In today’s competitive landscape, the lines between the supply of products and the prices among Asian insurers blur, forcing companies to find innovative ways to attract customers’ attention and secure their business. As a result, the commitment and experience of customers have become paramount to success. Despite the efforts of insurers to prioritize the client -oriented approaches and personalized experience, the stunning 74% of the consumers have abandoned purchases because of the feeling of being overwhelmed according to “according to” according to.The empowered user“Accenture Global User rEsearch 2024. In addition, consumer confidence and loyalty remain anxiously low, with only 39% of consumers believe that companies have their best interests in their heart.
Why is this happening? Based on the latest studies conducted by Accenture, both globally and on the Chinese market, we summarized some key findings.
- Overload with information: Users often encounter excessive information, which leads to powerlessness while fighting for filtering and validating information. 62% of users feel overwhelmed by the abundance of options available to them.
- Purchased Market: In Rediscover importance in the overload eraWe have found that nearly 80% of the main marketing employees (CMO) in industries in China have noted that the supply of products and marketing strategies have become homogenized. Although there are more opportunities, it has created confusion and paralysis of solutions among consumers.
- Developing Customer Expectations: Consumers are increasingly focused on the purchase of brands, not just the purchase of products, and the brand’s positive experience is particularly important for insurance, as the purchase decisions are more rare than other consumer goods. In order to succeed in this complex environment, insurers must rediscover customer relationships – by adapting, innovation and use of technology.
With them in mind, this blog focuses on three levers to promote and maintain profit growth, improving the commitment and experience of customers:
1. Warry managed by data, marketing with AI:
The progress in the analysis of data and artificial intelligence made hyper-personalization more accessible, directing customers through their trip to decision making. 94% of Chinese CMO You believe that GEN AI capabilities can help increase the efficiency and agility of the organization in response to market needs.
The integration of AI Tools enables marketing campaigns to focus on relevant topics and upcoming plays, generating marketing messages to remain at the forefront. It also enables agents with adapted recommendations and sophisticated insights based on the interests of clients, the history of engagement and lifestyle factors.
We see insurers distinguish themselves by developing AI opportunities that match customer products based on various data factors, providing recommendations based on the degree of alignment between the products and the needs of the customers. The search for products and services based on use and behavior continues after the Covid era in 2020.
While the data is a cornerstone of the possibilities for AI, many organizations are struggling with 65% face challenges in the construction of an end -to -end data FoundationS They often lack the clarity which data are relevant and are not sure where to start. As insurers are oriented in this complex landscape, prioritization of data organization and promoting cooperation between technology and human insight can unlock AI’s transformative potential.
2. Accept marketing technology to stimulate innovation and speed
68% of Chinese CMO Feel that customers’ expectations are developing faster than their companies can continue. Being able to respond quickly to these requests is crucial to success. In order to overcome this precipice, insurers must use marketing technologies (Martech) to get a valuable idea of customer preferences, allowing faster reactions through automated campaign work processes and more targeted marketing. This means providing campaigns at the right time and in the right format, tailored to the unique preferences of each client.
In order to further improve their marketing strategies, insurers need to consider integrating Martech into their basic and platform data. This integration can create a more senior journey from campaign planning, implementation to tracking, which allows marketing resources to focus on their main task – stimulating creative innovations – instead of getting involved in administrative work. We cooperated with a leading financial institution in Hong Kong To increase its capabilities to Martech and to improve its marketing operations. They launched a new strategy focused on client engagement through targeted marketing campaigns, using insights from customer segmentation, product analysis, analysis and various media channels. This overall approach has led to impressive results: a 65% increase in the new business, a 10% increase in the reactivation of existing customers and a 25% improvement in the efficiency of marketing operations.
While adapting marketing strategies based on customer behavior and preferences, Martech must also enable Omni channel opportunities in multiple points of contact. Providing consistent messages and seamless transitions between channels helps insurers to engage with customers effectively and bring a cohesive experience of the brand.
3. Encourage meaningful interactions and build an ecosystem to customer -oriented
When products and services among companies become highly homogeneous, customers evaluate them not only on the basis of transactional relations, but also more importantly, the wider experience they have with the brand. They are looking for distinctive and memorable interactions that may not be directly related to the product they buy. 76% of buyers Anyone who finds the joy of shopping are likely to recommend a brand to others, emphasizing how positive and engaging experiences significantly affect the brand’s intercession and customer loyalty. This focus on unique experience is especially crucial to the insurance industry, where the purchase decisions are less than other consumer goods.
Insurers can either build the ecosystem internally by integrating different product lines and services, or by collaboration with external partners of the ecosystem for the expansion of expert experience. In fact, few insurers already use ecosystems to bring value added and expand their customer base. This may include partnerships with health and health organizations, retail, fun and traveling to offer unique bonuses and experience for policies. They can also organize events such as outdoor yoga, events and outdoor events to position themselves as comprehensive health and wellness partners.
For example, one of the Hong Kong insurers has entered Partnership between industry with online fOOD and drink guide platform to offer exclusive loyalty experience, health and wellness incentives, and become the first Hong Kong insurer to provide protection for all accidents related to nutrition.
In order to really distinguish themselves, insurers must strive to provide unique and memorable experiences. Although most customers may not grasp the technical differences between the products offered by different insurers, they recognize when they meet exceptional “Wow” moments. Assessing your current position among competitors and actively searching for ways to provide distinctive experience can help your brand leave a lasting impression on customers.
Conclusion
The highlighting is the key to providing lasting relationships with customers and a leading path in the dynamic insurance landscape. As insurers are oriented in this challenging terrain, their commitment to customer commitment and differentiation will be the catalyst for sustainable business growth. We believe that the insights we have collected in Asia can inspire leading insurers in other regions for their future efforts to engage customers.
Insurance Users: Look at the people behind the policies: Insurers need a deep understanding of the people behind the shelves so that they can be ready with solutions that match any unique risk profile and create an ecosystem for protection.
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