9th asian insurance ceo summit mar09pdf
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David PiesseGlobal Head of InsuranceSun Microsystems, Inc.
Hong Kong
Monetizing and Marketing Insurance
through Virtual Worlds
9th CEO Asian Insurance Summit
Hong Kong March 25th 2009
Claus NehmzowManaging Director
ALCUS International Ltd.Hong Kong
1Friday, 27 March 2009
© Alcus International Ltd. 2009
3D “Virtual Worlds” and Insurance
• Challenges for Insurance CEOs
• Virtual Worlds
- What are virtual worlds
- Applications of virtual worlds in business & education
• Application to Insurance
- Potential across insurance applications
- “A day in the life of an insurance sales person”
- “A day in the life of an insurance customer”
2Friday, 27 March 2009
© Alcus International Ltd. 2009
Challenges for Asian Insurance CEOs
• Doing more with the same or less marketing budget
• Greater outreach on product launches
• Connecting with “Generation Y”, both as customer and employee
• Reducing fraud and mis-selling
• Improved compliance
• New channels for addressing micro finance and islamic finance
• Concern about more disasters: e.g., pandemic
• No bricks and mortar bancAssurance
3Friday, 27 March 2009
© Alcus International Ltd. 2009
Data,Activity
People
Me
Web 1.0Standard Web Focus
Web 2.0Productivity Focus
Next Generation Internet
4Friday, 27 March 2009
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1
Generation Y: “Screenagers”
Screenagers
Source: IDC
5Friday, 27 March 2009
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Multi Channel Distribution
Best of Breed Insurers
Affinities / Retailers
Virtual
Worlds
Telco's/Rural/
Semi-Urban
Banks/Post
Offices
Global Insurance
Service
Agents and Brokers
Connecting brands and their customers with insurance products
and underwriting capacity.
Connecting insurers with niche distribution channels and brand
loyal customer segments.
6Friday, 27 March 2009
VIRTUAL WORLDS
7Friday, 27 March 2009
© Alcus International Ltd. 2009
Virtual worlds continue to attract investment and a growing number of users
• Virtual worlds today have more than 300 million users
- ... with 70% younger than 18
- 1 billion users predicted for 2012
• $919 million invested in virtual world companies for 12 month prior Oct ’08
- $1 billion prior to Oct ‘07 (Virtual Worlds Management)
• Virtual goods represent a $1.5 billion market
- ... $60 million per month virtual goods traded in Second Life alone
Source: KZero, July 2008, Park Associates: Oct ’08, Strategic Analysis, Oct ’08, Virtual Worlds Management, In-Stat, Nov ’08, Virtual Greats
8Friday, 27 March 2009
© Alcus International Ltd. 2009
Virtual world: a real-time, shared experience
InteractiveAnonymous
Co-PresencePresence
Spatial
9Friday, 27 March 2009
© Alcus International Ltd. 2009
Age 8Age 30+
StardollMeez
Second Life15m
Mycosm
FootballSuperstars
LEGO Universe
Cars
IMVU
20m
vSide
vMTV 3mThere
Near
Robot Galaxy
Franktown
Club PonyPals
sMeet
Vizwoz
Habbo100m
Gaia
13m
Kaneva
Action Allstars
7m
goSupermodel
Whyville 3m
Home
PoptropicaWebcarzz
My Animal Family
Cyber Town
Moshi Monsters
Chapatiz
Webkinz
Handipoints1m
Club Penguin
45m
Twinity
19m
2m
Utherverse 2m
Black Mamba
Hello Kitty
HiPiHi GeoSimPhilly Amazing
Worlds
Xivio
Vivaty
Whirled
Barbie Girls
Chobots
Empire of Sports
Kiwi Heroes
6m
Frenzoo
Woogiworld
Jumpstart
Konstruction Zone
2m Buildabearville
20m
15m
SportsBLOX
My Mini Life
ERepublic
1m
Activeworlds 1m
Chugginton
SmallWorlds
Kidstudio
Live or open beta
In development/private betaCopyright K Zero 2008
Permission required prior to republishing
Launched in
vLES
Onverse
iheartland
Medikidz
Interzone
Kidscom
Lively
1.5m
No data shown for worlds under 1m registered accounts. Includes estimates.
