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Webinar: Digital Marketing in China - Compare, contrast, and learn?

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Webinar: Digital Marketing in China - Compare, contrast, and learn?

  1. 1. Digital marketing in china- Compare, contrast & learn? 18th march, 2021
  2. 2. 2 Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of facts and opinions expressed are those of the participants individually and, unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume no responsibility for, the content, accuracy or completeness of the information presented.
  3. 3. 3 Working together to accelerate the digital transformation of insurance Key Questions
  4. 4. 4 Today’s Panellists Working together to accelerate the digital transformation of insurance
  5. 5. 5 Discussion Agenda Opening remarks Changing environment & DM trends - TDI Live streaming as a marketing tool - Bihubao AI’s contribution to digital marketing - ChaCha We Chat use in insurance – WaterDrop Industry perspectives & opportunities - IptiQ Panel discussion including Q&A TDI updates & wrap up Working together to accelerate the digital transformation of insurance
  6. 6. 6 How to participate: If you have a question please type into the Q&A area If you have a comment please type into the chat area Session format: The moderator will use a combination of their own questions and those from the audience Working together to accelerate the digital transformation of insurance How to participate
  7. 7. 7 7 New Players are Re-Setting Consumer Expectations
  8. 8. 8 8 The Power is Shifting - Fast
  9. 9. 9 9 Changing Consumer Behaviours – What we Want! Convenience My time, My place, My way Speed Choice Fair Value & Treatment On Demand Personalisation Recognition & Respect Rewarded Loyalty Reduced Risk Social Good
  10. 10. 10 6 ways technology is impacting customer behaviour Source : http://customerthink.com/6-ways-technology-impacts-customer-thinking-behavior-and-experience/ Decreased Customer Attention The need for Personalisation The ease of access to info Brand trust & likability Rising customer expectations Increasing need for ‘good’ customer experience Impact on Consumer Behaviour
  11. 11. 11 Insurance & the real competition for consumers Source : The Digital Insurer INSURERS Cultural “Obsession” Customer Competitors Product Primary Value Driver Platform
  12. 12. 12 Source : The Edelman 2020 Trust Barometer 2020
  13. 13. 13 Source : The Edelman 2020 Trust Barometer 2021
  14. 14. 14 Traditional insurance = competitive disadvantage
  15. 15. 15 Marketing methods in a digital age
  16. 16. 16 China – some callouts on digital marketing User generated video content Q1 2021 – 170+ million users Rise of virtual influencers Messaging and more QQ :700mn MAU ; We Chat: 1.2 billion MAU Rise of livestreaming & v-commerce US$305 billion livestreaming ecommerce forecast in 2021 Source: Forbes: https://www.forbes.com/sites/laurenhallanan/2021/02/08/5-china-marketing-trends-you-must-know-in-2021/ And let’s not forget about - The Power of content - AI in marketing
  17. 17. 17 Working together to accelerate the digital transformation of insurance Live steaming as a marketing tool 壁虎互助
  18. 18. ORC community SaaS Product design Core services Settlement of claim Core systems Technologies Scopes Product define policies client claim SaaS … Online payment OCR(character recognition) Big data analysis Long-term insurance Medical/health Finance product/loan … marketing The staged achievements Bihu ORC is the only platform which has the whole ORC insurance service ability to cover all kinds of clients Product innovatio n … Development direction keeps research and develop insurance technologies, consummate the cloud platform and enrich the products. Products and services from third party BIHU Current situation and direction users Internet platfor m (small) Internet platfor m (large) Enterprise
