The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.
Tell us My Life Capsule’s brief pitch.
My Life Capsule is an InsurTech start-up with a difference. It’s not an insurer but a value add for insurers, providing unprecedented emotional engagement to support lifetime loyalty.
We are all overwhelmed with day-to-day logistics and administration, and often, we are not as prepared as we could be for life’s significant events, such as personal illness, marriage, divorce, having a baby, or the death of a loved one.
My Life Capsule is a digital platform to organise, protect & share your critical “life” information. With International award-winning bank-level digital security vaults, GDPR compliance, and world-class customised sharing and consent protocols, My Life Capsule empowers family connection across multiple generations and supports day-to-day and time-critical administration; privately, securely and centrally.
So how did My Life Capsule begin?
When My Life Capsule Founder Pam Moorhouse’s father-in-law, Kevin, died, her family had just seven days to notify his friends, find his critical information and piece together his life story before his funeral. It was a devastating time made worse because Kevin hadn’t had an opportunity to organise and share his critical information, documentation or life memories with his family.
This personal loss, coupled with Pam’s role as an adult, a wife, a mum and a daughter, led her to consider the problem from a cross-generational perspective. She concluded that each generation has its own innate and intuitive needs that are not being met in modern society.
And so, the journey began with pre-launch social media testing, a graduate research program, a successful pilot trial, and National Television exposure which verified the market fit. In December 2020, My Life Capsule was awarded a Top 30 Global Impact Venture by International Innovation platform EarthTech and received a scholarship to the Springboard Enterprises Evolve Accelerator Program.
How has My Life Capsule evolved since its inception?
Twelve months after Pam’s light bulb moment, she recalled a report she’s read many years before in her high school psychology class. In 1967 two psychologists, Holmes and Rahe developed a stress scale that identified 43 significant life events that are likely to affect every human life. These events may be positive or negative experiences such as marriage, divorce, death of a loved one, pregnancy, a new job or finishing school.
Life is now more complicated, hectic and much faster than in 1967, yet the likelihood of us all experiencing many of these events has not changed. The 43 significant life events have four things in common – emotion, logistics, paperwork and lots of personal stress.
My Life Capsule is a global solution to empower family connection for humankind, assisting us all prepare for and address these significant life events that now form My Life Capsules guiding star.
What is your team currently working on for 2021, or what have you accomplished recently?
After the successful pilot program in 2020, My Life Capsule secured a strategic technology partnership with International award-winning digital security experts. With this foundational architecture, My Life Capsule now has GDPR compliance and world-leading personal privacy & security, keeping it ahead of the technology & compliance curve.
My Life Capsule recently released its B2C freemium proposition – offering free Emergency Vaults to families across the globe, complete with secure vaults, 3-key encryption and unique time-based sharing options. The Emergency Vaults securely store an individual’s critical information. It can be accessed anytime, anywhere, on any device and can be shared securely with immediate family, carers or travel companions for use in an emergency. My Life Capsule Emergency Vaults are now available via the web, Apple Store and Google Play.
Premium subscription features including Personal Vaults to manage daily and time-critical administration, Family & Memories Vaults to capture emotional milestone moment. My Life Capsule Junior to capture health, education, and milestone moments for children will follow soon. Corporate co-brand & enterprise white label solutions will commence development in mid-2021.
How does My Life Capsule give back?
My Life Capsule empowers not only documentation and data storage for logistical reasons but also embraces humankind’s instinctive and intuitive need for emotional connection at every age and stage of life. It also proudly addresses multiple United Nations Sustainable Development Goals, including Gender Equality, as women are commonly responsible for household & cross-generational organisation.
With My Life Capsule, families benefit from better relationships and more transparent and secure communication with family members, service providers, teachers, doctors and insurers on historical information.
For Channel Partners, My Life Capsules sophisticated security architecture protects and humanises customer relationships to increase lifetime value and retention. It also helps meet the consent requirements of the increasingly relevant Global Data Protection regulations, including the European GDPR and Australian CDR.
What is My Life Capsule’s biggest challenge in today’s market?
There is a lack of trust in the privacy and security of digital services. This has been made worse by big tech and social media companies abusing personal data. This historical lack of trust requires consumer education that world-leading technology now provides true privacy and security like never before, and so managing the busy lives of our families inside secure digital vaults is a natural progression.
COVID-19 has highlighted the need to stay connected with our extended families. Together with My Life Capsule’s upcoming co-brand and white label solutions, insurers are uniquely positioned to help millions of people globally to be better prepared for the unexpected.
Anything else you’d like to say that we didn’t ask?
It’s a challenging time for our global community, and it’s now more important than ever for Insurers to provide peace of mind to their customers by taking the stress out of different life situations. My Life Capsule offers a unique opportunity to differentiate from more traditional insurance service offerings by enabling people to be better prepared, more connected and less stressed if the worst happens.
My Life Capsule’s Free Emergency Vaults are now available to securely store personal critical information for access anytime, anywhere, and on any device for use in an emergency. To learn more about My Life Capsule or to access a Free Emergency Vault, visit the website or download the app in the App Store or Google Play.