InsurTech of the month: Hukebao 獲客宝

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Hukebao is a Beijing based agency management tool that is equipping agents with WeChat based lead generation, O2O consultation capabilities, and remote policy fulfillment features.

The problem Hukebao is tackling is a significant one, China’s life insurance industry has been built and managed by tied agents. However, the agency channel is in a cycle of high churn rate and low productivity and China’s life insurers are locked in a constant effort to replace agents, provide ongoing training, and re-activate orphan policy from previous agents.

To address this, Hukebao has developed the agent entrepreneurship + platform model, which unites an insurer’s entire agency force on one platform. The core function is based on a recommendation to offer lead generating content on WeChat. Additionally, Hukebao leverages WeChat’s timestamp function to identify end users that engage with content.

Other Hukebao features include:

• Agent on-boarding and benchmarking features
• Analysis of customer profiles to deliver tailored policies to agents.
• Remote fulfillment of policies by agent (e-signature)

Through these features, dozens of life insurers including Zhong An, Taikang Life, Fosun Health, Huaxia Insurance and Met Life China have equipped their agency force with Hukebao’s O2O approach, thereby achieving a 60% agent retention rate, against a 30% industry average, and a 30% activation rate against a 10% industry average.

As a result of these efforts, and by optimising the conversion rate for agents, Hukebao is pioneering a new O2O model for China’s 8 million agents, one based on A.I content recommendations for lead generation, in addition to on going recruitment and training facilities for agents.