Revolutionizing customer engagement in the insurance industry with AWS (GBL213)

Revolutionizing Customer Engagement in the Insurance Industry with AWS

Introduction

  • The speaker, Yu, is from South Korea and is responsible for the Korean financial service industry.
  • The presentation focuses on how the insurance industry can be revolutionized through the use of AWS (Amazon Web Services).

What is InsureTech?

  • InsureTech is a blend of insurance and technology that aims to make the insurance industry more efficient and cost-effective through innovation.
  • Traditionally, the financial industry, especially the insurance sector, has been slower to adopt new technologies compared to other industries.
  • However, today's customers demand simpler and more efficient insurance products and services, and the digital-native generation is becoming the primary customer base.
  • New technologies like AI, blockchain, and big data are creating new possibilities in the insurance industry, leading to a technological revolution.

Challenges and Solutions with AWS

  • Implementing InsureTech in an on-premises environment is challenging due to limited flexibility and agility, making it difficult to respond quickly to business requirements and keep up with rapidly changing market conditions.
  • AWS can provide solutions to these challenges by enabling the development and immediate implementation of business requirements and customer feedback.
  • Handling traffic spikes in an on-premises environment is also a challenge, requiring a flexible and agile architecture, which is difficult to achieve with traditional monolithic architecture.
  • Microservice architecture (MSA) is the most effective solution, and it can be easily implemented using AWS.

Customer Success Story: Kobo Life Planet

  • Kobo Life Planet is a digital-native life insurance company in South Korea.
  • They have been in business for 10 years and have recently experienced a 5-fold increase in premium income, with a 50% market share of all life insurance sold online.
  • Kobo Life Planet's mission is to disrupt the traditional way of distributing life insurance by building a customer engagement platform called "365 Planet."

365 Planet: Kobo Life Planet's Customer Engagement Platform

  • 365 Planet is a platform where users can earn rewards by tracking their steps and engaging with the app.
  • The platform collects user data, analyzes it, and provides personalized nudges such as bite-sized healthcare, beauty, and insurance-related content to keep users engaged.
  • Within a year, the platform has gathered 180,000 users, and 15-20% of Kobo Life Planet's new business comes from this app.

Why Kobo Life Planet Chose AWS

  • The fast deployment, development, and flexible infrastructure provided by AWS were crucial factors in Kobo Life Planet's success.
  • As a small digital player competing with larger incumbents, Kobo Life Planet needed to move fast, stay light, and keep testing the market to serve better products and services.
  • The flexible cloud technology, such as autoscaling, allowed Kobo Life Planet to handle sudden traffic spikes during marketing campaigns seamlessly.

Kobo Life Planet's Architecture on AWS

  • Kobo Life Planet's architecture on AWS includes a data warehouse and the 365 Planet platform.
  • Working with AWS helped Kobo Life Planet transition from a monolithic to a microservices architecture, improving system resilience and agility.
  • AWS also provided solutions for data security and governance, which are crucial for a financial company like Kobo Life Planet.
  • The managed services offered by AWS allowed Kobo Life Planet's IT team to focus on serving customers better rather than dealing with operational tasks.

Business Values Achieved with AWS

  • Kobo Life Planet was able to collect potential customers double the number of their policyholders.
  • The new business generated from the 365 Planet app doubled over the years.
  • The value of new business (VNB), which is equivalent to the lifetime value of insurance, was 5.6 times the cost of rewards and marketing.
  • These achievements would not have been possible without the help of AWS.

Conclusion

  • Kobo Life Planet, a digital-native life insurance company in South Korea, has revolutionized customer engagement in the insurance industry with the help of AWS.
  • The 365 Planet platform, built on AWS, has enabled Kobo Life Planet to collect valuable user data, analyze it, and provide personalized engagement, leading to significant business growth.
  • Kobo Life Planet's success story demonstrates how the insurance industry can benefit from the agility, flexibility, and managed services offered by AWS to modernize and better serve their customers.

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