Embrace technology, elevate experience: The future of personalised insurance

Time to excel in tech-driven Asia

Hong Kong’s insurance industry is at the forefront of an exciting transformation. With a surge of young, tech-savvy customers demanding more agile solutions and real time responses, traditional sales channels will need to adapt to emerging technologies to succeed. The market has changed; modern-day consumers are taking the initiative to search for insurance products online and tend to self-serve with instant Artificial Intelligence (AI) empowered tools. 

Gartner’s 2023¹ survey has revealed the industry will be prioritising customer experience-centric technology over other strategic focuses. To stay ahead of the competition, insurers must move with the times and leverage insurtech advancements to provide the innovative, one-stop-shop services that consumers are looking for. 

So, how does digitalisation enhance and accelerate the customer experience?

1. Personalisation keeps customers engaged
   
   In today’s digital world, customers demand ‘tailored’ experiences in every aspect of their lives – insurance is no exception. Personalisation has become essential in enhancing the dynamic user journey. By harnessing the power of AI together with advanced data analytics and management, insurers can better capture customer preferences and tactically cater to the unique protection needs of individual customers.
   
   At the research stage, self-service assessment tools can instantly provide recommendations of potential insurance plans and premium settings. At the purchase or after-sales stages, additional insights can be shared by using AI for speech and text analytics to enhance customer interactions. It’s not just about offering the right coverage – it’s about creating a distinctive, enjoyable, and personalised experience that makes an impression and connects customers with the insurance brand. 
    
2. Share the same value as your customers and deliver a dynamic experience to impress them 
   
   Insurance is not just about protecting assets or health –  it’s about delivering an enhanced customer experience. With 59% of the global respondents to a Bain & Company survey² wanting insurers to reward them for healthy living, individuals are placing greater emphasis on health and well-being activities. They are also more purpose-driven, focusing on wellness, lifestyle enrichment and even dream fulfilment when it comes to insurance purchases. This presents a significant opportunity for insurers to think outside the box and come up with innovative means of interacting with and educating customers. 
   
   By launching a crossover and multi-dimensional campaign that resonates with people’s life passions and empowers them to pursue their dreams, insurers can inject a much-needed sense of positivity that is amplified through different media. In addition, these campaigns also help with changing the way people feel about insurance – going beyond a pure risk management service to life empowerment. Leveraging celebrities and different campaigns also help build awareness to keep customers engaged and enhance loyalty.
3. A multi-touchpoint insurer accelerates the customer journey from purchase to claim.
   
   According to a report by Meltwater³, around 91.3% of Hong Kong's adult population are users of social media by the beginning of 2023. This suggests that social media advertising is an influential approach to driving business consideration, and it highlights the importance of expanding to multiple marketing channels. Leading insurers are investing in online platforms and mobile applications, making access to support instant with just one click. Digitalisation has made insurance services, such as quoting, claims procedure, and enquiries, more convenient as they can be done anytime, anywhere. 
   
   With brochures and policies readily available online or in-app, customers have better visibility from the start. After purchase, claims are automatically scanned and approved with a few clicks in-app or online. This speeds up the claims process and enhances the journey with high service quality and efficiency – leading to customer satisfaction and loyalty.

Thanks to the power of technology, the insurance industry is on the brink of a paradigm shift in customer engagement. Companies are rapidly adopting advanced algorithms and cutting-edge tools to offer personalised and diversified experiences across multiple channels. But it's the fusion of human and technology-driven service that truly set the gold standard, delivering a truly customer-led, digitally-enabled user experience. While a sleek online interface is important, it's the human touch that adds an extra layer of magic, creating a customer journey that is both memorable and meaningful.

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Sources:
1. https://www.gartner.com/en/newsroom/press-releases/gartner-survey-finds-insurers-focus-will-shift-from-growing-revenue-to-improving-customer-experience-and-operational-efficiency-in-2023
2. https://www.bain.com/insights/customer-behavior-and-loyalty-in-insurance-global-edition-2023/
3. https://www.meltwater.com/en/blog/social-media-statistics-hong-kong