Mobile Insurance in Africa
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Transcript of Mobile Insurance in Africa
![Page 1: Mobile Insurance in Africa](https://reader030.fdocuments.us/reader030/viewer/2022021506/589cb58c1a28abbe4a8b68f5/html5/thumbnails/1.jpg)
OLD MUTUAL
MOBILE INSURANCE IN
AFRICA
MANAGING INTERNAL AND
EXTERNAL STAKEHOLDERS WHILE DELIVERING INNOVATION
IN THE MARKET
DAVID O’BRIEN
CUSTOMER ENGAGEMENT AND DIGITAL
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OLD MUTUAL 2
mobile is changing customer expectations
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OLD MUTUAL 3 Source: GSMA Intelligence, KPMG Africa
HAVE A MOBILE PHONE
100
HAS INSURANCE 1
FOR EVERY
31 AFRICANS
BUT ONLY
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OLD MUTUAL 4
mobile solution
mobile strategy
digital strategy
mobile is an enabler
customer value
proposition
business strategy
business vision
customer need
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OLD MUTUAL
THE INSURANCE OPPORTUNITY
5
0%
5%
10%
15%
20%
25%
30%
35%
2013
% Mobile Connections % Insurance Penetration
IN AFRICA, MOBILE NETWORK OPERATORS
CAN ADDRESS A DISTRIBUTION GAP IN THE INSURANCE SECTOR
Distribution Reach
Affordability
Understanding
Familiarity
5
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OLD MUTUAL 6
where are we going
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OLD MUTUAL
THE JOINT OPPORTUNITY
Reduces Churn
Encourages Preferred Customer Behaviour
Supports ARPU
Diversifies Revenue Streams
Build Deeper More Meaningful
Relationships
Insurance is a strong
incentive.
The perceived value of
the insurance benefit is
far greater than the cost
Churn Reduction 10-25%
Yu Mobile in Kenya
reported a decrease in
Churn by 20% with
insurance incentive.
7
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OLD MUTUAL 8
the mobile capability needs two components
simple mobile-ready prepaid insurance admin platform
universal mobile interface
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OLD MUTUAL 9
low cost scalable
integrated with
mobile app
platform
designed for
simple product
mobile admin platform should be fit for purpose
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OLD MUTUAL
[Swaziland]
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OLD MUTUAL
Nigeria
Nam
Bt
Kenya
Land locked country approx.
17000 sq.km
Population = 1 million
GDP per capita = US$ 3,034.22
(2013)
Only one Mobile service
provider (MTN Swaziland)
MTN Swaziland has 800k
customers, 250k registered
Mobile money Users
11
THE KINGDOM OF SWAZILAND
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OLD MUTUAL 12
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OLD MUTUAL 13
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OLD MUTUAL
CREATING INTERNAL AWARENESS
PHASE 1
• INTERNAL EMAILERS
• FLYERS
•AMICUS
•MTN CALL CENTER
14
14
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OLD MUTUAL
EXTERNAL CAMPAIGN
15
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OLD MUTUAL 16
Language – ARPU vs. APE
Risk Tolerance – Insurers practiced at managing risk vs.
MNO’s attitude to the unknown
Scale – MNO revenues dwarf insurance revenues
Partnership Alignment – Finding the right long term
recipe
Identifying stakeholders to be aligned – internal and
external
Challenges
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OLD MUTUAL 17
Leadership – Joint executive buy-in is essential
Alignment – Middle management need to be bought
into the benefits of the model
Sit down – Arrange regular joint team meetings
Practical challenges – Be prepared for unexpected
obstacles
Sell the story – Create the rallying call through regular
communications and updates
Learnings
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OLD MUTUAL 18
think differently
simple – mobile moments
mobile requires us all to
customer is the expert minimum viable product