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More than 100 insurers, reinsurers and consultants from around Asia Pacific gathered in Singapore for the 6th Asia Life Insurance Summit held on 11th and 12th July 2016.
Organized by Asia Insurance Review, ADAMS was one of the two sponsors of this summit.
The event had notable presentations from Kyobo Life (South Korea), LifeNet (Japan), Dacadoo (Switzerland), DBS bank (Singapore), and PT. Aegon Marketing Services Indonesia around the theme, Reinventing the Life Business in the Smart Era.
Dr. Onn Keet Peng (KP), President Director of PT. Aegon Marketing Services Indonesia, was invited to present and Kelly Yong, CEO of Aegon Direct & Affinity Marketing Services Thailand, participated as a panelist.
Maximizing Customer Lifetime Value through Direct MarketingKP shared the seven changing behaviors of customers and the need for direct marketing to progress from version 1.0 to 2.0. Customers are to be the heart of everything insurers do, so approaching the right customers at the right time using the right channel with the right product is the way forward. That means direct marketers need to spend time to understand the customers, their life stages and insurance needs.
KP presented that the customer purchase journey can be broken down into 5 stages: Awareness, Education, Consideration, Enrollment and Loyalty. These stages help insurers to be more thoughtful about how and when they interact with the customers. Throughout the journey, there will be many customer touch points, learnings and insights to help insurers understand their needs.
In this smart data and digital age, it is also possible to crawl into the social media sites and enrich the insights about customer's life stage and insurance needs. "There is a need for an insight-driven customer-led distribution platform, like a driverless car that keeps on learning." said KP.
Strategic Winning ForceKelly joined Nameer Khan (Group Head of Bancassurance and Alternative Distribution Channels/ Strategy, Pak-Qatar Takaful Group, Pakistan), Paul Brenchly (Head of Insurance Advisory, KPMG Singapore) and Dwight Holcomb (CEO, HC Development, Inc, USA) as a panelist to discuss topics about 'The New Era of Customer Loyalty Management', 'How Customer Analytics Can Boost Retention', 'Innovative Business Models', and 'How to Attract the Next Generation of Customers'.
Kelly shared from experience how ADAMS Thailand works with GoBear, an Asia-based insurance and financial products comparison website, and an insurance business partner to connect with the next generation of travel insurance customers. Customers were able to enquire using a hotline, using webchat or Line chat. Results showed that 30% used one of these engagement options before completing the sales online.
"Engagement cannot just be upfront, there must be different touch point options provided to customers throughout the journey." said Kelly.
Kelly gave another example of how a China insurance partner chose to target younger healthier customers to buy term plans online via taobao.com. The insurer partner advertised on trains, buses, WeChat and posed a dare to get people to go for medical check-up to prove their good health status so as to qualify for a discount on a term life product with up to RMB1 million sum assured.
The summit ended with attendees being updated about the new business trends and inspired to provide a superior customer journey experience.
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