Continue # Infosys POV 
.Insure, FWD  introduced a chatbot, “Fi”, in its customer  servicing processes. The chatbot can handle  customer product enquiries, product  recommendation, agent appointments, and  claims activities. The chatbot received a  customer rating of 4.9/5 and increased  operational efficiency by freeing agents to  focus on more complex tasks.26 KEY ACTIONS FOR INSURERS ✓ Take advantage of bundling and unbundling  products to create targeted and tailored  offerings ✓ Forge partnerships to increase sales beyond  traditional channels ✓ Use self-help tools, like chatbots and AI, to  improve customer experiences while also  realizing operational efficiencies 

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 0.51  0.57  0.64  0.70  0.80  7.1 7.5 8.1 8.6 9.3 0 1 2 3 4 5 6 7 8 9 10 2017 2018 2019 2020 2021 Malaysia Life Insurers GWP Success Story – Allianz Life, Malaysia SUCCEEDING IN THE NEXT NORMAL Malaysia Malaysia is the second largest insurance  market in the ASEAN region after Thailand.  Close to 70%  of the total 18.3 B USD GWP in  2021 is Life insurance with CAGR of 5.5%.  Malaysian life insurance growth was driven by  increased demand during COVID and ability of  insurers to sell and provide services digitally.  Among the biggest 5 life insurers, Allianz was  the fastest growing insurer with a CAGR of  9.2% from 2017 to 2021, roughly twice faster  than the market. Its market share improved  from 7% to 9% in the same period.27 There were three major drivers contributing to  its outperformance: launch of new innovative  offerings, digitalization of processes, and a  variety of agency development programs.<|endoftext|>Innovative new offerings were launched by  Allianz that targeted the evolving customer  needs and contained minimal negative  surprises. In 2021, they launched the  ‘PreciousCover’ and ‘BabyCover’ that provided  coverage for mother and child through pre- and post-natal period with added benefits such  as mental health coverage, hospitalization  benefits and juvenile critical illness. It also  launched endowment products that had  simplified underwriting and guaranteed  acceptance rules to address customer  hesitance during the pandemic. Allianz also  participated in a government-endorsed micro- insurance program, Perlindungan Tenang,  which increased penetration in the bottom  40% households primarily via digital channels.27 Others B USD 4.8% 13.9% 1.4% 11.6% 5.7% 8.7% 6.9% 7.0% CAGR Thriving in the Post-Covid  Insurance Growth © 2023 Infosys Consulting 20 

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 SUCCEEDING IN THE NEXT NORMAL Digitalization of processes was also critical,  especially during the COVID, where Allianz  could quickly pivot to digital distribution and  policy admin. It enabled end-to-end digital  claims experience from submission to  reimbursement through its MyAllianz customer  portal and mobile app. Customers could also  access their medical cards and guarantee  letters at any time via the mobile app. It  incorporated OCR, facial recognition and video  call option in its KYC processes which allowed  their agents to remotely perform an end-to- end customer onboarding in just five minutes  for non-complex cases.27 This digitalization initiative was extended to its  agency development programs. Agency  partners contributed 70+% of the written  premiums for Allianz. The insurer launched a  series of online training sessions on remote  sales, product training, digital marketing, use of  digital tools, and soft skills to uplift agent  productivity. Their agency partners valued the  trainings with average attendance of 800  agents per session. To make the agency partner  growth more sustainable, Allianz Life also  launched a 24-month “C.E.O Program” in 2019  for its agency partners to build a quality talent  pipeline and enhance their capabilities.28 KEY ACTIONS FOR INSURERS ✓ Use needs-based analysis to design new  product offerings ✓ Address customer hesitance for online  purchases by simplifying product offerings  and removing negative surprises ✓ Use automation & AI-based tools for routine  tasks to reduce turnaround times  ✓ Actively engage agency partners and new  partnership models to enhance productivity  and product accessibility Thriving in the Post-Covid  Insurance Growth © 2023 Infosys Consulting 21 

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 We recommend a customer-experience driven  strategy The best way for insurers to achieve market- beating growth in emerging South-East Asian  markets is to double down on personalized  customer experience, digital omnichannel  across the E2E customer journey and  customer-friendly product innovation. The  success stories highlighted further concretize  the recommendation justified by the global  and regional trends. There are 6 key areas for  insurers to embark on this journey.  We have witnessed massive growth for insurers  who have implemented all or parts of the  above actions. The requirements and  prioritization depend on the insurer, market,  and most importantly, leadership ambition.  Infosys Consulting is the partner of choice for  insurers seeking transformations, whether  laser-focused interventions or enterprise-wide  step-changes.<|endoftext|>1 2 3 Define a customer-experience- led growth strategy Design the to-be customer  experience Lead ecosystems for growth 4 5 6 Implement product innovation  at scale Define the to-be technologies  needed Design the to-be processes and  operating model RECOMMENDATIONS FOR INSURERS Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 22 

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 Infosys Consulting approach to customer-experience driven strategy Strategy Customer experience Target customer segments… Persona modelling (who) Goals Needs Expectations Preferences Operating model Culture Technology & Data Organization & Roles Talent Ways of Working Processes Governance KPIs & Control Engaging with the insurer along their journey… Omnichannel journey design …at touchpoints, across channels Not exhaustive Direct Agent Broker Portal 3rd pty I discover I compare & decide I onboard I claim I manage I pay I sign up for more I advocate I stop Web Wearables App Phone call Video call Mail API In person Social 1 Define a customer-experience-led  growth strategy Articulate the leadership ambition for  customer experience vision relative to your  market competition for each customer  segment. Set concrete goals for growth,  market share, NPS, customers’ brand  perception and ecosystem participation.  Prepare the growth-focused business case to  justify investments needed for the customer  experience uplift. Define a concrete roadmap  ahead.<|endoftext|>2 Design the to-be customer  experience Define the to-be end-to-end customer journeys  across the touchpoints that would realize the  customer experience vision. Define levels of  personalization and contextualization expected  for every interaction from marketing to  processes, products, and pricing. Do not  overlook the enterprise and SME customer  journeys. Prioritize growth-driving customer  experience of marketing, sales, and  distribution. To-be customer experience sets  requirements for the insurers’ operations  especially around technology, data, processes,  and people. Prioritize the requirements based  on the overall customer experience uplift  potential against the strategic growth goals.<|endoftext|>RECOMMENDATIONS FOR INSURERS Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 23 

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 RECOMMENDATIONS FOR INSURERS 3 Lead ecosystems for growth Identify the ecosystem vision articulating the  two sided of ecosystem strategy: what is the  insurance company centric ecosystem, and, on  the other hand, what roles the insurer takes in  ecosystems of others. Define the experience  for agents, brokers, banks, healthcare, repair  shops, and any other relevant partners in the  ecosystem. Focus the strategy on growth  drivers, especially around marketing presence,  distribution channels, customer experience,  and product mix. When creating an insurance- centric ecosystem, define the business model  for partnering. Define the technology platform  required to realize the ecosystem ambition.<|endoftext|>5 Define the to-be technologies  needed Technology and data changes are the concrete  steps in the customer-experience driven  transformation. The technology and data  architecture need to be designed to fulfil the  customer experience requirements. Especially  the personalization, product innovation, and  omnichannel requirements will likely require  legacy technology uplifts. Data will be the key  enabler for the personalized experiences; data  supply chains from sources to databases to  analysis and usage will be crucial for realizing  the growth. Define the data requirements;  design the data engineering and data science  practices and systems required.<|endoftext|>4 Implement product