1. OESAI : LIFE INSURANCE TECHNICAL TRAINING
12-13 OCT 2016 – TRAVEL LODGE, GABORONE BOTSWANA
Presented by Ezekiel Macharia, Chief Actuary (KAFS)

2. Technology In Life Assurance Distribution
OESAI COMPREHENSIVE LIFE INSURANCE TECHNICAL TRAINING
Ezekiel Macharia
Chief Actuary – Kenbright Actuarial & Financial Services
Day 2, Thursday 13th October, 2016

3. Rise of Artificial Intelligence tools to be used ion other industries
6.5 times lower on GDP per capita
BMW – Self Driving Bike
Rise of Artificial Intelligence tools to be used ion other industries

4. AGENDA Current Distribution Channels Sale Process Technology Options
Other distribution options
Conclusion

5. Current Distribution Channels
Internal tied agents
Independent agents
Direct & Online
Mailing
Worksite marketing
Telemarketing

6. Distribution by Product

7. Sales Process Warm Client & Ready to Pay Cold Clients Need Insurance?
Want
Insurance?
Luke Warm
Not Ready to Pay

8. Fill in Form & Underwrite
Sales Process
Fill in Form & Underwrite
Cold Clients
Warm Client
& Ready to Pay
Pay Premium
Customer Service
Renewal
Need Insurance?
Want
Insurance?
Luke Warm
Not Ready to Pay

9. Technology Options Brokers vs Aggregator Service
Call Center vs Chat Bot
Data as a Service
Block Chain vs Insurance Process

10. Aggregator Service

11. Broker vs Aggregator Service
Provides comparison
Personalized
Retail & Corporate
Both simple & complex products
Present & Past
Provides comparison
Automated
Retail
Currently at simple products
Present & Future

12. Chat Bots

13. Call Center vs Chat Bots
Uses people
Expensive
Retail & Corporate
Both simple & complex products
Present & Past
Uses robots (AI)
Cheap
Retail
Currently at simple products
Present & Future

14. Manual Forms vs Data as a Service
Legal
Voluntary
Expensive
Inefficient
Hinders automation – makes simple underwriting attractive
Present & Past
Partially Illegal
Intrusive
Cheap
Efficient
Supports Automated Underwriting (preferred & simple)
Future
Data as a Service

15. Manual Forms vs Data as a Service
Legal
Voluntary
Expensive
Inefficient
Hinders automation – makes simple underwriting attractive
Present & Past
Partially Illegal
Intrusive
Cheap
Efficient
Supports Automated Underwriting (preferred & simple)
Future

17. Block Chain vs Insurance Process
Insurance as a Process
Decentralized
Fully Automated
Future
Shareholder & Policyholder are the same (or not)
Centralized
Partially Automated
Present
Shareholder & Policyholder are different (or not)

18. Other Distribution Options
Messaging Services
WhatsApp, Snapchat, Periscope
Bundling
Within other products (automated bundling)
Free attachment
WIFI linked insurance

19. Fill in Form & Underwrite
Sales Process
Fill in Form & Underwrite
Cold Clients
Warm Client
& Ready to Pay
Pay Premium
Customer Service
Renewal
Need Insurance?
Want
Insurance?
Luke Warm
Not Ready to Pay

20. Conclusion Distribution depends on products
Technology can improve all insurance distribution channels – online as a channel is not mutually exclusive.
Let us review the sales process and look at key emerging trends in technology as a separate entity

21. ?
QUESTIONS

22. Actuarial & Financial Services
Kenbright – established in 1993