Overview
A leading, global financial services group aimed to launch a new line of boutique insurance policies in the Asia-Pacific (APAC) region, targeting young, upwardly mobile urbanites with children. The CEO's vision was to develop an external ecosystem of technology vendors to foster innovation and differentiation from competitors.
The goal was to transform the traditional, time-consuming insurance application process into a fast, efficient digital experience, leveraging a popular social media messaging app to meet the expectations of the tech-savvy target segment.
Problem
The traditional insurance application process was outdated and inefficient, requiring customers to visit a branch office, fill out forms, make payments, and wait up to three weeks for contract delivery. This method was unsuitable for the target demographic of young professionals juggling professional and familial duties, who demanded quick and convenient digital solutions. The challenge was to streamline this process to align with their expectations, providing a complete policy application and issuance within 30 seconds.
Solution
To address this challenge, the financial services group partnered with Elixir to design and deploy a seamless mobile experience through a social media messaging app. Key elements of the solution included:
- Simplified Application Process: Collecting only essential data such as basic personal information and policy item selection.
- Automation: Using a rules-based engine to automate application review and approval, allowing policies to be issued in seconds.
- Digital Payment Integration: Incorporating the app’s native Pay function to reduce friction, replacing traditional bank instruments like credit cards.
- Real-Time Feedback: Providing confirmation and status updates at each step to ensure transparency and customer confidence.
- Customer Service: Enabling customer service and self-service claims through the messaging app, with rapid manual review of claims within one business day and instant reimbursement upon approval.
The project was executed by agile, cross-functional teams comprising members from product development, sales, marketing, IT, operations, and Elixir. This collaborative approach ensured the project’s success and alignment with the CEO’s vision of a symbiotic relationship with third-party providers.
Outcome
The implementation of the messaging app-based insurance solution yielded extraordinary results:
- 18,000 new customers were acquired in the first month of the launch.
- 30,000 new customers joined within the first six months.
- Three times more customers used the app for services compared to the company's website.
- 96% of customers rated the claims service 5 out of 5 stars.
The messaging app became a critical competitive differentiator for the firm. The digital transformation initiative significantly improved customer experience and operational efficiency.
The firm's innovative approach was highlighted by the CEO, who stated, “Smart companies have quickly worked out that building symbiotic relationships with third party providers is the future—allowing both firms to innovate and grow.”
The success of the project demonstrated the importance of modern, agile, and customer-centric digital solutions in the insurance industry. The financial services group now plans to replicate the functionality of their website on the messaging app and continues to prioritize customer experience as a key differentiator.
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