The Digital Insurer Award - Direct asia

1. The Digital Insurer – Insurer Innovation
Award 2021
DirectAsia & VICOM
Owner Tanya Godbeer
Circulated To The Digital Insurer
Date of Report March 2021
Classification Confidential

2. DirectAsia has created a digital distribution
channel that provides a convenient and
efficient service for VICOM inspection centre
customers in Singapore.
Using a using a cloud-based portal,
DirectAsia provides a one-stop service
solution at VICOM inspection centres that
enables customers to purchase their motor
insurance while waiting for their car to be
inspected.
In doing so, DirectAsia has used digital as an
enabler to enhance a face-to-face service
rather than replace it. This has taken digital
insurance to those who would not normally
engage with a digital insurer.
Overview
Motor
VICOM Sin Ming Inspection Centre

3. • Traditionally a direct insurer, DirectAsia identified this offline distribution
channel as an opportunity to access the non-direct market - new to DirectAsia
- for business growth.
• Using APIs as a tech enabler, DirectAsia has been able to take the online to
offline and meet the customer where they are rather than forcing or
expecting the customer to find DirectAsia online.
• As a disruptor to the insurance market in 2010, DirectAsia continued to
leverage its digital expertise by utilising digital where its most appropriate and
blending face to face agents with digital innovations to enable the customer
to feel comfortable with the whole process.
Innovating DirectAsia and the Industry Motor
• DirectAsia can use this digital innovation to scale this distribution
channel through multiple partners and uses. For instance, shopping malls,
banks, motor workshops and more.
• As Singapore works to create a digital first nation, DirectAsia are using this
scalable innovation to support customer digital adoption cross-industry
for customers who do not use digital this as their channel of choice. For
example, this innovation supports VICOM’s objectives by aligning to
digitise their customer journey and operations.

4. The Customer Journey Motor
• 50% of VICOM’s monthly visitors view VICOM’s website ahead of their inspection so DirectAsia added its services and
a link to its sales portal for customers to get a quote online as a digital alternative.
• VICOM encourage customers to pay for their inspection online and send an SMS confirmation receipt. In addition to
this confirmation receipt, customers also receive an SMS from VICOM to remind them to get their motor insurance
onsite with DirectAsia when they come for their inspection.
• Most importantly, DirectAsia created a digital
sales journey that can be completed in the time
it takes for the customer’s vehicle to be
inspected at VICOM (15 minutes).
• DirectAsia has placed 1-3 sales champions at
each VICOM inspection centre to build trust with
the consumers that are unlikely to purchase
online. Over 70% of customers surveyed at the
start of the partnership had traditionally bought
motor insurance from agents and brokers
emphasising the reliance on face – face
engagement.

5. The Innovation Motor
The VICOM digital sales portal enables
three customer journeys;
1. Lead generation: This takes the
customer’s details and reminds
the customer when their
insurance is next due
2. A quick quote: This provides the
customer with an indicative price
asking only five questions
3. A full quote to sale journey: This
completes and binds the sales
journey
Step 2: Quick Quote
Step 3: Full Quote and Payment

6. The Innovation: The Customer Motor
• Utilising these locations as DirectAsia branches, existing DirectAsia customers can
also access service support while getting their car inspected.
• If a customer does not purchase the sale onsite, an email is sent to the customer
to enable the customer to retrieve their quote and complete their sale from any
mobile device.
• Each lead channel has its own lead automation follow up including email
nurturing and SMS automation.
• Customers can also leave their details on VICOM’s automated payment machines
to request contact from DirectAsia if they do not want to engage with a sales
champion onsite.
• The customer journeys are fully digitised and inclusive of automated policy
issuance to the customer’s email address with login details to DirectAsia’s
“myaccount” portal to access all policies and information digitally. Again, to
enhance the customer service using a digital means rather than providing a new
service.
• As a customer inspection is only every two years for car, at point-of-sale
customers can choose auto-renew so their policy can renew automatically at
second year. Alternatively, they can return to VICOM or renew their policy online
in their “myaccount”.

7. The Innovation: The Operations & Tech Enablers Motor
• Each sales champion has their own ipad which is tagged to the individual and each
location has a dedicated laptop.
• As the digital sales portal is cloud-based and can be accessed on any mobile device,
DirectAsia can create multiple URL’s that are tagged to a partner through a source
tracking code. This source tracking code can be altered to refine the identification to
the partner channel, location and the sales champion.
• Using the coded URLs, DirectAsia was able to add digital touchpoints along the
complete VICOM customer journey - pre, during and post inspection - to try and
convert the customer completely online. For instance, the VICOM website.
• DirectAsia uses the source tracking codes and APIs to
report and track the performance of the partner,
channels and champions. This data flows through to
tableau to create dashboards with relevant visuals
including charts and data tables based on business
requirements.
• The digital sales portal is connected to DirectAsia’s
legacy system through APIs, enabling ease of adding
products as DirectAsia expands its portfolio or
amending the UI / UX to improve the experience.
An example of DirectAsia’s STC on the portal
An example of DirectAsia’s unique URL

8. DirectAsia has accessed a new customer base that would never have bought motor insurance
online, and at volume as vehicle inspections are mandatory in Singapore. In a recent survey
to customers that had bought from DirectAsia through this innovation, DirectAsia identified;
• 66% of customers bought from DirectAsia even though they didn’t know DirectAsia were
going to be onsite
• Customers who traditionally bought through non-direct channels purchased insurance
using this digital route, meeting the partnership objective of supporting digital adoption
• 21% of customers had been a loyal customer with their previous insurer for six years+
highlighting the power and importance of customer convenience
• In line with DirectAsia and VICOM’s objectives, customers identified this channel as
convenient and trustworthy
In 2020, DirectAsia also used this model to begin acquiring alternative partners such as
motor workshops and motor retail partners who can leverage the value proposition of
convenience, trust and competitive pricing using a digital journey and enable DirectAsia to
continue to grow its business through the non-direct market.
DirectAsia projects that this distribution channel will make up 22% of its total GWP in 2021
and 30% in 2022.
The Results and the Future Motor

10. Confidentiality Disclaimer:
This report/ presentation (including any enclosures and attachments) has been prepared for the exclusive use and benefit of Direct Asia Insurance
(Holdings) Pte Ltd (“the Company”) and is solely for the purpose for which it is provided. It is for general informational purposes only and is strictly
confidential. Unless express prior written consent has been obtained from the Company, no part of this report should be reproduced, distributed or
communicated to any external third party. DAIH does not accept any liability if this report is used for an alternative purpose from which it is
intended, nor to any third party in respect of this report.