Innovation of the month: Vida Viva Bradesco’s fresh approach to life insurance | Insurance Blog

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The Efma-Accenture Innovation of the Month acknowledges excellent entrants to the Innovation in Insurance coverage Awards early within the awards program. This month’s successful innovation goes to Vida Viva Bradesco, a Brazilian insurer that’s trying to change the notion of life insurance coverage with their distinctive, pay-as-you-go mannequin.

Traditionally, a life insurance coverage coverage was related to safety for the household in case of dying. Nevertheless, Vida Viva Bradesco has designed protection for anybody from 18 to 80 years outdated, which supplies related protection for every life stage.

Bernardo Castello, Director of Bradesco Vida e Previdência explains the worth of life insurance coverage for any technology:

“Life insurance coverage affords a collection of advantages centered on the standard of lifetime of the policyholder, in opposition to unexpected and sudden losses. Subsequently, it’s a safe different to maintain monetary circumstances so as in the event you can not afford payments as a consequence of sickness, unemployment, or short-term incapacity. Life insurance coverage supplies monetary assist in essentially the most totally different conditions, whether or not for many who have already achieved a situation of independence, with youngsters raised, or for many who nonetheless depend upon revenue to supply to their households. With the assorted coverages and assistances obtainable, in lots of circumstances, it’s extra advantageous to have life insurance coverage than to maintain the cash as an emergency reserve.”

The event of this product is in response to adjustments in buyer wants and international traits. Everywhere in the world, shoppers are on the lookout for extra versatile and customizable merchandise that may be consumed on-demand.

In Bradesco Vida e Previdência’s efforts to attempt to perceive and take up the idea of on-demand merchandise for the life insurance coverage market, they shaped the concept for Vida Viva Bradesco, absolutely customizable and versatile insurance coverage with 17 protection and 12 help choices.

The query stays, how does an insurer make an on-demand life insurance coverage enterprise mannequin work? Castello says, “Shoppers are all for on-demand insurance coverage principally as a result of the value is adjustable primarily based on the chosen utilization or options of the coverage. We see this as a pattern that’s right here to remain in prospects’ lives. Within the case of life insurance coverage, we’ve got from less complicated choices, which supply dying protection with funeral help, to extra complicated and complex merchandise, together with protection that can be utilized in life, an element that has influenced the demand for insurance coverage. The on-demand mannequin supplies the shopper with extra flexibility, agility, and autonomy to suit the coverage to their wants. This format additionally encourages a everlasting assessment of what was contracted, in order that the insurance coverage at all times meets the actual wants of this client.”

He provides, “On-demand insurance coverage affords a comparatively extra reasonably priced premium quantity per insurance coverage coverage and higher flexibility by way of protection and help. In different phrases, the shopper can activate or cancel the contracted product a lot simpler by means of self-service. This kind of mannequin takes a customer-centric strategy, providing merchandise that meet precisely what the shopper wants.”

To date, the market is responding positively. Between June 14 and August 31, 2021, R$ 2.3 million in premiums and 18,000 insurance policies had been issued in solely two and a half months.

Castello concludes, “One of many key latest transformations in Life Insurance coverage is the shift from the idea of safety to that of prevention. As an insurer, this implies working alongside our prospects to construct insurance policies that anticipate dangers and develop into a part of a extra full and constant monetary planning.

Vida Viva Bradesco is an instance of how an insurer can pivot in response to buyer wants and redefine the worth of the product they’re promoting within the course of.

Hannah Moisand, Efma, Head of Content material says, “We had been delighted to see a standard and infrequently static insurance coverage providing delivered to prospects in a related and interesting means. Certainly, the assist supplied to prospects by means of a hyper-personalised on-line expertise is correct on pattern with the business developments wanted to carry insurance coverage into the 21st Century.”

Submissions to the Efma-Accenture Innovation in Insurance coverage Awards are actually closed. Find out more about the selection process, and particulars on the awards ceremony.


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Disclaimer: This content material is offered for basic info functions and isn’t supposed for use rather than session with our skilled advisors.



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