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One of Asia’s leading Bancassurance events was held in Hong Kong on 13-14 April, 2016.
Aegon Direct & Affinity Marketing Services (ADAMS) regional team had a strong presence with Juan Liu presenting in a plenary session, and Amy Cheung participating in a panel discussion.
Bancassurance Asia Summit 2016The Bancassurance Asia Summit 2016 focused on opportunities in the Asian market, whereby Bancassurance partners can meet, network and discuss working partnerships. It provided practical information through real life case studies and interactive debates to develop a 360-degree review of effectively growing Bancassurance market share in Asia.
Optimizing Big Data AnalyticsJuan Liu (Director Customer Analytics & Behavior Insights ADAMS) presented on optimizing big data analytics for great customer insights to innovate bancassurance channel development. A key topic during his presentation was "leveraging on banks' massive pool of consumer data across multiple channels to gain invaluable insights on consumers' health, wealth, purchasing pattern and buying power through effective data analytics." He also shared his view on generating high-value customer segmentations through psychographic profiling and cross-metric observations in product generation.
Juan received many pertinent questions from his presentation, a very real life question came from a leading banker in India, "Are banks comfortable to release data?"
"With data being the utmost protected asset of any organization, ADAMS' partners do not release any data and all analysis work is done directly on banks' premises under supervision of the bank." Juan further shared, "It really does depend on the maturity of the market, and we are often surprised when even the more mature markets where controls are most stringent, we often get the go ahead from partners on exploratory data analysis. When partners realize they could benefit from our technical execution capability and insurance domain knowledge, they tend to open up and see the upside potential."
Product Innovation tailoring to MillennialsAmy Cheung (Director of Marketing ADAMS) joined the panel discussion together with representatives from AIA Group and IndusInd Bank on eliminating the one size fits all concept of enhancing bancassurance product innovations, instead it in beneficial to tailor products specifically to millennials.
She shared her view on setting up a clear market segmentation to leverage on bancassurance channels in product distribution, and recognized the importance of transparency and simplicity in developing bancassurance products catering to millennials.
Amy highlighted, "Outside of our industry, brands such as H&M and Starbucks are already adapting to the millennial lifestyle and testing 'fun' ways to engage as some millennials are already veering away from their traditional model. H&M introduced 'recycling corners', you can setup 'Meetups' at Starbucks and retailers are experimenting with 'pop-up' stores.
What does this mean to branch banking, which has never really appealed to the young crowd? Bancassurance in Asia today remains dependent to a certain extent on the branch traffic and to draw in millennials the bankers and insurers need to work even more closely together to try to learn more about millennials, their channel preferences and behaviors."
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