Customer Lifetime Value
Editorial by Hugh Terry
This edition of China in Focus zones in on how the Customer Lifetime Value (CLV) methodology, already widely adopted by some of the world’s most successful companies, can be applied in the digital insurance sector to drive growth, and boost the valuation of a business.
Although this isn’t a simple transformation, our in-depth article: Why Customer Lifetime Value is the key metric every digital insurance business needs to focus on, outlines a CLV methodology, offers potential approaches for implementation, and includes practical examples.
In How the Customer Lifetime Value framework is transforming insurers in China we focus on how CLV is being deployed in China to create multi-touchpoint environments, that have remained, until now, largely elusive to traditional insurance organisations, despite being vital in an always-on digital world.
Additionally, take a look at our webinar replay on CLV, which asks if insurers need to be more like Amazon and Starbucks in their approach to customer value. This lively expert discussion features TDI’s Simon Phipps, alongside Christopher Ong from iptiQ by Swiss Re, Farooq Hanif from Credit Suisse, and Clarence Lin from DBS Bank exploring this transformative topic.
Finally we share two InsurTech video analysis and research decks. One on Jun Kang Life, which has seen an almost 20% increase in customer numbers since 2016, and one on Xiaobang, which has developed an AI-empowered insurance broker service.
Enjoy the edition.
Founder, The Digital Insurer
As digital adoption accelerates, insurers need to shift their mindset to focus on Customer Lifetime Value. This article makes the case for CLV through practical examples.
Making CLV central to an insurer’s culture assists in moving from a one point of contact a year model, to the multi-touchpoint environment offered by digital businesses.
Do insurers need to start acting more like Amazon and Starbucks? A lively expert discussion exploring the application of CLV in an increasingly digital world.
Jun Kang Life insurance has grown rapidly through innovation to become China's 13th largest life insurer.