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With the Asia-Pacific life insurance market growing at an unprecedented pace, many foreign players have made big investments in this sector. However, it is critical to remember that the Asia-Pacific isn’t a homogenous region and target audiences cannot be clustered together, given the varying cultures, diverse identities, and of course, differing consumer expectations.
Money 2.0 Conference’s experts have underlined that to succeed and capture value in this region, service providers must have a comprehensive understanding of the market, its segments, and customers at a granular level. Those who get this formula right will witness exceptional growth in the coming years.
On that note, we have a few tips to help life insurance agencies that have whipped up plans to make it big in the Asia-Pacific:
Acquire exhaustive information about local markets
The insurance companies which blend their international recognizability with local expectations while positioning themselves as authentic local players will be the ones to retain the top spot year after year. To achieve this, it is essential to connect with locals and understand regulations, consumer habits, preferences, and their varied needs when it comes to life and non-life insurance.
Embrace innovation to transform the customer experience
As you may be aware, the problem of poor customer service has been highlighted frequently in the Asia-Pacific insurance market. By establishing themselves as customer-first companies, new entrants can be the answer to this obvious pain point of customers who want to be educated about their life insurance options.
This can be done through a wide range of ways - from overhauling their day-to-day strategies to adopt a more customer-centric approach, revitalizing their existing customer service channels to ensure 24/7 availability with the help of chatbots and trained personnel, streamlining customer journeys, maintaining an active web presence as well as innovating to come up with attractive propositions for different age groups.
Make substantial investments in talent acquisition and new technologies
To ensure stable growth in emerging economies, insurance companies must go back to the basics, i.e., boost their core capabilities to compete with regional players that have built their businesses based on years of trust and intricate knowledge of the market.
We can already see that top firms are going all the way to recruit top talent for leadership positions. However, to see qualitative results, this approach should be aggressively adopted throughout the organization while making new hires. In addition to this, companies can offer more value to their customers by tapping into the potential of resilient technologies. This gives them an edge over competing local agents who may not have the resources to make such tech-based overhauls.
After the events of the pandemic, insurance companies can witness profitability by capitalizing on the growing interest in the life insurance market. The above points can serve as a starting point when you decide to step into the world of emerging markets in this rapidly evolving financial landscape.
If you are looking for market insights and actionable strategies to make your mark in the insurance world, do book your spot at our post COVID finance event in 2022 - the Money 2.0 Conference now!