Vymo Spotlight - October
This month, we’ve curated the best stories from our insurance and banking newsletters. In this issue, we cover:?
?? How NEC Asia Pacific Pte Ltd is managing the opportunities and challenges of a data-forward insurance organization
?? Vymo’s Product Updates for FY 24
?? What’s Premiumization, and how is it affecting banking?
And more!
We hope you find it interesting.
?? Data Dividends
Our conversation with Suresh Neelakantan, Senior Business Development Director - Value Chain Innovation Laboratory at NEC Asia Pacific Pte Ltd Asia Pacific, surfaces the opportunities and challenges of a data-forward insurance organization.
On the Digital Evolution of Insurance?
When we look back to our parents' era, we realize there was limited awareness about insurance as they had a low-risk appetite. In today's world, however, there has been a demographic shift.
Digital adoption has transformed the market for services and products, impacting consumer experiences in areas such as retail, banking, and insurance. The rise of digital solutions has fundamentally altered how customers engage with businesses.
As a result, products within the space are constantly evolving. Conversations are becoming more electronic and digital, so much data is generated based on these interactions. This data is crucial for several reasons, including customer service, acquisition, and fraud management.
On the Future of Insurance Sales in Thailand
Thailand's insurance sector is expected to experience a Compound Annual Growth Rate (CAGR) of 4.7 percent from 2021 to 2026, resulting in a massive 1,119 billion Thai baht in written premiums by 2026. Thailand has a high rate of digital adoption; for every person, there are 1.3 mobile subscriptions. Internet usage is 82%, and active social media usage is 74%. In comparison, insurance penetration in Thailand is only 5%.
This presents a significant opportunity for growth in the insurance sector and points us towards the future of sales engagement, which is moving from in-person to online.
In the past, the older generation would purchase Insurance through agents. However, Millennials and Gen Z are more inclined to shop for Insurance online rather than meeting with an agent. They prefer to compare the various online options and select the product that best suits their needs. Therefore, the current generation expects the insurance product offerings to be more relevant to their preferences.
Data becomes very important for an insurer to offer products that are hyper-personalized.
On Personalizing and Gamifying User Experience
The concept of Insurance is that it needs to be affordable. Otherwise, most customers will shy away from buying the product due to high premium costs.?
Say 'Person A' buys a smartphone, which comes with Insurance covering damages, breakages, failures, etc. Should 'Person A' pay a one-time flat premium, or should the premium be based on behavior analysis??
Collecting data can aid insurers in making decisions based on the individual's life journey. As an insurer, it is crucial to manage the contingent liability effectively. To achieve this, access to the right data is necessary to evaluate the associated risk, analyze data, and use artificial intelligence to provide a weighted average of usage and corresponding premium.
AI and data science capabilities can be used to predict claims and deduct frauds. The benefit of this model is that it is preventive and helps manage contingent liabilities.
? ?? The Vymo Way
We are delighted to launch our brand-new podcast - "The Vymo Way!”
In this podcast, we examine innovative strategies and approaches used by leaders who are pioneering first-principle solutions to the most pressing business and technology problems of our time.
In the very first episode, you'll hear from Venkat Malladi (Co-Founder & CTO, Vymo) and Roshan Cariappa (Vice President-Marketing, Vymo) as they discuss the highs and lows of Building the Hero Journey.
??? Thought Leadership Roundup
This month, we have published several articles about SaaS and Insurance:
领英推荐
Make sure you go through them!
??Vymo Product Updates
We’re excited to bring you the latest round of product updates!
Here is a quick rundown of some of the top features we built this quarter to streamline your on-ground sales:
?? Seamless API Integrations
We are making it easier for different software systems to seamlessly work together to boost user experience and productivity.
?? Optimized Synchronization
We are improving how data is shared between Salesforce and Vymo. It can now happen in real time (instantly) or in batches (groups) to ensure data is accurate and timely across systems.
?? Formula Framework
Suggestions and prompts to help our users create more personalized and engaging messages.
??What is? Premiumization?
Premiumization(n): the act of attempting to make a brand or product appeal to customers by emphasizing its superior quality and exclusivity.
As a marketing strategy, this has been around for centuries – think Evian for bottled water, Rolex for watches, or Rolls-Royce for cars.?
According to Ajay Vora (Head Equities, Nuvama Asset Management), this ‘trend’ is gaining a resurgence in financial services!
He was quoted in the Economic Times recently saying, “People want to upgrade and are looking for premiumization across all categories… the whole premiumization trend is likely to pan out in our country over the next two to three years in a very big way.”
For example, HDFC Bank recently partnered with Swiggy, Retailio, IRCTC, and more for co-branded credit cards catering to mass-affluent and middle-income consumers.
So, should you hop on this trend? Let's break down the Pros & Cons:
So, while premiumization may be a lucrative trend, banks need to do their due diligence and create products and offerings that consumers need.
??How Can We Help Banks Cross-Sell?
A decade back, the Big 4 consultants had predicted that cross-selling would be the next big thing for Banks.
However, little has changed.?
??We’d love to hear your perspective about this newsletter and overall banking sales trends.
???Write to [email protected]
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