MY Health Age is one of 10 Innovation Ambassadors 2022, selected from 86 initiatives in 21 countries and 24 entities. Discover in this interview the project presented by the korean team.
Tell us about your project: its main focus, what is it about, how it came about, and what it will bring to BNP Paribas Cardif.
What is about:
MY Health Age service is BNP Paribas Cardif Korea’s first healthcare service to meet customer's interest and needs for a healthy life. This project for this service and product development is initiated under the Asia Innovation Factory (cohort #3), which provided oversights at iBoards, sessions that frame innovative projects in Asia.
The service analyzes the policyholder’s latest medical checkup information registered in the National Health Insurance Service through scrapping technology, and compares their current health status with their biological age in an easy-to-understand manner.
To help customers maintain their health, customized health advice related to exercise and diet is also offered. Through the alignment with a tailor-made product, up to 10% of the main policy premium will be discounted if a customer is younger than the chronological age in terms of his/her health age.
How it came about:
In line with company's long-term business strategy 'Ambition 2025,' our vision in the protection market is to be a protection and CPI specialist. One of strategic directions for the vision is to reinvent a new protection business model. For this, various customer-value driven solutions are necessary and should be innovative and thoroughly reflect the needs of the market.
Following this strategic direction, an agile team set out to identify major pain points to customer health and adapt its new "MY Health Age" solution to address them.
3 major pain points:
ㆍ Customer gets medical check-ups regularly but doesn’t understand the details of his/her current health status
ㆍ Customer gets health information based on medical check-up but doesn’t know how to manage it
ㆍ Customer is not motivated to improve their health without specific reward but difficult to get it from the current health care service
3 major services to address 3 major pain points:
ㆍ An easy-to-understand & reliable medical analysis with health age check
ㆍ Personalized health coaching contents (workout/food/nutrition)
ㆍ Premium discount up to 10% of main policy as the reward for being healthy
What it will bring to company?
We estimated business results for the corresponding service and product:
ㆍ Brand recognition as a protection provider in addition to the strong position as unit-linked products specialist in Korea
ㆍ Expansion of CPI (Consumer Price Index) value proposition by combining with the health care service and providing premium discount benefits
ㆍ Enhancement of partner and customer relationship with added-value service in the saturated insurance market in Korea
What did you find most striking/surprising during this project?
The official launch of the service and product a year ago resulted in high user satisfaction. The challenge for the team then focused on increasing the rate of service users.
In April, the latest iBoard expanded with parallel internal and external disruptive factors, such as business priority based on limited resources and the external system. The team, which is new to the health field, has identified new opportunities ahead for the system and culture that must evolve in order to foster the emergence of new ideas.
What advice would you give to employees who also want to innovate?
When the ambition is to create innovation or change in an area, we recommend not being afraid to discover or try new ways of collaborating, with new people.
It is no exaggeration to say that our project team communicated and cooperated with all the departments across the company to develop and release a new service and product that has never been seen before.
In the context of the pandemic, communicating with many sectors has proven difficult, requiring greater perseverance and attention to the goal employees have set for themselves to set change and innovation in motion.
We liked to take this opportunity to express deep appreciation for all colleagues beyond the project team who contributed to the great teamwork for this project. In-depth knowledge and experiences of project team members in the insurance industry were the strong points of our project team making the early idea into the real service and product.
As seen in the profile of each members, the agile team for this project is composed of members from diverse business functions such as Product, IT, Sales, Operation, Business Process, and Marketing. Each member’s expertise was a good driving force for this project with commitment.
Members of BNP Paribas Cardif Korea's MY Health Age project team