UNDERSTANDING CUSTOMER NEEDS PAVES THE ROAD TO SUCCESS

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COMPANY AWARDS (INSURANCE) | BOC Life 中銀人壽

UNDERSTANDING
CUSTOMER NEEDS
PAVES THE ROAD TO SUCCESS

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Charity Au, Chief Operating Officer, BOC Group Life Assurance Company Limited

Established in 1998 in Hong Kong, BOC Life has grown to be one of the leading insurers in Hong Kong, offering comprehensive wealth management, retirement planning, life and medical insurance protection – and a focus on customer service that is well received by its customers. It is this commitment that has seen it win four awards in 2016 BENCHMARK Wealth Management Awards, including honors for Customer Insight, its Customer Support Team, Innovation and its High Net Worth Team.

INVESTING TO GAIN CUSTOMER INSIGHT

BOC Life invests in data analytics and performance tracking to identify key drivers for service improvement and customer engagement, enabling it to differentiate its services from other insurance providers. According to the available market data, BOC Life segments customers into target groups for product and service promotions to enhance cost efficiency. Prediction techniques generate improved customer persistency and satisfaction, which are useful in developing customer-retention strategies and insights on customer behavior.

Charity Au, Chief Operating Officer of BOC Life, said “BOC Life has meticulously worked to understand customer behavior, and their insurance and wealth management needs. We also keep abreast of the times and combine our experience with innovative technology to enhance a holistic customer service experience.”

BEST-IN-CLASS CUSTOMER SUPPORT

BOC Life has also been recognized as “Customer Support Team – Best-in-Class”. According to Au, BOC Life’s customer service proposition is structured into three broad areas – quality commitment, service efficiency and customer value.

At BOC Life, Customer Service Team (CST) members are a crucial element of the company and treated accordingly with clearly mapped career and training plans. This positive approach extends to the way CST members are encouraged to think, with a focus on the end game – attracting and retaining customers. In order to motivate its customer services team and improve performance, BOC Life has also set up in-house awards to recognize outstanding CST members. Customer response times have improved with the launch of a resource arrangement plan while delay has been cut with the development of CST service ambassadors who have the scope to make on-the-spot decisions.

This creates a win-win situation for staff and customers, as the better staff perform the more efficient services they provide in the long run. It is this focus on customer centricity that has seen the insurer increase its levels of customer satisfaction. As such, BOC Life’s customer satisfaction scores have been increasing over the years.

INNOVATING BY REDESIGNING THE PRODUCT DEVELOPMENT PROCESS

One problem faced by BOC Life had been the lack of fully-fledged tools designed specifically for life insurance product development and its procedural administration. As “product engine” could not be bought off the shelf, abundant resources were spent during new product development or product revamp. Specifically, as systems were tailor-made by IT teams according to specific needs of the company, the product time to market would be long and hence miss the best time for launching to market. Additionally, a long list of outstanding items would arise after each new product launch, lengthening the product development process.

In order to innovate, BOC Life decided to re-engineer its product development process. A special InsurTech project was launched in 2015 with the goal of developing a “Product Rules Engine” to reduce the time to market for new products, simulate the whole product development cycle, improve the overall quality of this cycle, reduce development risks and save IT resources.

The project led to a breakthrough in transforming product design, product generation and testing and product deployment. On average, the time to market has been shortened by half, from two months to one for complex products (lead time for simple products can be much shorter). Overall IT resources have also been significantly reduced for Product Rules Engine product initiatives, saving valuable resources for other innovative programs for the benefit of our customers.

The rapidly growing life insurance market and the changing regulatory environment have highlighted the importance of innovative and flexible system to business operation. The introduction of a true product and rules-based engine is fundamental to all life insurers. What BOC Life has achieved with the InsurTech project and launch of Product Rules Engine has lit the path ahead for more solid and sustainable business development,” said Au.

EXPONENTIAL HNW GROWTH

BOC Life has also made significant headway in the High Net Worth (HNW) customer segment. In order to tap the HNW segment, BOC Life put together a team of HWM specialists from across different functional areas with experience in business development and premium services. They are dedicated to serving the bank channel, which has a network of nearly 200 Bank of China (Hong Kong) Limited branches in Hong Kong. They provide field coaching and case management services to more than 600 relationship managers on the frontline.

Apart from bancassurance services, the company is now working closely with more than 70 brokers, as one of the core distribution channels to serve the HNW segment, some of which are well connected affluent individuals. Such connections have broadened the reach of BOC Life products to non-bank customers.

These efforts have resulted in satisfying returns, as BOC Life experienced exponential growth in HNW product sales during the first seven months of 2016. For example, the broker channel has seen new business gross premium increase 400% from 2015 to July 2016. It contributed to the growth of the company’s overall new business premiums which recorded a 20% increase during the same period. In the Bancassurance channel, the average case size also increased significantly during the second quarter of 2016. On the back end, the average turnaround time for the end-to-end processing and issuance of new client insurance policy application have been markedly shortened from 72 hours to 24-48 hours.

