Insurtech Front Page Weekly CXO Briefing – Incumbents on customer engagement

Service Satisfaction Indicator

The Theme last week was InsurTech Upstarts at the Gate.

The Theme this week is incumbents exploring better customer engagement. Customer engagement can be improved with the combination of technologies and a human touch.

For more about the Front Page Weekly CXO Briefing, please click here.

Incumbents embracing InsurTech is a common theme in our posts. This time, it’s about customer engagement.

Story 1: Humania Assurance Launches 5575

Extract, read more on Coverage:

“Humania Assurance has introduced a new portfolio of online health insurance products tailored for Canadians aged 55 to 75 years old.

“When retiring and leaving their workplace, this population loses its group insurance advantages. It is then difficult for these people to cover all expenses relating to their health. This portfolio of products will allow them to reduce their financial stress and focus on taking care of their recovery.” – VP Sales and Marketing, Kim Oliphant.”

A gentle gesture to care for the elderly. Efficiency can be improved by technology, but the warmth of insurance still need to be delivered with a human touch.

Story 2: Chubb Life Launches New Digital Platform to Enhance Customer Experience

Extract, read more on Chubb media room:

“Chubb Life Insurance Indonesia (Chubb Life) has today launched an online platform called Chubb Life Customer Corner as part of its ongoing commitment to putting customers first and providing them with the best customer experience, anywhere and anytime.

Kumaran Chinan, Chubb Life COO said, ‘We are proud to launch the Chubb Life Customer Corner which will make it faster and more convenient for our customers to access important policy information, including the latest claims information, anywhere and anytime they choose to.’”

Insurance penetration rate is still low in Indonesia, and the Internet-savvy youths will soon become a major purchasing force of life insurance in next 5 years. Selling it in a digital way can help Chubb become the first insurer for many young users in Indonesia.

Story 3: Aviva aims to disrupt the market with new subscription-style product

Extract, read more on Insurance Age:

“Aviva has launched a subscription-style insurance product, which it said was designed to address consumer concerns with the industry such as dual pricing.

AvivaPlus is initially a direct product, which the provider stated offers flexible cover, monthly payments with no APR, no charges to cancel or change the policy and a renewal price guarantee.

It is available for home and car insurance, but Aviva noted that it was looking to extend it to more product lines in the future.”

Dual price happens when there is a lack of direct channels. Technology certainly can play a big role in building channels.

Engagement is about building trusts. By caring for the elderly, launching online platforms and addressing information asymmetry, incumbents are making friendly gestures.

Image Source

Zarc Gin is an analyst for Warp Speed Fintech, a Fintech, especially InsurTech-focused Venture Capital based in China.

Check out our advisory services(how we pay for this free original research).

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