“Make it Better, Do it Faster, Makes us Strong”
with the Dacadoo Health Risk Quantification
by Blake Hill, FSA, FCIA, dacadoo
Henry Ford is credited with inventing the assembly line, a method for greatly accelerating the production of his automobiles while at the same time increasing quality. This business revolution was necessary for Ford to achieve his goal of great car ownership in the population.
Life insurance has also utilized the assembly line approach to business, and like Henry Ford, the goal is to offer more customers an efficient and affordable product.
The assembly line has been fined tune, reworked, and reimagined with the introduction of robotics, and data analytics to bring continuous improvement to the final customer product. Many insurers are now in the process of retooling their own assembly lines to meet consumer demands to deliver “better, faster, and stronger” products and customer experiences. The inclusion of robotics and data analytics will play a powerful accelerating factor in this redesign, leading insurers to find new data sources, particularly regarding the health risks of their customers. Insurers will need to partner with data providers to offer their time sensitive customers the products and experiences they desire.
The world is constantly accelerating, at least that’s how it feels for most people. We are living in a time of great technological advancement where the pace of change is exponential. Time has not accelerated, but our expectation of what we can do with our time has. Customers expectations for how long it should take to research, buy, and receive services are constantly shrinking, driven by the speed of innovative services in their life.
When pizza delivery was first guaranteed to arrive in 30 minutes or the pizza would be free, it changed customers’ expectations for the delivery of everything. Now consumers expect to see where their Uber is and how long it will take for their ride to arrive before they even choose to buy. This evolution has so changed the paradigm of customer expectations that the entire taxi business has been disrupted and may now face extinction.
“Consumers’ last best experiences often define their new standard by which all future experiences are evaluated.”
Consumers’ last best experiences often define their new standard by which all future experiences are evaluated. Think of how many times you were frustrated with an experience dealing with a company and you thought to yourself “why can’t this be more like …”. The insurance-buying customer is not immune to this expectation reframing, and insurers need to constantly improve their customers’ experience to meet this expectation. The dacadoo Health Risk Quantification supports Insurers to meet this critical need!
dacadoo Health Risk Quantification (HRQ) provides insurers solutions to improve the buying experience of their customers. dacadoo HRQ also has the power to be utilized in a broad set of data analytics, adding significant value for the operations and financial management of their customers and business. Insurers can utilize the dacadoo HRQ data analytics to customize their interaction with customers in areas of specific concerns rather than treating everyone the same (make it better), allowing for the buying process to be simpler (do it faster), and with the dacadoo HRQ the self reported data can be validated (makes us better). The dacadoo HRQ is built on over three hundred million (300 000 000) life years of data, providing a very strong and robust model for insurers to rely on.
To help insurers know their customers’ health, the dacadoo HRQ Risk Engine provides a detailed set of data that includes all-cause mortality and chronic disease risks over the next 15 years. In addition to the assessment of risks, the dacadoo HRQ Risk Engine provides imputed (estimated) values for up to 100 variables regarding an individual’s health across the spectrum of body, lifestyle, and mind.
“Daft Punk popularized the theme 'better, faster, stronger' in their song 'Harder Better Faster Stronger', first released in 2001. With its catchy beat, assembly line like lyrical flow it has been a fan favourite around the world for many years.”
Insurers can also improve customers’ buying experience by helping to frame their expectations and reward them for sharing information during the buying process by providing their customers an easy to understand measure of their health. The dacadoo HRQ Health Score is a customer friendly view of relative health that measures health on a scale of 1-1000. The benefit of such an easy to understand metric is that it can be compared across ages and sex. The dacadoo HRQ Health Score is built on the same rich model, using over three hundred million life years of data.
Your insurance company needs the dacadoo HRQ to “work it harder, make it better, do it faster, makes us strong”. To learn how to incorporate dacadoo HRQ into your business to delight your customers and increase your business please reach out to us at dacadoo.com