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

This month’s Efma-Accenture Innovation recognizes outstanding participants in the Insurance Innovation Awards early in the awards programme. This month’s winning innovation goes to Vida Viva Bradesco, a Brazilian insurer looking to change the perception of life insurance with its unique pay-as-you-go model.

Historically, a life insurance policy was associated with protecting the family in the event of death. However, Vida Viva Bradesco has designed coverage for anyone between the ages of 18 and 80, which provides coverage suitable for every stage of life.

Bernardo Castillo, Director of Bradesco Vida e Previdência explains the value of life insurance for any generation:

Life insurance offers a series of benefits that focus on the quality of life of the policyholder, against unexpected and unexpected losses. Therefore, it is a safe alternative to maintain financial conditions in the event that you are unable to afford the bills due to illness, unemployment or temporary disability. Life insurance provides financial support in most different situations, whether for those who have already achieved a condition of independence, with children who have been raised, or for those who still rely on income to support their families. With the various coverages and benefits available, in many cases it is better to have life insurance than to keep the money as an emergency reserve.”

The development of this product is in response to changes in customer needs and global trends. Consumers around the world are looking for more flexible and customizable products that can be consumed on demand.

In Bradesco Vida e Previdência’s efforts to try to understand and assimilate the concept of bespoke products for the life insurance market, they formed the idea of ​​Vida Viva Bradesco, fully customizable and flexible insurance with 17 coverages and 12 ancillary options.

The question remains, how does an insurance company make an on-demand life insurance business model? Castillo says, “Consumers are interested in on-demand insurance mostly because the price is adjustable based on the chosen use or features of the policy. We see this as a trend that is here to stay in customers’ lives. In the case of life insurance, we have simpler options, which offer funeral assisted death coverage , to more complex and sophisticated products, including coverage that can be used for life, a factor that has affected insurance demand.An on-demand model provides the customer with more flexibility, agility and autonomy to tailor the policy to their needs.This format also encourages constant review of what contracted, so that the insurance always meets the real needs of this consumer.

He adds, “On-demand insurance offers a relatively reasonable premium amount per insurance policy and greater flexibility in terms of coverage and assistance. In other words, the customer can activate or cancel the contracted product more easily through self-service. This type of model takes a customer-centric approach, where Offers products that meet exactly what the customer needs.

So far, the market is responding positively. Between June 14 and August 31, 2021, R$ 2.3 million premiums and 18,000 policies were issued in just two and a half months.

Castillo concludes, “One of the recent major shifts in life insurance is the shift from a concept of protection to a concept of prevention. As an insurer, this means working alongside our clients to build policies that anticipate risk and become part of more complete and consistent financial planning.”

Vida Viva Bradesco is an example of how an insurance company can pivot in response to customer needs and redefine the value of the product it sells in the process.

Hannah Moesand, Head of Content at IFMA says, “We were delighted to see our traditional and fixed insurance offerings presented to customers in a convenient and engaging way. Indeed, the support offered to customers through a highly personalized online experience is perfectly in line with the industry developments needed to bring insurance to 21street a century.”

Submissions for the Efma-Accenture Insurance Innovation Awards are now closed. Learn more about the selection process and award ceremony details.

Get the latest insurance industry insights, news and research straight to your inbox.

Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.

Leave a Reply

Your email address will not be published. Required fields are marked *