“Each customer segment has evolving needs and wants towards life insurance, and this is no exception for HNW customers. At BOC Life, we have geared up our capacity in business to provide competitive products and services. Ultimately, it fosters better collaboration across different functional areas by taking care of HNW customers as one team,” said Au.BM Icon

 

了解客戶 致勝之道

 

 

中銀集團人壽保險有限公司(「中銀人 壽」)於1998年在香港成立,發展至今已 成為香港最大的保險公司之一。中銀人 壽提供全面財富管理、退休策劃、人壽及 醫療保險服務,其專注的服務深受客戶 好評。憑藉這份精神,中銀人壽於2016 《指標》財富管理大獎中勇奪四項殊 榮,包括客戶洞察力、客戶支援團隊、 創新科技以及高資產值客戶團隊獎項。

分析數據 深入洞察

為提升服務質素及客戶參與度,中銀人壽 於數據分析及績效追蹤方面投放資源, 令中銀人壽的服務有別於其他保險 同業。根據市場數據, 中銀人壽按不 同目標客戶群推出產品及服務推廣,以 提高成本效益。中銀人壽更運用預測技 術,提升客戶忠誠度及滿意度,亦有助 制訂客戶保留策略及評估客戶習慣。

中銀人壽營運總監歐之珊表示:「中銀 人壽一向細心了解客戶的行為,以及他 們的保險與財富管理需要。我們亦與時 並進,憑藉經驗並結合創新科技應用, 全面提升客戶服務體驗。」

同級最佳客戶支援

對於中銀人壽奪得客戶支援團隊- 同級最佳獎,歐之珊說,中銀人壽的客戶 服務價值主張三大主要範疇:優質承諾 、 服務效率以及客戶價值。

客戶服務團隊是中銀人壽的核心成員, 公司為他們提供清晰的事業規劃及相關 培訓。這種積極方式鼓勵客服團隊成員 勇於思考,以達到吸納及保留客戶的目 標。中銀人壽為激勵其客服團隊以及提升 服務表現,更設立內部獎項以獎勵表現 出色的員工。針對特定情況,公司可彈 性安排人手,透過資源編制計劃,縮短 客戶查詢的等候時間,客戶服務大使亦 獲授權作出適當決定,減省繁瑣手續, 提高效率。

長遠來說,客戶服務人員的出色表現有 助提升服務效率,對員工及客戶來說都 可達致雙贏。這種以客為本的精神,讓 客戶對公司的滿意度節節上升。

重訂產品開發流程 全面創新產品

中銀人壽曾經面對的其中一個難題,就是 缺乏一套專為開發壽險產品及管理其流 程而設的工具。由於未能在市場上購置 現成的「產品系統」,因此每當需要開 發新產品或改良現有產品時,往往花上 大量人力物力。尤其是每個系統都是資 訊科技團隊按公司的獨特需要而自行開 發,導致產品開發需時,錯失將產品推 出市場的最佳時機。此外,每當有新產 品推出後,仍有一連串事項尚待解決, 令產品開發流程十分冗長。

中銀人壽為不斷創新,銳意重訂其產品 發展流程。在2 0 1 5 年, 公司推出一個 「InsurTech」項目,專責開發一套產品 規範系統(Product Rules Engine),以縮 減新產品推出市場的所需時間,同時模 擬整個產品發展流程,提升流程品質及 減低開發風險,進而大大減省資訊科技 資源。

這個項目成功改革了產品設計、開發、 測試以及推出市面的流程。一般而言,產品 推出市場的時間可以由兩個月大幅減半至 一個月(簡單的產品需時更短)。產品 規範系統的產品項目所需工時更顯著減 少,省下來的寶貴資源可投放到其他創 新項目讓客戶受惠。

歐之珊指出: 「人壽保險市場發展迅 速,加上監管環境的變更,突顯創新和 富彈性的系統對於保險營運的重要性。 對壽險公司來說,一套真正以產品及合 規為依歸的系統實在非常重要。中銀人 壽通過利用InsurTech及推出產品規範系 統,為未來業務的持續發展奠定更穩固 基礎。」

高資產值客戶高速增長

與此同時,中銀人壽亦在高資產值客戶 群取得顯著成果。為打進高資產值客戶 的市場,中銀人壽特意從不同職能的部 門挑選對業務發展及高端服務有經驗的 人員,組成一支高資產值客戶專業團隊, 支援擁有近200間分行的中國銀行(香港) 有限公司分行網絡,並為超過600位客戶 經理提供培訓及個案處理服務。

除了銀行保險服務,公司亦與超過70家 保險經紀公司緊密合作,作為針對高資 產值客戶之主要分銷渠道之一,當中一些 保險經紀公司擁有龐大的高端客戶網 絡,有助將中銀人壽產品推廣至非銀行 客戶。

中銀人壽的努力換來滿意的回報, 在 2016年首七個月,中銀人壽在高資產值 客戶產品市場的銷售取得飛躍增長,例如 通過保險經紀分銷渠道所獲得之新造業 務毛保費,就由2015年至2016年7月間 大幅增長四倍,使公司之新造業務總保費 較同期錄得兩成增幅。至於銀行保險渠 道方面,2016年第二季的平均保單值亦 大幅增長。與此同時,處理及簽發新客 戶投保保單之平均所需時間,亦由72小 時大幅縮短至24至48小時。

歐之珊強調:「高資產值客戶和其他客戶 群一樣,對人壽保險的需要和期望都不 斷提升。中銀人壽會加強拓展業務,提供 更具競爭力的產品與服務,讓不同部門 能有更佳的團隊合作,致力為高資產值 客戶服務。」BM Icon