Case Study
Direct-to-Consumer digital platform for a leading Singaporean Insurer
Making the Insurer’s top selling products accessible to consumers online
Challenges
The abrupt change in market regulations for Insurers in Singapore had to be leveraged as an opportunity to create a new source of sales. The digital native segment had to be captured while supporting the more traditional channels at the same time.
Summary
In November 2016, Monetary Authority of Singapore Managing Director Ravi Menon announced that all insurance products in Singapore would now be permitted to be sold online without advice. This dramatic change to the market regulations created significant opportunities and challenges for insurers in Singapore.
Our Partner decided to use this opportunity to accelerate its Direct to Consumer (“D2C”) initiative and launch a new digital platform, making available online its top selling products. Our client aims to be the first-to-market established insurance company to offer products directly to Singaporeans.
Solution Implementation
What we did - Strategy
- Articulated a digital origination and customer strategy including expected market size, the end-to-end customer journey for each customer segmentation and a blueprint for a the future digital organization.
- Collaborated with the business to develop the entire operating model required for the Client to successfully run their new business.
- Partnered with the client to navigate governmental regulatory challenges, address their requirements and gain approval to be the first in Singapore to sell endowment policies online without advice.
- Trained each existing channel to deal with the complex service interactions on the platform and interactions between channels.
- Developed the approach to the Digital Platform - to drive sales from new and existing customers and generate leads into their other, trusted channels with a goal that the online proposition should offer value not only for the business, but also for customers, agents and partners by providing qualified leads to agents and partners in real time.
What we did – User Experience & Development
- Designed the user experience and visual design from scratch for both new and existing customers and radically simplified the existing origination process.
- Collaborated with client teams from every part of the business to develop a solution that captured a 360° view of the organization’s requirements and product complexity.
- Built the entire platform in sprints, integrating end-to-end encryption, customer, payment gateway, product and underwriting APIs,
- Introduced agile ways-of-working to the client showing the power of cross-functional ways of working that supported their broader, ongoing transformation.
- Developed and ran workshops with Agency leaders and Financial Consultants to support carefully-calibrated digital transformation within the organization.
- Delivered comprehensive end-to-end digital services including Requirements Gathering, UX & Interface Wireframing, Agile and Secure Development, as well as Brand and Visual Design.
What we did – Data & Analytics
- Performed an assessment of existing technology architecture, organizational requirements as a feasibility study for Big Data implementation.
- Developed and implemented a data migration plan integrating multiple sources and legacy databases into a Big Data (Hadoop) environment.
- Built and designed a big data infrastructure architecture and developed plans to support the growing needs of the organization.
- Developed Qlik Sense-based analytics dashboards to provide the client with real-time visualisations and insight into customer, compliance, finance operations and human resource.
- Developed a proof-of-concept for Cross-sell and Upsell customer models using predictive and machine learning modelling to increase probability of sales conversion, generate meaningful recommendations and serve as a foundation for future customer centric analytics.
- Delivered comprehensive end-to-end digital services including Requirements Gathering, UX & Interface Wireframing, Agile and Secure Development, as well as Brand and Visual Design.
Results and Impact
A new MVP digital platform, allowing end-to-end purchase of 3 life products was delivered in just 10 weeks supported by a carefully designed operating model. From the Data & Analytics work stream, the client has real-time visibility and insight to support strategic growth.
In the subsequent phases, the digital platform was further enhanced:
- 7 additional direct-to-customer products added and launched within the first year.
- Deeper integration with the organizations’ backend systems including product data, CRM and marketing.
- Extension of the platform to support partners & resellers.
- Conversion rates were optimised in an iterative way based on analytics data.