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David Piesse

Global Head of Insurance

Sun Microsystems, Inc.

Hong Kong

Monetizing and

MarketingInsurance

through Virtual

Worlds9th CEO Asian

Insurance

SummitHong Kong

March 25th 2009

Claus Nehmzow

Managing Director

ALCUS International Ltd.

Hong Kong

1Friday, 27 March 2009


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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



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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



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Data,Activity

People

Me

Web 1.0Standard Web FocusWeb 2.0Productivity Focus

Next Generation Internet



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1

Generation Y: Screenagers

Screenagers

Source: IDC

http://www.gearyi.com/fresh/wp-content/uploads/2007/05/facebook1.jpghttp://www.gearyi.com/fresh/wp-content/uploads/2007/05/facebook1.jpg


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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 theircustomers with insurance products

and underwriting capacity.

Connecting insurers with niche

distribution channels and brand

loyal customer segments.



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VIRTUAL WORLDS



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Virtual worlds continue to attract investmentand 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



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Virtual world: a real-time, shared experience

InteractiveAnonymous

Co-PresencePresence

Spatial



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http://www.kzero.co.uk/http://www.kzero.co.uk/


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Private and public sector organizations areusing virtual worlds for serious business

recruiting

training

developer

partner network

management

b2b marketing

internal collaboration

IT training

Internal salesconferences

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



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LOreal has experimented with experiencemarketing in virtual worlds

Consumer marketing in Second Life

Playing with scale and experience



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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



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... virtual seminar, social community, interactivelearning, and games

Source: Cigna, vielife



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Lenovo is piloting a 3D training and salesenvironment

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 Nortels web.alive

Source: Nortel, ThinkBalm

http://web.alive/http://web.alive/


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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 InXpos virtual event platform

Source: VentureBeat, January 2009



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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

IBMs Virtual Community Grouphas 6,100 members

used stand-alone, behind firewall

Linden Lab version of SL

Source: IBM/Linden Lab case study, March 2009



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Retailers are starting to experiment withtalking 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



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Microfinance (lending, insurance) are startingto 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 theirprograms by building replicas of their

projects.

Both seem currently a bit like web

pages in 3D but might come to livewith presence of people and live

events

Source: visit to Second Life



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Wells Fargos Stage Coach Island virtualworld - 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



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VIRTUAL WORLDSAND INSURANCE



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3D virtual worlds can yield benefits acrossmany parts of the insurance life cycle

Product

Definition/

Assembly

Sales Force

Training

Product

LaunchSales

Customer

Service /

Claims

brainstorming

partnercommunications

internalcommunication

communication

interactiveseminars

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, smallgroup 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)

betteraccessibility,

inclusion

travel/time savings

time-to-market better explanation

of complex or

controversial

products

overcomeinsurance sales

man syndrome

easier toeducation

complex products

anonymous allowssimulated claims

reducing fraud

improvedcustomer

experience

Application

Benefits



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Benefits from using immersive environmentsinclude cost, time, and customer orientation

Immersive environments and real-time dialogue better suited for complex productsand 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 salescontact

Medium equally well suited (but for different reasons) for younger and olderaudiences



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Willy Wong, head of sales, presents a newmicrofinance product to his sales force

Willy logs on from his homecomputer, presenting the newproduct to the global sales force

People around the world, regardlessof location or physical limitations,

attend the conference

Muslim women join from their localcommunity centers computer

After the main conference,participants break out into smaller

work groups

The seminar space allows frequentsessions to accommodate varioustime zones

The fo$owing video i$ustrates a possible virtual world scenario



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Yuki (21) chemistry student from Japan, attends acareer planning seminar

Yuki researches career planning,joins a Facebook group, learns thereabout a career event, with severalPharma companies present

Joined by two friends from differentcities and a cousin from New York,she attends the career fair

As the event is sponsored by theinsurance company, the stumbles

into an virtual info booth during thebreak and talks to the representative

After the fair, she teleports to aprivate consultant on healthinsurance



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A virtual world channel should be integratedinto the wider Web 2.0 - on PC & mobile



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Broadband penetration and propensity forvirtual 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

4.8

7.4 Brazil

Mexico

11.0

Argentina3

currently no significant usage: Potential

Chile

2.2

3.9

16

Source: Linden Lab, OECD, Wikipedia, Alcus analysis

84

17.4 Germany 12.7

10.1

20

U.K.14.4

8.1France14.3

8.8Italy9.3

8.3Spain7.515.6Netherlands7.5

4.1Poland3.04.1Sweden2.68.5Belgium2.57.3Switzerland2.36.4Denmark1.9

12.6Portugal1.56.8Austria1.5

RussiaTurkeyRomaniaIsraelFinlandNorwayCzech RHungary

IrelandGreece

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)



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There are multiple technical platforms outthere 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 applicationscurrently in development.)

Open Sim(by mid 2009), open source

Protosphere

Qwak others



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Wonderland: Suns open source virtual world

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