Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Future directions for foreign insurance companies in China – EY

Article Synopsis :

China represents a great opportunity for foreign insurers yet the majority struggle to make inroads in a market that is complex and often challenging to operate in.

 The Digital Insurer reviews E&Y’s Report on Future directions for foreign insurance companies in China

China – a market with huge potential but how can foreign insurance players succeed?

In the detailed report titled “Future directions for foreign insurance companies in China”, EY examine the barriers to successful growth for foreign insurance players in China. They also look at the trends shaping the market today and tomorrow in order to help insurers refine their growth strategies.  The reality is foreign-owned life insurers represented just 5.6% market share at the end of 2013; In property and casualty, it was even less at 1.3% – a figure that has remained flat since 2005.

The report is extremely comprehensive and covers a lot of ground, including topics such as regulation, performance and growth, product developments and HR developments.  It also includes a section on Digital Marketing and we have focused our review on this section.

In the ‘Digital Marketing’ section on page  34, the EY team assess the current state of digitisation in China’s insurance sector and identify ways in which foreign players can leverage and benefit from these developments. The report lists three key barriers that are leading to the slow adoption of digital marketing by foreign companies:

  • Legacy IT systems
  • A lack of investment in new technology
  • Regulatory constraints

The report also highlights how  foreign insurers are increasingly harnessing social media tools in a variety of ways to penetrate the local market. These include:

  • Brand building
  • Interaction with property and casualty customers to process claims, upload photos and video
  • Customer service
  • Employee communications and engagement, including the promotion of corporate culture
  • Product information
  • Promotional campaigns
  • Training agents
  • Agents use social media to communicate with clients and to report on client interactions
  • Growing customer loyalty

Finally, the report  showcases a case study on online marketing at CIGNA and CMB Life who operate two online sales models –  one selling directly online, and a second deploying an internet and telephone combination.

Link to Full Article:: click here

Digital Insurer's Comments

It is widely acknowledged that technology advancement has disrupted the market landscape and new digital-driven business models have emerged across the globe and the Chinese market is no exception. Demographic developments and rapid technology adoption such as smart phones, internet and social media have helped create a level playing field for all  insurers in China. There is a huge opportunity for foreign insurers and through the smart use of digital technology they can potentially fend off local rivals. But the real challenge for foreign insurers lies in leveraging their global strengths yet ensuring there is sufficient local customisation to take into account the needs and wants of Chinese consumers – it’s a double edged sword and tricky to get right but those that do will be the ones that succeed.

Link to Source:: click here

 

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in