Insurance Innovation Award - Nedbank Insurance

1. 31 July 2018
Nedbank Insurance. Digital
Smart Geyser Telemetry & Nedbank Insurance Chatbot (NIC ) Overview
April 17th 2018

2. 2
Smart Geyser Telemetry
Smart Geyser is the first step in Nedbank Insurance’s Internet of Things (IOT)/ Connected Home journey.
• Consists of an telemetry device and sensors, installed on a HOC customer’s geyser, synced to an app downloaded onto the customer’s smart phone.
• Developed under Nedbank’s Digital Fast Lane (DFL), Smart Geyser is the first project to land as part of the Group ‘s IOT Connected Home strategy.
• The pilot had three aims:
• To test the most effective distribution models – targeting HOC customers, both Nedbank Insurance and External (switching).
• To test a hypothesis based on insight that customers want to save electricity and manage geyser energy consumption.
• To test a hypothesis that Nedbank Insurance is able to significantly reduce resultant damage to customers’ homes due to burst geysers,
because of the automatic water and electricity shut off feature .
• The pilot relied on a phased approach, based on Agile methodology- release of Minimal Viable Product (MVP), followed by constant and iterative
distribution model testing and improvement. Decision on CVP and Business As Usual roll out to be made based on pilot performance and learnings.
Pilot Highlights
• Pilot HOC Customer Sales, Nov 17 – Mar
18. Target: 500.
• Customers signed up as at 31st Mar: 414.
• Installations as at 10th Apr: 201
• Cape Town: 64.
• Johannesburg: 137.
• Burst Geysers during pilot: 3.
• Resultant Damage: R0 (anecdotal).
• Energy Savings R20 per day, R600 pm.
The Smart Geyser Telemetry Story

3. 3
Smart Geyser Telemetry. Journey to Date
Mar 17 July 17 Aug 17
Ideation
 Geyser
telemetry Idea
development.
 Refinement
based on
customer
insight.
Aug 16 Jan 17 Sep 17
Pitch to Group
Digital Forum
 Venture
Capital of
R4.2m
approved.
 Inclusion into
Digital Fast
Lane (DFL)
granted.
Funding and DFL
resources released
 Core Full Stack
squad
established.
 Device testing
and certification
begins.
 Customer Pilot
development.
Experience Design
begins
 Market research
and in depth
customer testing.
 Development of
Service Blue
Print.
 Development of
Product/Customer
Journey.
 Business Case and
Financial
Modelling
completion.
Nov 17 – Mar 18
Pilot.
 4 Direct Distribution
Models Tested:
 Johannesburg.
 Cape Town.
 Customer Experience
Testing. 151
customers surveyed.
Set up of Co-located
Work Space:
 Carlton Centre.
 Full Stack Squad,
including:
 Operations
 BITE
 Distribution
 Legal
 Compliance
 Customer
Experience
 Sales Desk
(Boiler Room).
Nedbank Insurance Co Located
Squad - Johannesburg
Nedbank Insurance Smart Geyser
Installation Team – Cape Town
Installed Device, including sensors
and Geyser Blanket

4. 4
4
Smart Geyser Telemetry Sample Mobile User Experience
Appendix. Smart Geyser Telematics. Screen UI

5. 5
Appendix. Smart Geyser Telematics. Geo Location – Installed Devices.
Cape Town
Sample Real Time Geo
Location data – showing
locations of Cape Town
installations, and HOC
customer distribution.
Key:
Non Registered Users
(Device installed, App not downloaded and synced)
Registered Users
(Device installed, App downloaded and synced)

6. 6
Appendix. Smart Geyser Telematics. Geo Location – Installed Devices.
Gauteng
Sample Real Time Geo
Location data – showing
locations of Gauteng
installations, and HOC
customer distribution.
Key:
Non Registered Users
(Device installed, App not downloaded and synced)
Registered Users
(Device installed, App downloaded and synced)

7. 7
Nedbank Insurance Chatbot – NIC
NIC is positioned as South Africa’s first Digital Insurance Assistant:
• Phase 1, is focused on Quote Generation.
• Uses Artificial Intelligence (AI) enabled Natural Language Programming to take a user through a 3 minute quote journey, to provide an instant
quote.
• Instant quotes are available for Motor, Home Contents, and Buildings Insurance.
• Other functions include, Complaints logging and Claims information.
• Currently available on Web (nedbank.co.za/Insurance).
Highlights
• Soft Launch: 4th August 2017.
• Hard Launch (including Media
and PR): 3rd October 2017.
• Avg Users pm: 410
• Avg Completed Quotes pm: 79
The NIC Story