the delivery of health-care protection to a growing Filipino population.
Less than two years in the Philippine market, but already showing its bullish stance, German insurer Allianz is about to bring its next wave of digital technologies to the country. It is known to many that Germany has a reputation for having one of the best health-care systems in the world, providing its residents with comprehensive health-insurance coverage. Approximately 85 percent of the population is mandatory or voluntary members of the public-health scheme, while the rest have private-health insurance. So, we are excited to see how Allianz will be contributing in the local insurance industry.
During the recent second Allianz Digital Day held in Singapore that gathered over 30 members of the media from around the region, including Malaysia, Thailand, Taiwan, China, Hong Kong and the Philippines, the global insurance giant welcomed us to its AsiaLab in its Asia-Pacific Headquarters to announce its strategic digital plans and current and future digital initiatives in the region.
The officials of the Allianz Asia Pacific Headquarters, who were the speakers at the event and who all seemed to have untiringly answered our queries, included: GeorgeSartorel, regional CEO; Robin Loh, Chief Digital Officer;Raymond Au, head of Allianz Asia Lab; Lawrence Wee, senior data science manager; and Fei Zhang, Allianz’s Global Blockchain lead.
Following the presentations, Philippine representatives led by Allianz PNB Life Chief Marketing Officer Gae Martinez and Brand Communications and Digital Director Rei Abrazaldo held a pocket media conference at the Headquarter’s boardroom for the Philippine media.
Based on the presentations and discussions during the event, here are some important innovations Filipinos can expect as Allianz leverages on its digital technologies to improve protection, including health-care protection:
A Triangular Strategy. Regional CEO George Sartorel announced that Allianz Asia is adopting a three-prongeddigital strategy, which covers digital partnerships on top, data science, and Allianz-as-a-Service on both sides. What does this mean for the business? From their Asia Hub, they will harness digital innovation, together with advanced analytics to deliver intuitive solutions for the company’s 21 million customers across the Asia Pacific. “Our strategy will allow us to understand customer better, to understand whether we are delivering the right services for what people can afford, to be able to actually include people for protection,” Sartorel said.
Focus on partnerships. Robin Loh, chief digital officer, explained the “huge idea about partnerships.” According to him, “If you are online, either you buy something on an e-commerce, book a trip on an travel site, and even get a car on Uber. You need protection, you need services, because you are paid for it. This is where Allianz we believe we can add value by being part of the customer journey. We will reach out to our [customers] where they are through partnerships.”
Banking heavily on data science. Loh further elaborated that data science is extremely important. “As a company, we are good at assessment on risk, whether its customer behavior or driver behavior. We have 130 years of experience, 130 years of data. We are using new capabilities to drive new insights. We can share this with our partners and leverage that to create new products and service….For example, one of the biggest problems online is cyber theft. One of the things we are looking at is to use data to identify potential theft-based transactions and stop it.”
Allianz as a service, Loh said, that at Allianz, “We believe that to play is to plug our self seamlessly and ubiquitously into the customer journey of [every platform]-.”
Emphasizing financial inclusion. Rei Abrazaldo explained that, “These tools being shared to you by Allianz in the region will definitely help us bring about better financial inclusion to more Filipino families given Philippine National Bank’s (PNB) legacy….We currently have affordable regular pay product offerings [which starts with a P5,000 investment]. How do we entice the millennials? It’s been very clear throughout the day as George and Robin mentioned that our strategy has to be simple, convenient and accessible.”
There is a need to be insured. Abrazaldo also emphasized the need for Filipinos to be insured, because up to now, like its neighbors in APAC, the Philippines has low insurance penetration. So, when the usual case is when something happens to the family’s bread winner, the whole family isn’t prepared to rise to life’s challenge. “Kailangan mo ng insurance dahil gustong mong mabuhay ka. Kailangan mo ng insurance, dahil pwede kang magkasakit anytime. Kailangan mo ng insurance, para mas mabuo mo ‘yung mga pangarap mo.”
Fillennials are rising up to the dare.Gae Martinez shared how Filipino millennials are different. “In our studies of the Filipino millennials, although they are generally considered as the type who have a YOLO-mind-set, living at the moment and adventurous, we found out that our culture and values make them different,” Martinez expalined. She, therefore, tagged this market segment as “Filinnials,” who are very passionate because they want to be better than their parents. “That is why they try to achieve more, pursue higher studies. They recognize that living the life and being able to live the life you deserve should enable oneto live with its benefits,” she added.
A first nationwide digital partnership for Allianz in the Philippines. According to Martinez, one great example on how Allianz PNB Life has utilized digital technology and began reaching out to its markets to emphasize health-care protection was the partnership of Allianz PNB Life and local health care start-up AIDE App. According to its web site, AIDE App is a platform for users to search, choose and book competent medical professionals for quality home care making hospital quality care more accessible and convenient for the user. Early this year, Allianz PNB Life utilized the AIDE platform to deploy nurses nationwide in the different branches of PNB, where the nurses gave free medical check-up of clients who voluntarily participated. They took their blood pressure, heart rate, respiratory check and even provided health coaching. “This is the kind of innovative partnership that we will be bringing to make Filipinos appreciate the value of insurance protection,” she concluded.