Mitsui Sumitomo Insurance Group (MSIG)’s Mingtai Insurance plans to strengthen its customer-centric approach by supercharging digitisation with AI-informed analytics from partnering AI SaaS company, Appier. Appier will provide insights and data powered by AI for MSIG Mingtai Insurance’s marketing campaigns and service incidents for the Taiwan market.
Recently, Mingtai Insurance embarked on a digital transformation journey, in collaboration with parent company MSIG to accelerate its capabilities in big data, AI, digital marketing and blockchain. This marked the beginning of the Appier-MSIG Mingtai Insurance collaboration in 2018, and Appier was able to help Mingtai Insurance address years of pain points with Appier's data science platform, AIXON, and customer marketing platform, AIQUA, for its various product suites.
According to the company, Appier improved on both the challenges of a longer purchase and renewal cycle, and issues with making the right recommendations to its customers without a complete view of customer profiles. This was especially prevalent for property insurance. It also said that it tackled these barriers using a three-pronged approach - by using one-stop automated communication for marketing activities across various digital channels, obtaining a 360-degree view of the customer based on existing CRM data and multi-dimensional user segmentation.
The new joint release shared that the collaboration saw a rise of online subscription rates three times the industry average, almost twice the number of push notifications on owned media and a rise of about 20% in average transaction value.
Zhi Chang Li, executive vice president, MSIG Mingtai Insurance, said that the company had been actively adopting innovative technologies in recent years as it wanted to make selecting insurance products easy for its customers. Appier’s AI technologies helped produce analytics and insights for its promotional campaigns and service procedures, which were two major challenges in Mingtai Insurance’s digitisation process.
"Appier's AI technologies make customers feel at home when they visit our websites, allowing us to not only introduce our products to potential customers but build a better, closer relationship with our existing client base. Better still, Appier significantly improved our conversion rates and the percentage of high-value users. We will continue to work with Appier to uncover even more marketing opportunities as we lead the way for the application and development of insurance technologies in Taiwan and Asia," he added.
Separately, MSIG’s customer-centric approach to insurance and dedication to customer satisfaction is evident from its various campaigns, most recently being the Singapore branch’s interactive, choose-your-own-adventure film, titled ‘Help me leh”, which aimed to introduce the topic of insurance without it being too serious. The Malaysian branch also launched a Chinese New Year ad last year targeted at Malaysian drivers as a reminder that their loved ones are waiting, especially during the festive season.
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