  19. 19. November 2019 June 2019 May 2019 Apr 2019 Jan 2019 Denghou ORC Meituan ORC Ninghubao ORC Diandi ORC Oct 2018 Xianghubao ORC Haitan ORC The rise of Online Reciprocal Communities
  20. 20. 22 Poll 1 – What do you think? Q: How relevant do you think live streaming is for digital marketing outside China? Response options On a scale of 1 – 10 1 = Not at all relevant 10= Highly relevant
  21. 21. 23 Working together to accelerate the digital transformation of insurance AI’s contribution to digital marketing
  22. 22. THE LARGEST INSURANCE INFOMATION AND INTELLIGENT DECISION MAKING PLATFORM IN CHINA 2021.03.18
  23. 23. * Data source:Random questionnaire survey. User survey report of Horizon Research Consulting Group, etc online purchase offline purchase stimulated by demand Traditional channels user need internet insuranc e direct purchase turn to website info acquisition search compare learnin g consult back to offline purchase shar e shar e purchase decision
  24. 24. Intelligent analysis of insurance clauses, contents * Note: 90 million users refer to the number of browsing users touched by the whole platform, which is not equal to the number of registered users 100thousand products 90million users* 200+ companys 6+million contents
  25. 25. 保险 行业 信息 基础 设施 10万+ 产品信息 Expert services AI Robots Objective, efficient and personalized insurance company new agency 保险 行业 信息 基础 设施 Changing information asymmetry Whole Data + User-Centered = Disruptive Innovation Insurance information infrastructure
  26. 26. 《一种基于语义识别的高效短视频生产方式》 《一种实现数据到新闻的自动发布系统》 《基于人工智能的产品评测及缺陷检测方法和系统》 保险查查APP软件 AI智能新媒体机器人 新型社交化保险笔记系统 保险查查iOS客户端软件 保险查查PC软件 保险查查移动网页客户端软件 保险查查用户端百度小程序 保险查查今日头条小程序 已发证 审核中 已发证 已发证 已发证 已发证 已发证 已发证 保险查查海量保险产品动态管理系统 审核中
  27. 27. 30 Working together to accelerate the digital transformation of insurance WeChat use in insurance
  28. 28. 31 Business Overview Healthcare and Pharmaceutical Services Insurance Marketplace Medical Crowdfunding Mutual Aid 1 3 4 2
  29. 29. 32 Online Marketing Omni-Channel Marketing Third-party Traffic Waterdrop “Funnel” Conversion Waterdrop Insurance Omni-Channel Traffic Model
  30. 30. 33 Innovative User Acquisition and Engagement Model Live Streaming Short Video Text Message Official Wechat Account
  31. 31. 34 Poll 2 – What do you think? Q: How relevant do you think social platforms are for digital marketing outside China? Response options On a scale of 1 – 10 1 = not at all relevant 10 = Highly relevant
  32. 32. 35 Working together to accelerate the digital transformation of insurance Industry perspectives & opportunities
  33. 33. Product Development: Manufacture Products and Risks for comprehensive Protection Customer Experience, Lead capturing & Routing Distribution Channels: quote, sell and close e-app Delivery; User Experience Connect and Manage Back-end Digital innovation expanding the value chain Data modeling and Omnichannel Automated Claims marketplace; product bundling; measuring UX Q-scores Digitization & Distribution Manufacture products for • single sale, bundled sale • X-sell, upsell • All protection products (Life, Health, P&C and commercial, and product/service warrantees ) Insurance buyers: segments and data models of life stages Finding and configuring segments and acquisition costs • Agent/Advisors • Direct • Call Center • Other…ecosyste m/marketplace Ecommerce and buying journeys for applicable channels and product single, bundle, X and upsell. (Leveraging data attributes for pricing, underwriting and enhanced journey UX) • Policy Admin • Consumer Engagement • Policy Support/service/Claims • Data & Analytics Data Science and modeling
