TDI Insurtech Innovation - dtac partnership 17052022.pdf
1 like1,588 views
- Bolttech partnered with dtac, one of Thailand's largest telcos, to launch dSurance, an embedded insurance platform using Bolttech's technology. - dSurance allows dtac customers to browse and purchase insurance products directly from dtac's platform, with seamless payment integration. - The platform launched in under two months and now offers 10 products from 8 carriers, seeing promising early conversion rates for dtac to expand into insurance.
TDI Insurtech Innovation - dtac partnership 17052022.pdf
- 1. • The power of connection through embedded insurance in Thailand
- 2. We are bolttech We are bolttech We are an international insurtech, based in Singapore, with a vision to connect people with more ways to protect the things they value.
- 3. 3 © 2022 bolttech | We’re solving global industry challenges The insurance industry is largely antiquated and fragmented, hampered further by a complex distribution process. The average cost of insurance customer acquisition rose to US$900 per customer* The global protection gap stands at a record high of US $1.4 trillion, with the global penetration rate at only 7.4%**. The insurance industry only makes up 2% of GDP in emerging markets; meanwhile the embedded insurance market is forecast to grow to US$722 billion by 2030*** – six times its current size. We envision an inclusive insurance industry, where any business can provide their customers relevant protection at the point of need, by accessing our insurance exchange platform. We are using the latest technology to enable the insurance industry, and create opportunities for providers, distributors and millions of customers around the world. * https://www.amsive.com/2021/09/14/how-to-lower-customer-acquisition-cost-in-the-insurance-industry-amsive/#:~:text=Acquisition%20marketing%20has%20driven%20an,need%20to%20be%20that%20way. ** https://www.swissre.com/dam/jcr:ca792993-80ce-49d7-9e4f-7e298e399815/swiss-re-institute-sigma-3-2021-en.pdf *** https://www.linkedin.com/pulse/embedded-insurance-3-trillion-market-opportunity-could-simon-torrance/
- 4. 4 © 2022 bolttech | Who we are ▪ Launched in 2020, we are a fast-growing international insurtech working with 180+ insurers and 700+ distribution partners across 30 markets in our regions covering Asia, Europe and the U.S. ▪ We have over 1,500 team members around the world with deep expertise in financial services and insurance, and the technology sectors.
- 5. 5 © 2021 bolttech | Our insurance exchange bolttech has the world’s largest technology-enabled insurance exchange, connecting insurers, distributors and customers to make it easier and more efficient to buy and sell insurance and protection products. Now with US$44 billion in quoted premiums annually, the exchange offers more than 5,000 products from 180 insurers distributed by 700+ partners internationally. We created a hyper-connected ecosystem that is a one-stop solution for partners wanting to distribute insurance: ▪ Our insurance licenses around the world enable end-to-end hassle- free insurance solutions ▪ Our highly customisable tech infrastructure provides quick and seamless integration, regardless of size and complexity ▪ We help our partners meet their customer needs by designing bespoke insurance products to meet any customer journey or context ▪ By plugging into our headless API, our partners can offer a range of contextually relevant products within their existing customer journeys.
- 6. 6 © 2022 bolttech | How it works Our insurance exchange enables businesses to connect customers with innovative digital insurance and protection products quickly and seamlessly Distribution partners Insurance distributors (such as brokers, independent agents, etc.) Non-insurance businesses (such as banks, realtors, telcos, ecommerce, etc.) DTC Carriers Customers Insurance Exchange 3rd party product providers API integration API integration API integration Insurance Solutions Choice & convenience Allowing customers to choose from a network of trusted insurers Simply add insurance Embedding customised and contextualised insurance and protection at point of sale Efficient distribution Expand distribution network for product providers at lower acquisition costs Digitally enabled Digital capabilities supporting partners throughout customer journeys
- 7. 7 © 2022 bolttech | Our technology Our insurance exchange is powered by a number of modular services: Multi-function portal supporting all customer, agent and POS portals bolttech payment, a unified and multi-modal payment service Personalised, data-driven product recommendation engine Digital claims service including automated claims and AI fraud detection Enterprise-grade security and data privacy management
- 8. 8 © 2022 bolttech | Thailand’s insurance market remains under-penetrated at 5%*, compared to Hong Kong at 21% and the U.S at 12%. As of 2019, there are 58** insurance companies in Thailand – 53 non-life, 4 health and 1 reinsurer. Barriers that limit Thai customers’ access to quality insurance services include: Consumers have many insurance options but low insurance literacy Low levels of trust in insurance for consumers in rural areas ▪ 30% of Thai consumers do not feel comfortable providing personal information online*** Expensive premiums and uncertainty about benefits Lack of access to convenient, recurring payment options The insurance industry in Thailand * https://dtacblog.co/en/dtac-dsurance-2/ ** https://www.tgia.org/upload/file_group/29/download_1686.pdf *** https://www.swissre.com/dam/jcr:c8ca84d1-0fad-4e3d-bcf9-facd54d7dd20/ZRH-20-05609-P1_Consumer-Survey_Covid-19_Infographic_A4_THA.pdf **** https://www.globaldata.com/life-insurance-industry-thailand-will-reach-us22-8bn-2025-forecasts-globaldata/ In the aftermath of the Covid-19 pandemic, the life insurance industry is projected to grow from US$19.2 billion in 2022 to US$22.8 billion in 2025 in terms of gross written premium (GWP)****. The life insurance market in Thailand is forecast to register a moderate compound annual growth rate (CAGR) of 2.7% from 2022 to 2025. 78% of policy owners surveyed answered that they were ‘likely’ or ‘very likely’ to increase or purchase additional insurance coverage in the coming 12 months*****. There is an increased need to use data-driven insights to understand customers better and thus create higher customer value with more personalised products online.
- 9. 9 © 2022 bolttech | Our partnership with dtac dtac is one of Thailand’s largest telcos with over 19.6 million subscribers. dtac already sells subscribers device protection products for their mobile devices. Through the success of their device protection offering, dtac saw the potential to expand beyond telecommunications services and add value for customers with complimentary products that enhance their existing customer journeys. By embedding insurance into their platform, dtac can offer relevant protection products at the point of need Leveraging our expertise in both technology and insurance, we helped dtac build their digital insurance platform dSurance, ensuring they met all the regulatory requirements and carrier agreements, and streamlining the offering with a singular platform technology integration. dSurance launched in less than two months, going live in Thailand in November 2021, making it the fastest launch ever for our insurance exchange platform (multi-product and carrier) with a partner.
- 10. 10 © 2022 bolttech | Customer journeys (hover over each image to play the demo video) Carriers can advertise for their products on dtac’s home page dtac customers can browse a comprehensive range of products dtac customers can pay via carrier billing on dtac’s platform 1. White-labelled: Our technology is fully integrated with dtac’s platform and branding 2. Fully customisable platform offers customers bespoke products and solutions 3. Seamless customer journey 4. Open architecture allowing any carrier to join dSurance and offer their products 5. Payment gateway integration and carrier billing 6. Speed to market: dtac officially became an insurance provider in under two months 7. Continuous improvements and support provided by bolttech’s team of experts Key value proposition to dtac
- 11. 11 © 2022 bolttech | dSurance today With dSurance, dtac is now the first telco in Thailand to offer 10 insurance products, including personal accident, pet, car and travel, from 8 insurance carriers. dtac's dSurance platform saw a 4.9% overall platform conversion rate within two months of launch. Some individual products on the platform continue to see an average conversion rate of over 10%. dSurance products and online ad