EXPLORING DIGITAL OPPORTUNITIES IN CONSUMER HEALTHCARE

Justin HAREB, Regional Director, Regional Health and Employee Benefits (AXA Asia)

Hong Kong Society of Actuaries , Hong Kong

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What’s going on out there? Market forces at play

Digital levers & case studies

Q & A

Agenda

THE WISHING TREE…

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(1) I am concerned about the amount I

would have to pay out my own pocket for

medical expenses relating to major

illness

(2) I am concerned my medical/health

insurance premium will increase

beyond my affordability in the future

People in Asia are Concerned about their Health and associated costs

Source: SwissRe Risk Appetite Survey

Disruptive News?

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Trends Supporting Health

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“Infection” (antibiotics)

Detection & Diagnosis of

disease (multiple

disciplines)

1. Genetics

2. Biotech/ stem cell

3. Devices incl. Nanotech

(proteins and mechanics)

CUSTOMERS ARE SHAPING THE BUSINESS

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New Participants…

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Insurance Is The Next Frontier for Fintech

Fintech & Innovative new companies are forcing

Traditional Insurers to think Out of the box

Health Insurer- aims to

use technology and

design to improve the

experience

Integrated Medical

Provider

+ ?

So, how to move from a Payer of medical bills to

Partner in the health of our Customers?

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Digital Levers

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REGULATORY

ENVIRONMENT

IT PLATFORMS

WELLBEING

CUSTOMER

EXPERIENCE

DATA

(eg, UW, FWA)

Regulatory Environment – Opportunity And Threat

10 | Image Credit: Shel Silverstein's cartoon of the 1950s, featured on the cover of his cartoon collection book, Now Here's My Plan: A Book of Futilities, which was published by Simon & Schuster in 1960

CX example 1 – Mobile is King (HCP)

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Find a

Doctor

Policy

EnquirySubmit a

ClaimClaims

Enquiry

e-Medical

Card

AXA

Group

Asset

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CX case study cont. - AXA DocConnect

AXA Health app to Video Consultation

Customer accesses DocConnect directly or via myAXAhealth

Customer can message or call

AXA team directly through app

AXA team answer claim/policy

queries, issue LOG, or offer Video Consultation

If medical enquiry, Video Consultation

with panel GP is scheduled

User will receive reminder 5 minutes before consultation

time

Acknowledged

within 30 seconds

Appointment

within 30 mins - 1

hour

Consultation to

last up to 15 mins

“Wellness” – what is the biz case?

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Wellness case study 1 – ‘LIFE ON TRAC’ Ecosystem

Life on Trac

LOCATE & TRACK FITNESS HEALTH HOME AUTO PANIC BUTTON

• Track family &

friends in

emergencies

• Send panic alerts

• Sync wearable

devices

• Set activity goals

• Search for Doctors

• Content to engage

• Services for

household

emergencies

• Roadside assistance • Standalone panic

button displayed on

phone home screen

CARECustomer Bharti AXA

A Recurrent Need

Complement Our Product Lines

Life on Trac

LoT – Offerings & Partners

Google Maps Fitbit Practo UBER StrandDUrban Clap

Partners

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Wellness case study 2: ‘Xtra’ app.

Get 24/7 personal digital coaching with wellness motivator

Complete challenges to earn points and

redeem great rewards

Your fitness and health dashboard easily

accessible and visible

Consult more than 150 wellness articles and

fitness videos

A free on demand personal coaching mobile that rewards for living a healthy lifestyle

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Wellness case study 3: ‘The CareVoice’

First Medical & Health Insurance Experience APP

exclusively for High-end Medical Insurance customers in China

Data…

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“The percentage of fraudulent claims in China is around 6%”

# 2015 figures

* Based on informal discussions with our counterparts in the industry, while scope and success remains inconsistent, they have the following “internal regional targets” for Asia

Non-traditional players?

PDP issues – what can we offer in return?

New UW models? “Continuous” UW?

Health Insurance Fraud Whitepaper, Peking University, China

“Healthcare fraud and abuse in Asia is in the range of 6% to 20%”Deloitte Whitepaper on Insurance fraud

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Q&A

Thank You

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