MetLife Asia Limited - Innovation in Health & Wellness

Company: MetLife Asia Limited, Hong Kong
Category: Award for Innovation in Health & Wellness

Nomination Title: MetLife Asia – Introducing 360Health to APAC

Essay:

In Asia, people are living longer than ever before, meaning the possibility of suffering from illnesses has subsequently increased. MetLife’s research, based on feedback from more than 30,000 customers, shows that that longevity alone is not enough – 72% of respondents were more concerned with ensuring a good quality of life than living longer. However, most of them believe they aren’t currently doing enough to manage serious illness. In response to this concern, MetLife developed a first-of-its-kind health solution, combining products, service, and experience, that goes beyond traditional life insurance: 360Health. Unlike other health insurance providers that focus only on fitness or wellness, MetLife introduced this pioneering end-to-end solution to play a more meaningful role in helping customers manage the uncertainties brought about by serious illness.

A Revolutionary Health Solution

360Health focuses on addressing the specific needs of people in Asia, shifting from “Lifespan” to “Healthspan.” Based on the customer insights, 360Health concentrates on the five key serious health conditions that are of particular concern in the region: cancer, cardiovascular disease, diabetes, dementia, and mental health. By partnering with medical advisors and academic institutions, 360Health is able to understand the unique needs of customers and offer relevant solutions throughout their whole journey.

360Health combines financial protection, value added services, and customer experience across a “Care Pathway” for customers. This is essentially a roadmap for customers to enhance their “Healthspan” with MetLife’s experts through:
•Prevention: Information and guidance for better understanding and prevention of serious illnesses
•Early diagnosis: Advanced screening and diagnostics technology provision
•Access to treatment: Access to leading medical facilities and professionals for treatment
•Ongoing care: Support with managing serious illness during rehabilitation
•Financial support: Cash payments to cover treatment costs, loss of income, and other life expenses

Innovative Delivery Powered by Healthcare Technology

The solution also comes with a digital engagement platform that has been co-developed with leading-edge health-tech startups to ensure an intuitive, simplified, yet personalized experience.
-In Korea, a cardiovascular test app has been developed to accurately measure blood pressure through a smartphone camera lens.
-In China, 360Health provides an easy access “One Click Call” through WeChat. In Japan, the “Digital Brain Health Assessment” can help detect dementia early.

Delivering Value to Asian Customers and Businesses

As a regional solution designed for Asian audiences, 360Health is built with the flexibility to implement solutions and experience so as to best address local priorities, thus generating notable business success and winning numerous awards. It was launched in China by providing a series of health solutions and a one-stop WeChat service integration across Care Pathway, which proved successful.
•Generated new sales of $184 million in 2019 (61% increase YoY)
•Achieved $138 million in new sales and 30,000 new polices in agency channels alone in 2019 In South Korea, 360Health introduced a first-of-its-kind tiered health service program linked with products to provide holistic health management, which brought substantial returns.
•Tiered health service program resulted in $162 million in total new sales in 2019
•A market-first, disease-specific solution boosted new health product sales by 394% vs. the projection in 2019

Most recently, Australia has streamlined its Health and Wellness services under the 360Health platform to serve key business clients, including the VicSuper and Hostplus superannuation funds, which collectively insure over 1.5 million Australians.

Beyond the Horizon

Working with LumenLab, its innovation center in Singapore, MetLife will continue to further revolutionize the consumer experience through its innovative services such as Vitana, a blockchain-enabled insurance system that provide hassle-free claims and payouts. 360Health’s success in Asia has elevated MetLife Asia into becoming a regional health leader. In 2020, 360Health will be rolled out in Japan, Bangladesh, and Nepal. Soon, it is expected that the platform will also be introduced in Latin America, the Middle East, and Europe.

Links:

https://www.metlife.com.au/360health/

https://www.metlife.com.cn/about-us/our-brand/360-health/

https://www.metlife.co.kr/about-us/about-metlife/mlk-overview/360health-overview/