Reviving an Old Insurance Company with a Customer First Initiative

Insurance

Nov 20

LIFE Lab - *“Your life, Designed by yourself“*

Case Study: A Digital Transformation Journey in the Insurance Industry

Introduction

This company creates a new brand, LIFE Lab, to attract new customers in the digital age by revolutionizing its business models with a 100% customer-centric initiative.

Type of Transformation

Cross-Industry Innovation by Traditional Industry

Steps of Digital Transformation

1. Transformation Objectives. Any business issues encountered?

Need a new business model that attracts new customers
Minimize the effects of Salespeople Resignation
Due to lack of a record on tracking for customer's needs, unable to offer the best products to customers

2. Set Goals

Create an independent brand that repositions the company's focus to a customer-centric business model that aims to create values for the customers
Offer the best possible options from a wide range of products to customers

3. How to implement

Create a brick and mortar store (physical presence) and partners with the coffee vendor
Create a unique family-friendly and leisure environment by hosting various community events, storytelling for children, and specialty lessons like yoga for the adults
Activities target female audience since according to their researches that 80% of their clients are female and they are usually the decision-makers for their products
Currently, there are two stores located in high-traffic areas.

4. Technology Tools

By partnering with a digital technology provider, the business streamlines all levels of digital experience, from playing VR/AR games in the store to access account information from the web.
Creating an omnichannel that captures real-time interaction, personalization, gamification, and modern socialization

5. Process Review

According to the insurance company, the only KPI for this brand is customer's satisfaction.

Digital Strategy Analysis

Instead of the traditional branding concept, it uses the idea of Brand Social Ecosystem, where it maintains consistency in its brand experience in all three media channels: Owned Media, Paid Media, and Earned Media, through interacting, participating, and engaging with their audience.
Using the methodology of "Cascading Choices" to develop a strategic plan that creates an omnichannel
As the online and offline boundaries gradually disappear, the company wants to create a consistent customer experience that integrated both virtual and reality. They adopted the Four Major Cornerstone to achieve this goal: Suitable physical presence, technological innovation, Value-added service, and cross-industry partnership.
Using the technology tools to develop a complete customer journey through the concept of The Hook Model, through designing a customer experience that involves Trigger, Aware, Action, and Investment. As a result, a habit-forming product is generated in the process of gamification.
To create a customer-centric experience in the store, the company hires the digital experts to build digital experience, such as creative playgrounds (AR/VR games and interactive display). Meanwhile, the team collects valuable data that helps the management in planning and designing their brand strategy and digital marketing strategy.

Results:

In less than three months from the grand opening day, the conversion rate is about 12.5%, which means that for every 100 store visitors, 12.5 visitors became their clients. In their estimate, they can generate at least 30K potential leads in the coming three years.

Customer experience is the key factor for the success of the digital transformation because satisfied customers introduce your business to their friends naturally. According to their researches, one will share their good experience with 9 friends and share their bad experience with 16 people. So they estimated that having a good experience will save about 33% of the cost for the company in a five-year period.