Along with the development of technology and electronic commerce, shopping behavior of people have been changed dramatically. In order to satisfy customer’s needs, Insurance Enterprises have and have been changing toward digitalization of business activities
It is not only saving management and operation expense of Insurance Enterprise in long term but also express the professional and modern face of Insurance Enterprise.
Promoting investment on technology
Before the wave of globalization, Insurance Enterprises are trying to invest in human, management system, implement digital innovation, aim toward simpler customer approaching method, and easy online sale.
According to the experts in Insurance branch, digital technology application is considered as one of the basic solutions for developing Insurance market in the upcoming time, if they are unable to re-innovate themselves before the wave of industrial revolution 4.0, these Insurance Enterprises will be left behind.
Typically, such as Vietnam Generali has started a revolution on customer experience in the branch of handling Insurance rights and benefits by releasing application GenClaims. The unique characteristic of this service is that customers need not to come to Generali office, and wait until Generali receive original document, it only takes 5 minutes to send Insurance benefit handling request, wait for 30 minutes to receive respond from Generali and the majority of approved requests shall be paid within 24 hours.
PPrudential – one of the leading Insurance Enterprises in Insurance market, has also built and step by step completed methods to improve customer engagement, in particular urban customers in such mobile technology age. Accordingly, Prudential has released PRUbot – an insurance consultancy Chatbot – appear first time in Vietnam, to receive consultancy information for customers. PRUbot is expected to become an online companion to assist customers, specifically young customers, who are always busy and prefer convenience, accuracy.
In addition to that, Prudential has also released MatchBook – a software that helps potential customers able to choose to meet with financial experts of Prudential. “With MatchBook, we would like to emphasize that we want to change customers’ approaching method and give them the initiative to choose to meet with financial experts”, shared by representative of Prudential.
Stepping into Vietnam Insurance market much later than other competitors, however, Vietnam FWD’s strength point is digital technology. In this enterprise, digital technology is a basis to help them bring out newest, latest and most convenient experience to the customers. Accordingly, at Vietnam FWD all professional procedures are digitalized, from approaching, consulting, learning Insurance products until finalizing contract and make payment for insurance benefit. Procedures and transaction is transferred to digital technology, eliminating fully paper and cash.
Bring out new experience to customers
Ms. Tina Nguyen, General Director of Generali Vietnam has shared: “simplification of procedure, process relating to handle rights and benefits of insurance is one of top priority, since it will have a big impact on customers’ experience. GenClaims is not only technology improvement matter, but also a change in though and method with the guideline “simpler, more effective, customer is the center”. We gladly bring out new and fully convenient experience to customers”.
Prudential’s representative has shared that, with PRUbot, MatchBook, …and many upcoming projects about to be introduced will bring out new approaching method to customers on insurance. Now, at any time and any place, whenever you need to search for insurance, share financial issues, solving some problems, … customers only need to “click” and everything can be solved without unnecessary waiting.
As an explanation for the reason to largely invest into digital technology, representative of FWD Vietnam said: “We come to Vietnam with a vision “to change everyone’s perception on insurance” and utilize technology to bring out simple, practical and easy to understand insurance products and services to customers, is our top priority”. Thanks to these daring steps based on sustainable business strategy, focus on technology investment that this enterprise’s revenue has increased sharply, after a short time of operating.
Recently, in a seminar “Life insurance in industrial revolution 4.0: trend – opportunity – challenge” in Hanoi, representative of Insurance Association of Vietnam has shared: in the era of industrial revolution 4.0 should aim toward simplified, standardized products to fit customers’ need and online sale.
Regarding to insurance service should aim for customers’ approaching method, accessing online insurance account, every time, everywhere, regarding to distribution channel, aim for the trend of selling insurance via enterprise’s website, online e-commercial exchange, via social network and new business models, …
According to Vietnam Financial Times