Ocidental uses popular device to bring insurance to the masses

Efma feature

17 May 2017

Portuguese insurance provider Ocidental has won Best Disruptive Product or Service in the Global Innovator Award category at the 2017 Efma-Accenture Innovation awards. We speak with Gustavo Barreto, the company’s general manager for Strategy and Business Development, to find out more about the winning innovation.

How does it feel to be named Best Disruptive Product or Service in the 2017 Efma-Accenture Innovation in Insurance Global Innovator Award category?

It is an honour to receive such a prestigious award, especially considering that we were chosen from more than 200 innovations worldwide. The team from our company that participated in this initiative is very excited. They feel a great sense of pride and accomplishment for the work they’ve put in.

Tell us about your winning innovation. What problem does it solve?

Our key driver was to reach out to the wider community through the most commonly used communication channel – the TV – enabling us to present a relevant message at the right time to every consumer’s living room.

By allowing our customers to contact us through the TV, the solution increases our proximity to them and adds another touchpoint to our service offering. Customers can interact with us from the comfort of their own homes in a more innovative and disruptive way.

Using their TV remote control, consumers are already able to search for Médis health providers near their homes, receive their contacts and map location on their mobile, and get a quote on a personalised health insurance plan. Our TV solution will also incorporate real-time doctor appointments, telemedicine through the TV and health prevention tutorials.

But this is just the start of a much bigger ambition. We want to make it possible to directly buy motor, pet and travel insurance through your TV remote control. We believe this is a breakthrough in the insurance sector. Beyond this, we’re also developing a notification platform using powerful analytics and geolocation technology to generate real-time alerts in areas covering health and natural disasters, helping populations better prepare themselves or improve their chances of rescue following a major event.

Finally, we’re able to establish a direct sales and service conversation with customers and prospects, via the most used and broadly available communication channel, also known as the TV.

Why is your innovation disruptive?

The project represents a move towards disruptive innovation. Interactive TV-commerce platforms are a greenfield within the latest set of interactive and bi-directional TV services that are now emerging and being rolled out by TV and telco companies worldwide. Launching such a solution via this channel is a first and, so far, unique move for an insurance company.

But this approach goes far beyond being just a TV sales channel. Providing relevant and timely recommendations will help to reduce risks or even avoid them, taking advantage of the richness of IPTV self-servicing capabilities.

Through this disruptive solution we expect to have a significant impact on the consumer and society as a whole.

What is the most exciting trend you see emerging?

I see more and more widespread use of technology (such as artificial intelligence) and digital capabilities powered by strong analytics as accelerators of new solutions for insurers and other players to build more relevant and engaging value propositions for customers. But finding a good blend between technology and human interaction will be key for this emerging trend to be a success.

Why should insurers submit their innovations for the 2018 awards?

First of all because it is great to interact with other peers in the sector and see what the best are doing in our industry. But, personally, I believe that even greater than the external impact of such an award is the chance to recognise our own people who put a lot of hard work into making innovations like this possible. It motivates them to continuously believe that an entrepreneurial mindset pays off.

See this innovation case study and many more on our Innovation in Insurance portal

Keywords : Digital/Mobile channels , Insurance Products & Services , Innovation

Geography : Portugal