About this event
“LIMRA LOMA Conference 6-7 November, 2014”
The Digital Insurer recently attended the LIMRA LOMA Asia distribution conference where the main theme was distribution strategies in a digital world. It was an excellent event attended by more than 200 insurance executives and leaders from the region. Over the two days, we were privileged to listen to a number of thought provoking and insightful talks given by the region’s top experts on the subject of digital distribution, covering topics such as strategy, sales and channel management. The Digital Insurer was also pleased to be given the opportunity to present the closing key note speech for the conference where we discussed the rationale and strategies for digital transformation.
Here are some of the highlights from the main speakers’ presentations over the two days.
Social media and the future of agency distribution
Chris Andrew, Managing Director, Hearsay Social
In his highly engaging opening keynote presentation, Chris delivered a relevant and practical talk focusing on how agents can leverage social media to ultimately drive sales. He started by exploring the changing nature of social media and then outlined four steps that are critical for success for the social agent. He ended by discussing some of the key content themes for 2014.
- Social is here to stay and can be leveraged as a business tool for lead generation if the users remain true to who they are
- Four steps for agency social success – being listed is no longer enough
1. Be findable
2. Grow your network
3. “Hear” – do your research
4. “Say” – establish credibility
- Content is one of the biggest challenges in social but get it right and the results will speak for themselves.
The confidence to take risks
Manish Chawda, Director, Risk Assurance & Andreas Skopal, Director, Customer Leader, PwC
During this presentation, Manish and Andreas from PwC shared their views on the opportunities and challenges for insurers in the new digital age. They also discussed some of the key upcoming regulatory changes and how this will impact the industry.
- There are many opportunities for insurers to improve how they win, grow and retain customers
- The main challenge for companies in the digital age is how to successfully lead and manage a digital transformation
- Managing risk and building trust must underpin the digital agenda
Return of the jedi: ‘do or do not do, there is no try’
Ragu Joe Murthy, Head of Agency, FWD Life Indonesia
Day one closed with a highly entertaining yet powerful presentation by Ragu who shared his personal experiences with how FWD Life Indonesia has successfully implemented a digital agency sales force in the last 8 months that relies 100% on tablets to manage the sales process, payments and same day policy issue.
- There are many benefits to the agent, customer and company of running a digital sales force
. Agents can do business anywhere and anytime and have embraced the change in model
. Agents promote and project themselves differently
. Clients are happy that the process is simpler and much quicker
. Faster issue resolution through real time support via agent and expert Whatsapp group
- Open and transparent communication with agents is key to success and FWD are very happy with their decision to make use of tablet POS toolkit mandatory from day one for all agents ( in a greenfield start-up)
- Vision for the future is to move from “paper-less” to “paperless”!
Digital innovations in Asia
Mark Inkster, Chief Digital Officer, Aegon Asia
Day two of the conference started with a very personal and informative account by Mark Inkster of creating growth and value in Asia’s digital world. Mark shared his perspectives by leveraging his experience of working for businesses such as Yahoo and Ebay in Asia and the US since the late 90s.
- Companies that have anticipated consumer needs locally and adapted quickly have been the winners
- Some predictions for life insurance in Asia
1. The internet will keep growing and most of the growth will come from Asia, particularly South Asia and South East Asia
2. The internet will continue to be complex in Asia and will evolve along different paths to the US or Europe
3. South East Asia will be a mix of local, global and regional winners
4. Local internet strategies by country must be considered, especially in countries such as China, Japan and Korea as they have relatively self-contained eco systems
- Three lessons for the life insurance industry in Asia
1. Innovate in Asia
2. Significant localisation will be required
3. Plan for growth
Panel Discussion : trends and opportunities in greater China
- Ernest Chan, President, Nan Shan Life Insurance Co. Ltd
- Eric Chang, President, ICBC-AXA Life Insurance Co. Ltd
- George Tan, Board Director and CEO Sino-US United MetLife Insurance Company Ltd
- Ian Watts, Senior Vice President and Managing Director, International Operations, LIMRA and LOMA
In this highly informative Q&A based CEO panel, three top leaders from the industry discussed the opportunities and challenges for their companies and outlined their tactics for growth in China.
- Digital is huge in China, across all generations – if insurers do not adapt, they will not survive!
- Companies are using social media platforms such as WeChat for policy servicing and selling
- Mobile is a key channel in China, more so than internet
- Chinese regulators are supportive and aligned with the interests of the industry
- Future trends in China (within next 5 years)
. Industry consolidation through acquisitions
. Digital/ecommerce will be standard practice
. Opportunities from pension and healthcare boom
Leapfrogging into the digital era of customer communication
Helene Blanchette, General Manager, Marketing Innovation & Business Support APAC, Fuji Xerox
Helene delivered a great presentation on how to transform customer communications into relevant 1-to-1 customer experiences by turning the traditional marketing approach on its head. She included many examples and case studies of some of Fuji Xerox’s recent campaigns with insurers in the region which have had much success.
- The traditional approach to marketing is often siloed and consists of pushing a product to a particular segment – this product focused approached makes it difficult to measure the effectiveness of campaigns
. Marketing execs must break down silos and get departments to work together
- Companies are often ‘shy’ to use data because it’s not perfect – it will never be perfect, so start using it intelligently – “regardless of the data you have, use it”
- Manulife and Zurich Insurance Malaysia case studies showcased how customised and personalised campaigns can deliver real value to insurers with an offline to on-line approach!
Digital thinking to transform the insurance industry
Hugh Terry, Founder, The Digital Insurer & Director, Insight Consulting Group Pte Ltd
In the closing key note presentation, Hugh took us on a digital journey looking at the trends and case for change, how to transform face-to-face models and what he thinks will be the digital insurance models of the future.
- The digital revolution in Asia has well and truly started and there has been a noticeable shift from two years ago when discussions were very strategic – we are now moving to action
- The technology that we have in our hands now is enough to transform our industry – there should be no excuses, we just need to get on with it
- Spend your social media dollars on agents, not on corporate social media
- Change management is key – factor this into your budget
- The models to watch for in the future are
. Digital/Direct insurers
. Digital managing agents
. Price comparison sites
. Digital IFA
. Digital affinity
The conference also had a number of breakout sessions designed to deepen attendees’ knowledge and understanding. The following themes were discussed:
- Responding to a changing world of insurance distribution – a reinsurer’s perspective
- Transforming consumer engagement – from the old world to the new digital world
- Digitising bancassurance
- Addressing today’s agency challenges
- Above-the-line marketing of micro insurance – lessons from Indonesia and South Africa
- Bank distribution networks: Capturing their full potential
- Driving agency productivity
- Mitigating the risks of digital distribution