www.kzero.co.uk21m
KooDooZ
SceneCaster 2m
Virtual Tweens
Planet CazmoGrockit
Digital DollhouseNeopets
Massively Me
10Vox
Oddcast
Green
Spineworld
MinyanLand
ClubCooee
1m
EGO
Visitoons
1.5mWeblin
24mWeeWorld Taatu
Muxlim
Rocketon
Age 5
2009
2008
2007
2006
2005
Yoggurt
Ourworld
Faketown
Closed/closing
Age 20
Age 25 2009 2008 2007 2006 2005
2005
2006
2007
2008
Age 15
2009
Age 13
Age 102005 2006 2007 2008 2009Dizzywood
Coke Studio
Virtual Worlds Registered Accounts Q4 2008
10Friday, 27 March 2009
© Alcus International Ltd. 2009
Private and public sector organizations are using virtual worlds for serious business
•recruiting•training
•developer partner network management
•b2b marketing
•internal collaboration
•IT training
•Internal sales conferences
•collaboration
•surgeon training, operating theatre
•conferences
•design collaboration
•academic education•conferences
•consumer marketing
•cruise missile launch training
•recruiting•training
•health care seminars
•Recruiting•b2b marketing, conferences
11Friday, 27 March 2009
© Alcus International Ltd. 2009
L’Oreal has experimented with “experience marketing” in virtual worlds
• Consumer marketing in Second Life• Playing with scale and experience
12Friday, 27 March 2009
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Cigna has launched a virtual healthcare pilot, integrating web...
• Custom brand experience
• Registration easy and simple
• Consistent branding, visual language, graphic design
• Circular, extensible design
• Emphasis on human interaction
13Friday, 27 March 2009
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... virtual seminar, social community, interactive learning, and games
Source: Cigna, vielife
14Friday, 27 March 2009
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Lenovo is piloting a 3D training and sales environment
• planning to train 15% to 20% of its sales force to interact with customers and prospects via Lenovo eLounge
• expect 40-50% conversion rate (compared to 25-30% on phone)
• built on Nortel’s “web.alive”
Source: Nortel, ThinkBalm
15Friday, 27 March 2009
© Alcus International Ltd. 2009
Sony Electronics conducted virtual trade show
• staged trade show for professional broadcasting equipment
• attracted thousands of visitors
• replaced conventional 15 city (with 200-400 attendees each)
• estimated 50% cost savings
• used InXpo’s virtual event platform
Source: VentureBeat, January 2009
16Friday, 27 March 2009
© Alcus International Ltd. 2008
IBM: “fifth of cost / no jet lag” -- ROI of $320,000 on $80k investment
• meeting with >200 participants, held in late 2008
• specifically designed meeting place for keynotes, breakouts, 3D server & green data center illustrations
• starting with one annual event, laying the base for ongoing meetings
• IBM’s “Virtual Community Group” has 6,100 members
• used stand-alone, behind firewall Linden Lab version of SL
Source: IBM/Linden Lab case study, March 2009
17Friday, 27 March 2009
© Alcus International Ltd. 2009
Retailers are starting to experiment with “talking heads” to connect to customers
• “talking head” avatars give more sense of reality to interactions
• applications include customer services and sales
• some talking heads front Artificial Intelligence engines...
• ... others have human operators behind them
Source: USA Today, Asia Risk Technologies
18Friday, 27 March 2009
© Alcus International Ltd. 2009
Microfinance (lending, insurance) are starting to experiment with virtual worlds
• Peer-to-peer micro lending provider Kiva has a small “presence” in Second Life
• Barnett has created a place in Second Life for villages to display their programs by building replicas of their projects.
