LocalTapiola (Finland) is a mutual group of 22 companies owned by its 1.6 million customers. Its roots date back to the 18th century and the business has always been based on mutuality. It offers non-life, life and pension insurance, and investment products.
In the future, it believes customers will appreciate easy, personal, multi-channel service, and plans to stand out from competitors by offering the best customer benefits and customer experience. These plans are core to LocalTapiola’s strategy and operations to be the best lifelong security provider.
In response to the customer preferences of the future, LocalTapiola is shifting its focus in life and health insurance, to prevention and wellness.
For life insurance, its Smart Life Insurance solution combines wellbeing services with life insurance. The mobile app offers telemedicine services (powered by an external healthcare provider); wellbeing content to help with lifestyle and health improvements; and incentives and discounts offered by partners. In health insurance, its new service model combines a layer of personalised modular services, including prevention and value-based treatments (virtual clinics), on top of a layer of traditional insurance products.
In other areas of LocalTapiola’s business, prevention is a key part. For home insurance, Smart Home (IoT) and water leakage technology is being offered with the intention to reduce water damage claims by 50% by 2025. LocalTapiola is also developing robotics capabilities in-house. Its AI-driven chatbot, Aapeli, is helping to increase business process efficiency and deliver a more flexible and personalised customer service, as well as completing routine and repetitive tasks to free up employees for more meaningful and value-added tasks.
As a mutual company, sustainability and corporate responsibility must be at the heart of the LocalTapiola’s future strategy. Responsible investing and active asset ownership are already producing enhanced returns for the company. Embedding ESG is also an essential part of its holistic risk management approach.
