Innovation of the Month: Vida Viva Bradesco’s Recent Method to Life Insurance coverage | Insurance coverage Weblog

The Efma-Accenture Innovation of the Month acknowledges excellent individuals within the Innovation in Insurance coverage Awards early within the awards program. This month’s successful innovation continues Vida Viva BradescoA Brazilian insurer 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 within the occasion of loss of life. Nevertheless, Vida Viva Bradesco has designed cowl for anybody aged 18 to 80, providing related cowl for each stage of life.

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

“Life insurance coverage presents a collection of advantages centered on the standard of lifetime of the policyholder, towards unexpected and sudden losses. Due to this fact, it’s a protected different to maintain monetary circumstances so as when you can’t afford payments resulting from sickness, unemployment or momentary incapacity. Life insurance coverage supplies monetary assist in essentially the most numerous conditions, whether or not for many who have already reached a state of independence, with kids being raised, or for many who are nonetheless depending on revenue to supply for his or her households. With the completely different covers and help out there, in lots of circumstances it’s extra helpful 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. All over the world, shoppers are searching for extra versatile and adaptable merchandise that may be consumed on demand.

In Bradesco Vida e Previdência’s efforts to attempt to perceive and take up the idea of merchandise on demand for the life insurance coverage market, they shaped the thought 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: “Customers are fascinated by on-demand insurance coverage, largely as a result of the value is adjustable primarily based on the chosen use 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 gone from easier choices, which supply loss of life cowl with funeral help, to extra advanced and complex merchandise, together with cowl that can be utilized in life, an element that has influenced the demand for insurance coverage. The on-demand mannequin presents the client extra flexibility, agility and autonomy to tailor the coverage to their wants. This format additionally encourages a everlasting overview of what’s contracted, in order that the insurance coverage at all times meets the true wants of this client.”

He provides, “On demand insurance coverage presents a comparatively extra inexpensive premium quantity per insurance coverage coverage and higher flexibility when it comes to protection and help. In different phrases, the client can activate or cancel the contracted product way more simply by way of self-service. Any such mannequin takes a customer-centric method and presents merchandise that meet precisely what the client wants.

Thus far, the market is responding positively. Between 14 June and 31 August 2021, R$2.3 million value of premiums and 18,000 insurance policies had been issued in simply two and a half months.

Castello concludes: “One of many key current transformations in life insurance coverage is the shift from the idea of safety to that of prevention. As an insurer, this implies working with our purchasers to construct insurance policies that anticipate dangers and grow to be 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 promote within the course of.

Hannah MoisandEfma, head of content material says, “We had been delighted to see a conventional and infrequently static insurance coverage providing delivered to prospects in a related and fascinating manner. Certainly, the assist supplied to prospects by way of a hyper-personalized on-line -experience is correct on pattern with the trade developments wanted to convey insurance coverage into the twenty first.^St century.”

Submissions to the Efma-Accenture Innovation in Insurance coverage Awards at the moment are closed. Learn more about the selection processand particulars concerning the award ceremony.

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Disclaimer: This content material is offered for basic info functions and isn’t meant for use instead of session with our skilled advisors.