• Both seem currently a bit like “web pages in 3D” but might come to live with presence of people and live events
Source: visit to Second Life
19Friday, 27 March 2009
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Wells Fargo’s “Stage Coach Island” virtual world - fun and education
• A social space, not just a game
• Games, socializing, Bingo, virtual currency, quests
• Education on money management, budgeting, students loans, credit cards
• Integrated with Facebook
Source: We$s Fargo website, stagecoachisland.com, Facebook
20Friday, 27 March 2009
VIRTUAL WORLDS AND INSURANCE
21Friday, 27 March 2009
© Alcus International Ltd. 2009
3D virtual worlds can yield benefits across many parts of the insurance life cycle
Product Definition/Assembly
Sales Force Training
Product Launch
SalesCustomer Service / Claims
• brainstorming• partner
communications• internal
communication
• communication• interactive
seminars• role-play• help with PR
• pre-launch meetings
• sponsor/embed with relevant partners (e.g., household ins & greener living)
• edutainment
• “experience marketing”
• compliance• “risk island”• interactive
education• public, small
group and private sessions
• customer service centers
• use waiting time to cross sell
• customer self-help
• travel/time savings• more open,
creative ideas
• broader reach (age, location)
• better accessibility, inclusion
• travel/time savings
• time-to-market• better explanation
of complex or controversial products
• overcome “insurance sales man” syndrome
• easier to education complex products
• anonymous allows simulated claims reducing fraud
• improved customer experience
App
licat
ion
Ben
efits
22Friday, 27 March 2009
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Bank Assurance: another opportunity using a virtual world channel
• A virtual world is uniquely positioned to integrate and link different offerings
• Environments and locations can be dynamically changed and adapted
• The spatial character allows more subtle integration than a flat link on a web page
23Friday, 27 March 2009
© Alcus International Ltd. 2009
Benefits from using immersive environments include cost, time, and customer orientation
• Immersive environments and real-time dialogue better suited for complex products and training
• Better compliance (consumers / audit, and internal training)
• Time and cost savings through reduced travel
• Mitigation against impact of potential pandemic on conventional communication
• Avatar allows to shield cultural differences and reservations against direct sales contact
• Medium equally well suited (but for different reasons) for younger and older audiences
24Friday, 27 March 2009
© Alcus International Ltd. 2009
Willy Wong, head of sales, presents a new microfinance product to his sales force
• Willy logs on from his home computer, presenting the new product to the global sales force
• People around the world, regardless of location or physical limitations, attend the conference
• Muslim women join from their local community center’s computer
• After the main conference, participants break out into smaller work groups
• The seminar space allows frequent sessions to accommodate various time zones
The fo$owing video i$ustrates a possible virtual world scenario
25Friday, 27 March 2009
© Alcus International Ltd. 2009
Yuki (21) chemistry student from Japan, attends a career planning seminar
• Yuki researches career planning, joins a Facebook group, learns there about a career event, with several Pharma companies present
• Joined by two friends from different cities and a cousin from New York, she attends the career fair
• As the event is sponsored by the insurance company, the stumbles into an virtual info booth during the break and talks to the representative
• After the fair, she teleports to a private consultant on health insurance
26Friday, 27 March 2009
© Alcus International Ltd. 2009
A virtual world channel should be integrated into the wider “Web 2.0” - on PC & mobile
Insurance Virtual World
27Friday, 27 March 2009
© Alcus International Ltd. 2009
Broadband penetration and propensity for virtual worlds: huge potential of Asia
75
8
66 USA
Canada
13
##: broadband subscribers (millions) ##: minutes/broadband user/month
9.6
North America Latin America Europe Asia
15
4.87.4 Brazil
Mexico11.0
Argentina3
currently no significant usage: Potential
Chile
2.23.9
16
Source: Linden Lab, OECD, Wikipedia, Alcus analysis
84
17.4 Germany 12.7
10.1
20
U.K.14.4
8.1France14.3
8.8Italy9.38.3Spain7.5
15.6Netherlands7.54.1Poland3.04.1Sweden2.68.5Belgium2.57.3Switzerland2.36.4Denmark1.9
12.6Portugal1.56.8Austria1.5
RussiaTurkeyRomaniaIsraelFinlandNorwayCzech RHungaryIrelandGreece
32
27.1 Japan 4.8
9.6Australia4.7
China66.5
Korea
SingaporeIndonesia
95++
Taiwan
Hong HongVietnam
India
New ZealandMacao
14.4
12.9
Broadband penetration and virtual world usage (example: Second Life)
28Friday, 27 March 2009
© Alcus International Ltd. 2009
There are multiple technical platforms out there to support business virtual worlds
• Second Life by Linden Lab
• Olive by Forterra
• Wonderland by Sun (Industry analyst Nic Wilson: “we consider it to be one of the most exciting, and potentially game changing virtual world applications currently in development.”)
• Open Sim(by mid 2009), open source
• Protosphere
• Qwak
• others
29Friday, 27 March 2009
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Wonderland: Sun’s open source virtual world
30Friday, 27 March 2009
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