Educating the largely under-insured population, building trust among users, and employing technology for accurate pricing are thus the three thrusts to gain an edge in
The event held online this year due to the novel coronavirus was organized by The Digital Insurer, a trade group focused on accelerating the digital transformation of insurance. Lau was joined by industry peers from ZA Tech Global, Ping An Cloud Accelerator, as well as consultancy
"People often say that insurance is important but not urgent. But the pandemic did create quite a large group of what I would call 'half-ready' users, whose risk appetite or sensitivity to risk have grown but aren't quite ready to buy," Lau said, citing the doubling of WeSure's quarter-on-quarter revenue during the height of the outbreak in
The outbreak confirms the notion that a major public health event could, to some extent, stimulate demand for insurance. With the lockdown of
He referred to a latest research
The highest jump in user numbers was witnessed among those in their 30s, a population segment perceived to bear the most family responsibilities. Also, by geographical breakdown, residents from the likes of
"So there's a lot of work for us to do to cultivate and educate these users that have suddenly arrived in very big numbers," he noted, adding it's by no means an easy feat given the complicatedness of insurance products even for the most educated population.
To make insurance buying less of a headache,
The other more important gameplay is to employ the power of social "Word of Mouth" to both attract and retain customers. This is best exemplified by the fact that one-third of WeSure's sales are generated from social referral, three times higher than industry average.
Lau said WeSure has always upheld viral marketing as a 'very core aspect' of the business, touting its indispensable role in this trust-based industry. "There's no better connection and social relationship than what already exists...and no better way to sell when you hear it from your friend's recommendations."
Apart from driving sales, the social aspect also weighs in on the post-purchase end, when making insurance claims could be a lengthy and troublesome process. Using a combination of artificial intelligence and human intervention, WeSure assigns each customer with a virtual 'claim concierge' that would follow through the entire process.
Such investment is paying off: Lau said 79% of claims handled via WeSure are processed within one day, whereas loss ratio is 30 to 80 percent lower than industry average.
The company has also embarked on new ways of customer engagement and education, riding on the knowledge-sharing and livestreaming boom for new sources of revenue. For instance, livestreaming has managed to turn clicks into revenue, with some 36,000 policies being snapped up from one online broadcast session on
Launched in 2017, WeSure currently boasts over 80 million active users. Four in ten customers would choose to repurchase from the company, a remarkable achievement fueled by algorithm and data-backed recommendations that serve to enhance product relevance for users.
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