Tech-driven partnerships between insurers and banks in Asia are driving a much deeper understanding of customer pain points, affording marketers the opportunity to improve trust and loyalty.
That was the message from Chubb Group’s chief digital business officer Sean Ringsted at this year’s Money 20/20 Asia in Bangkok, who revealed the commercial success stories from a host of global partnerships.
“When banks and insurers work together in a partnership model enabled by technology, you get this idea of digital bank assurance.”
In Thailand, Chubb has both a life and non-life operation and partnerships with financial institutions including Krungthai Bank (KTB), which boasts more than 40 million customer accounts. In Singapore, the business has been working with DBS, and in Brazil the insurer has a partnership with Nubank, which has more than 90 million customer accounts.
“Nubank is one of the largest banks in the world and many of those customers, historically, haven’t had access,” Ringsted explained. “There, we provide life insurance.
“Last year we sold a million policies. You are providing protection resilience to people who had not previously had that available before.”
Other technological advances, such as in artificial intelligence, are having a positive effect on both the customer experience and the claims process, the Chubb boss added.
“The whole CX process is a lot easier. When you think about some of the frictional processes traditionally associated with a claim, we can put that straight through to payment with smaller claims. Where it is more complex, AI can free us up to adjudicate.”
Carlos Vazquez, managing director and group head, product management (Consumer Banking) at DBS Bank, said his business is also trialling new approaches using AI.
“We are testing the explanation of insurance contracts to customers. If you’ve ever read one, they are brutal. So, we are taking a complex legal document and turning it to something that people can understand.
“A lot of the time there are tiny coverages and you didn’t even realise you had that. We are doing this both internally and with external partners. There is a lot of work to be done.”
Suporn Sunthornrohit, chief business innovation officer at Infintas by Krungtai, said “AI is at the forefront of revolutionising customer interactions” and told delegates that the business will be announcing a new product launch in partnership with Chubb “in the coming months”.