Client background
Asia Insurance is one of the leading general insurers in Hong Kong. It has the most comprehensive product range including well-designed and attractively priced conventional and niche market insurance products.
The challenge
Asia needed new channels for distributing VHIS (The Voluntary Health Insurance Scheme) products, interested in digital online B2C distribution, but had no digital internal capabilities to develop such a solution in an efficient way. Asia also needed a system that allows them to manage client data and policy data but also be able to be integrated with the distribution website so that redundant data entry is reduced; this was difficult for them because of the lack of API integration capabilities.
The solution
CoverGo has developed a fully integrated, improved business ecosystem for Asia Insurance to improve sales and customer experience with following components:
- Product distribution website where customers can request instant quotes online for Asia’s own VHIS products. Products are hosted in CoverGo, displayed with dynamic pricing and available for instant purchase by filling application forms online. Underwriting checks are done digitally at all points to ensure a policy can be purchased instantly. Straight through processing and policy issuance via email.
- Policy admin & claims platform – a fully customized administration platform for Asia Insurance to manage their clients, fully integrated with the online distribution website – meaning all data is received in real time from the website to the platform. The system allows Asia Insurance agents to easily manage clients, applications, policies, transactions, and much more.
Business benefits
The implementation of CoverGo has enabled Asia Insurance the following benefits:
- Helps customers to find the suitable plans and get their policies within minutes, lowering customer acquisition costs.
- Processes cases which need manual underwriting after customers go through a simple paperless declaration procedure.
- Enabled Asia Insurance to increase sales while the admin significantly improves operational efficiency – streamlining the VHIS purchase and management experience.
