Asian insurers urged to improve customer-centricity

Hendry Yoga, director and chief operating officer of Indonesian insurer Astra Insurance, commented: "It has been a challenge for us to obtain big data for customer insights. In order to help our customers we have created mobile apps to help customers with practical information for car owners."

"For example there is a button on the app they can press which means they need help and we provide infomation about where and when they can service their cars. Anyone can use it - you don't need to be a customer so we can capture more data."

Fellow panelist Ramon Dimacali, president and CEO, FPG Insurance based in the Indonesia, Philippines and Thailand, commented: "We are looking to manage everything from the web so there is less paper. You can make yourself aware to the customer and potential customer through marketing on social media - but you don't want to direct sell if you can."

Panelist Tobias Farny, CEO Asia-Pacific - Greater China, Korea and South East Asia, Munich Re commented: "I want to see more flexibility from insurers. Data and technology will allow us to change products at short notice and be more focused on individual needs. It means an investment to understand the technology and to utilise it best for digital and mobile, and also realising customers have limited attention levels."

Scott Ryrie, commercial director, Asia-Pacific AM Best, added: "Claims needs more attention [regarding customer-centricity] and so does the renewal process - which is very important."

All the panelists agreed that insurers' focus on customer-centricity in Asia is at the early stages of development and there is great opportunity for improvement. Marcus Taylor, CEO IAG Re Singapore, chaired the panel.

In a presentation, also on customer-centricity, Candy Yuen, CEO HSBC Insurance Asia, said: "Insurers need to identify customer clusters to help engage, for example younger residents who are aspiring to have a family in Hong Kong. We can then try and build a long lasting relationship with them and try and anticipate their future needs."

Yuen noted social media is also important. She commented: "Hong Kong residents spend one and a half hours a day on social media and there are only around 3200 insurance related social media posts a month about insurance."

Insurance Post is hosting a senior level event on how to help improve insurers' customers' experience on 18 October in Hong Kong. For more details see here.