  34. 34. Building expertise in many areas • process landscape automated and integrated across the organization • response time of customers quickened and waste and costs in operations reduced Digital portfolio of products and services • multiple product portfolio that is fully digital • ability to bundle and cross-sell Advanced Analytics • Personalized offerings (i.e., triggered on life stages) • Advanced analytics used across the value chain to prevent high-cost cases; identify market micro- segments; and enable accelerated underwriting with real-time decision Omnichannel customer experience • full spectrum of digital channels • multi-channel targeting of on and offline marketing • Increased sales and engagement through optimized channel mix (SMS, email, phone, chat…) and content Automated Operations
  35. 35. Many Insurers are struggling with significant Gaps to keep up. Cultural Debt: Traditional org design Market Gaps: Monoline product Execution Gaps: Lengthy builds Struggle with product pricing & design, manufacturing, delivery, and servicing; challenges with: new business processes, management practices, compliance and information systems everything about the nature of customer relationships Traditional Org Structures make rapid evolution & innovation challenging; inability to: break silos create agile culture establish effective dev ops frameworks creat integrated cross-functional teams Struggle with creating new products to reach new customers and expanding new products to existing customers Inability to configure multiple product offers to new customers Held back by Legacy Systems and high cost processing (feature full stacks versus use of cloud to digital interactions, digital signals with API architecture) Technology Debt: Legacy constraints
  36. 36. 39 Poll 3 – What do you think Q: How important is trust in digital marketing? Response options On a scale of 1 – 10 1 = not at all important 10 = Highly important
  37. 37. 40 Time to talk Working together to accelerate the digital transformation of insurance
  38. 38. 41 https://www.the-digital-insurer.com/search-insurtech-directory/# Working Together to Accelerate the Digital Transformation of Insurance
  39. 39. 42 Dynamic InsurTech Maps Hong Kong, China, SG, India, Indonesia & Portugal Maps now live – more launching soon https://www.the-digital-insurer.com/dynamic-insurtech-maps/ Hong Kong’s Dynamic InsurTech Map IT’S DYNAMIC - CLICK AWAY! Value Chain Innovations New Digital Business Models InsurTech Supporters Learning Ecosystems Comparison Sites Source: FTAHK & TDI Analysis using TDI InsurTech Directory. Disclaimer : Not claiming to be exhaustive and may include InsurTechs that are no longer active. Please let us know if you think we need to make a change. Sales Industry / Govt Bodies P2P & Community Financing Hubs & Events Underwriting & Risk Mgt Administration / Systems Analytics Product Development Health & Wellness Commercial Platforms Direct Q3 2020 Marketing MicroInsurance Risk Assessment Working Together to Accelerate the Digital Transformation of Insurance
  40. 40. 43 Users are able to click through map logos to access digital booths on ITD https://www.the-digital-insurer.com/dynamic-insurtech-maps/ Hong Kong’s Dynamic InsurTech Map IT’S DYNAMIC - CLICK AWAY! Value Chain Innovations New Digital Business Models InsurTech Supporters Learning Ecosystems Comparison Sites Source: FTAHK & TDI Analysis using TDI InsurTech Directory. Disclaimer : Not claiming to be exhaustive and may include InsurTechs that are no longer active. Please let us know if you think we need to make a change. Sales Industry / Govt Bodies P2P & Community Financing Hubs & Events Underwriting & Risk Mgt Administration / Systems Analytics Product Development Health & Wellness Commercial Platforms Direct Q3 2020 Marketing MicroInsurance Risk Assessment Working Together to Accelerate the Digital Transformation of Insurance
  41. 41. 44 China Map
  42. 42. 46 TDI 2021 Insurer & InsurTech Innovation awards Applications are open until 31st March, 2021 https://www.the-digital-insurer.com/tdi-2021-awards/home/
  43. 43. 48 www.the-digital-insurer.com TDI Academy – virtual L&D platform on digital insurance Digital insurance L&D Platform Virtual On-Demand Preferential Membership Certificate Mini-MBA TDI PRIME – affordable annual membership – bring digital insurance to all your team TDI Academy programmes
