MyWave Takes the Pain out of Health Insurance
Intelligent Personalisation and Health Insurance
Health Insurance is a highly personal and complex product to sell. Once it is sold, customer engagement is typically low unless a claim is made and churn rates can be high.
Intelligent Personalisation is ideal for Health Insurance as well as Health Insurance in the context of Ecosystem based Health and Wellness outcomes.
In today's experience, customers are often given the same long form to fill out regardless whether you are a 27-year-old female or a 72-year-old male. A lot of the information asked for is known or data is available but the customer has to fill in the entire dumb form regardless of relevance of the questions.
With Intelligent Personalisation, MyWave only asks the questions that it does not already know to generate the Insurance outcome. It only asks the questions relevant if you were a 27-year-old female, based on what you want covered and what it does not already know, greatly shortening and personalising the customer experience.
To increase customer engagement and improve Health and Wellness outcomes, under permission and control of the end customer, MyWave can also incorporate data into its ‘Personal Cloud based Brain’ from fitness devices, genome data, medical data, dietary preferences and use that data combined with Health Insurer data and insights to create better Health and Wellness recommendations and outcomes.
Simple Summary Case Study of MyWave and Insurance, ROI in less than 12 Months
Customer Centred Outcome Examples
- Intelligent Insurance experience using all available Personal Data and external Data Pillars combined into seamless Intelligent end to end Insurance Customer Experiences and Outcomes
- Easy, Intelligent Customer On-boarding
- Only asks what it does not already know and contextual to the Individual Person or Business
- Contextually Remembers and Knows the Customer for any Requests or Proactive Followup Actions based on Customer Preferences and Data to Auto Renew, Renew based on if anything has changed or remains the same, Saves Customer time, hassle and effort
- Always contextual to getting the appropriate cover for the person or business
- Know Me, know My Health, help me get better Health and Wellness Outcomes
- Using Big Data and Insights generated by Insurers, Medical practitioners, Health and Wellness practitioners, delivers Intelligent Personalised contextual guidance, proactive recommendations based on what is known and what your goals are - for example 'Help me lose weight', 'Help me quit smoking', 'Help me build muscle', 'Help me reduce stress'
- Remember me and generate contextual relevant outcomes in simple easy steps
Enterprise Benefits from Customer Centred Outcomes deploying Intelligent Personalisation
The Enterprise Business Case includes benefits of
- Automating and simplifying the Health Insurance process to take out cost
- Taking out/freeing up people
- Offloading from the Call Centre
- Deepening Customer Relationship with relevant Personalised Products and Services
- Improving Revenue Growth through more valuable end to end client services
- Reduce Churn and increase Customer Engagement
- Intelligent Personalisation enables redefining the Insurance experience centred on the Customer
- Every interaction is audited and tracked
- Enhancing customer service and customer outcomes centred on the customer
- Increasing NPS (Net Promoter Score)
- Reducing customer drop off by creating an experience which is short, simple and contextual to the customer
- Intelligent cross sell and up sell to next product or service based on personal data
- Ability to create Set and Forget renewals based on remembering and knowing the customer, saving customer time and hassle
- Personalisation at scale for SME clients
- Leveraging Data and Relationships, enabling Ecosystem business relationships around Person, Home and Business - Smart Health and Wellness Ecosystem delivering better Health and Wellness outcomes, saving time, money, leveraging data for the benefit of the Customer and the Enterprise
- Intelligent insurance experience using all available personal data, operational data, sensor data etc
- Always contextual, getting the right cover for the person or business
- Intelligent Health and Wellness services for employees