On this episode of the Scouting For Growth podcast, Sabine VdL talks to Federico Spagnoli, President and Head of Emerging Markets Ecosystems for Prudential Financial LATAM.

Federico is well known for his work launching Vitality in South America and providing health services to over 1.5 million South Americans, who can today download an App from their mobile device to get access to a multitude of health services.

During this podcast, Sabine and Federico evaluate 1) Federico’s vision about enhancing people’s physical, mental, and financial wellness, 2) where the world of health insurance is going regarding protection and prevention, 3) strategic distribution by augmenting the broker channel, and 3) tips for those interested in monetization models.

KEY TAKEAWAYS

• I joined Prudential 6 years ago doing an executive program with SAID in Oxford University focusing on disruption and innovation. Part of the theme of my paper was about disruption in the insurance industry because we haven’t seen this in the industry in many years. When I started focusing on the critical driver affecting our customers. I realized there were a lot of opportunities there for us to start thinking very differently about how we approach business today.
• These past six years have been the first time I’ve worked in the life insurance industry. I was asked why life and health insurance companies aren’t doing more to prevent conditions and situations that eventually will become a claim, like high cholesterol, which – in some instances – will include a pill that can reduce mortality rates by 50%. That led me to look at the aging population, which, along with global warming, is one of the biggest challenges we’re facing as a society. We need to look at the ability to retire comfortably and the ability to afford rising healthcare costs. This made me think about a lot of new technologies and data capabilities that are coming to market that life insurers could use to start preventing, anticipating, and mitigating bad conditions.
• Mortality risk is not top of mind for customers because today we live longer. The problem we face today is about an aging population and how we can reduce the risk of being unhealthy through behaviour change. Physical, mental, and financial wellness is the ability to understand your emotions around money, develop healthy emotions as well as literacy around money and wellness. Physical, mental, and financial wellness also encompass the tools and strategies that help you feel secure and in control of your personal life.
• The insurer can engage directly with the customer through the SuperApp where behavioural economics and gamification allow for the insurer to influence the customer’s behaviour providing annual physical checks and rewards through coins, integrated to a marketplace with choices for rewards, and continuously bringing fresh and interesting content to the viewer.

BEST MOMENTS

‘If you follow a customer-centric approach, we cannot view customers with one lens – not being able to afford healthcare could relate to mental health because I have anxieties and these also affect your physical health – all generated by limited financial means. We have to look at them altogether and provide an integrated single solution.’
‘We’re now shifting from life insurance protection to lifetime protection.’
‘New generations are thinking more about global warming, social impact, financial inclusion, and a more balanced lifestyle. For the insurance industry, we are already connecting with these customers over a long period of time, because of the nature of the insurance that we sell. We can start introducing a number of solutions as part of a platform that can address and be much more relevant to our customers’ needs and behaviours and influence them.’
‘Customers that are using the Prudential platform provide a Net Promoter score that is twice higher than those customers that don’t use the platform. The highest level of satisfaction has a direct impact on renewal rates, and platinum customers show higher life expectancy and lower claims ratios.’

ABOUT THE GUEST

Federico Spagnoli is passionate about Ecosystem/Strategy and Innovation. General and Life Insurance professional with international experience. Expertise in re-underwriting insurance portfolios, strategic planning, M&A, and business development.

Over 6 years in Prudential Financial. PII Regional President of Argentina, Mexico, Chile and Peru (through the JV with ILC/Habitat AFP). Direct responsibility for Prudential Seguros Argentina and Prudential Seguros México.

Responsible for managing the PII's relationship with AFP Habitat and acting as the Europe - Latin America head of strategic business development.

Member of the Board of Directors of Prudential Seguros Mexico and AFP Habitat

Specialties: Ecosystem Development, Strategic Thinking, InsurTech, Innovation, Underwriting/Pricing, Portfolio Management, Multi-distribution management, Product Development, Direct Marketing, Strategic Planning, M&A

About Prudential Financial:

Prudential Financial (NYSE:PRU) was founded on the belief that financial security should be within reach for everyone, and for over 140 years, Prudential has helped our customers reach their potential and tackle life's challenges for now and future generations to come. Today, we are one of the world’s largest financial services institutions, offering individual and institutional clients a wide array of financial products and services. With operations in the United States, Asia, Europe, and Latin America, we are known for delivering on our promises to our customers and are recognized as a trusted brand and one of the world’s most admired companies. Prudential also has one of the most recognized and trusted brand symbols: The Rock®, an icon of strength, stability, expertise, and innovation. Prudential measures its long-term success on its ability to deliver value for shareholders, meet customer needs, and attract and develop the best talent in the industry. We offer an inclusive work environment where employees can develop to their full potential and give back to the communities where we live and work.

ABOUT THE HOST

Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew, a venture lab that accelerates the curation, validation, and commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers and accelerating over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.

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