  44. 44. 49 TDI Academy – virtual L&D platform on digital insurance Common Core Curriculum of 56 hours Interactive: Click on lesson title to get more info 7 x 8 one-hour lessons On-demand 24x7 MCQs for each Range of Industry Experts = Participant rating (out of 10) 8.6 https://www.the-digital-insurer.com/tdi-academy/prime-lessons/ 1. OUR CHANGING WORLD 2. TECH ENABLERS 3. DATA & ANALYTICS 4. VALUE CHAIN INNOVATIONS 5. NEW DIGITAL BUSINESS MODELS 1.1 4th Industrial Revolution 1.2 Our Connected World 1.3 Power of Social 1.4 Changing Consumer Behavior 1.5 More Change Coming 1.6 Why Data is King 1.7 Cloud Crushes Costs 1.8 Insurance Re-booted 2.1 Tech Trends in Insurance 2.2 AI, Machine Learning & RPA 2.3 Blockchain 2.4 IoT 2.5 Chat & Voice 2.6 Immersive Technologies 2.7 APIs & Microservices 2.8 Tech Architecture Best Practices 3.1 The Power of Data 3.2 Python Basics 3.3 Python Intermediate 3.4 Data Visualization & Example Tools 3.5 Machine Learning 3.6 D&A Use Cases - P&C 3.7 D&A Use Cases - Life & Health 3.8 Predictive Modelling 4.1 Sales Tools for insurance Agents 4.2 Underwriting - Life & Health 4.3 Underwriting - P&C 4.4 Product Development 4.5 Service & Administration 4.6 Claims - Life & Health 4.7 Claims - P&C 4.8 Implementing Value Chain Innovations 5.1 Platforms & Ecosystems 5.2 Microinsurance 5.3 On-demand Insurance 5.4 Comparison Sites 5.5 Peer-to-peer & Community 5.6 Health & Wellness 5.7 Commercial 5.8 Building New Digital Business Models 6. MARKETING & CUSTOMER EXPERIENCE 7. STRATEGY & TRANSFORMATION 6.1 Data-led Marketing 6.2 Direct Digital Marketing 6.3 Digital Marketing for Advisors (O2O) 6.4 Power of Content 6.5 Omni Sales & Servicing 6.6 Customer Lifetime Value & Customer Advocacy 6.7 Customer Experience 6.8 Out-of-industry Use Cases 7.1 Why Strategy Beats Execution 7.2 Regulations & Ethics in a Digital World 7.3 Transforming the Old vs Building the New 7.4 Partnership in a Digital World 7.5 Change Management as a Discipline 7.6 Agile & Lean Basics 7.7 Cultural Change for a Digital World 7.8 How to Succeed When Most Transformation Fail 8.3 8.5 8.3 8.7 8.5 8.7 8.2 8.6 8.3 8.8 8.6 8.6 8.7 8.4 8.3 8.3 8.5 8.7 8.5 8.7 8.4 8.3 8.6 8.5 8.7 8.6 8.3 8.7 8.5 8.7 8.5 8.9 8.7 8.6 8.8 8.7 8.5 8.5 8.3 8.7 8.6 8.6 8.5 8.6 8.4 8.9 8.7 8.7 8.9 8.4 8.6 8.5 8.7 8.5 8.7 9.0
  45. 45. 50 Poll Q. How interested are you in virtual learning & development programs on digital insurance? Response options: 1. Yes - for me & my company 2. Yes - for me 3. Yes - for my company 4. No - I think we know enough in this space Poll 4 – Interest in TDI Academy Working together to accelerate the digital transformation of insurance Next ADI Cohort starts 4th May
  46. 46. 51 Poll Next TDI Webinar coming up Working together to accelerate the digital transformation of insurance https://www.the-digital-insurer.com/tdi- webinars/ Digital Insurance in Israel 22nd April 1:00pm Israel
  47. 47. 52 Poll TDI Webinars – Now available on-demand https://www.the-digital-insurer.com/events/ Partnering for success in a digital world L&D in a Digital Age Insights to Solutions Digital Underwriting Talking Insurance Tech Omni Advisor – The Future of Agency Digital Insurance in Indonesia
  48. 48. 53 Feedback please! Three ways  At end of webinar using survey  When you receive the recording link  To TDI individually
  49. 49. 54 Contact Details TDI Academy – learning for the digital age Hugh Terry hugh.terry@the-digital-insurer.com Simon Phipps simon.Phipps@the-digital-insurer.com Gavin Li nipeng@bihubao.com Jin Hua hejunhua@bxcc.vip Randy Luo luoxiaoran@shuidi-inc.com Donna Jermer donna_jermer@iptiq.com
  50. 50. 55 Thanks for your time! (feedback please) Digital marketing in china – Compare contrast & learn? 18th march, 2021

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