WEBVTT 1 00:00:02.280 --> 00:00:04.863 (upbeat music) 2 00:00:11.300 --> 00:00:14.400 What singles out leading Asian insurers 3 00:00:14.400 --> 00:00:17.690 from the rest of the world when it comes to bionic 4 00:00:17.690 --> 00:00:19.470 is their ambition. 5 00:00:19.470 --> 00:00:21.330 The most ambitious among them 6 00:00:21.330 --> 00:00:24.960 do not benchmark themselves against other insurers, 7 00:00:24.960 --> 00:00:27.860 but against leading tech players instead. 8 00:00:27.860 --> 00:00:30.110 They want to grow their insurance business 9 00:00:30.110 --> 00:00:33.190 into a broader data-driven business 10 00:00:33.190 --> 00:00:36.630 and ultimately, become tech players themselves. 11 00:00:36.630 --> 00:00:39.200 In this new model, insurance is embedded 12 00:00:39.200 --> 00:00:42.560 in a more comprehensive service portfolio. 13 00:00:42.560 --> 00:00:45.500 The key value levers are data and AI, 14 00:00:45.500 --> 00:00:47.530 on one hand reducing the cost base 15 00:00:47.530 --> 00:00:49.550 via significant automation, 16 00:00:49.550 --> 00:00:50.820 while on the other hand, 17 00:00:50.820 --> 00:00:53.900 resulting in a higher fixed-cost share. 18 00:00:53.900 --> 00:00:56.830 This is a model where customer lifetime value 19 00:00:56.830 --> 00:00:59.030 becomes much more important. 20 00:00:59.030 --> 00:01:01.290 Where leading Asian players excel 21 00:01:01.290 --> 00:01:05.480 is taking away non-value adding tasks from the customer 22 00:01:05.480 --> 00:01:07.870 while offering new services. 23 00:01:07.870 --> 00:01:10.110 Let's take the example of Ping An. 24 00:01:10.110 --> 00:01:12.830 They have embedded their insurance products 25 00:01:12.830 --> 00:01:14.603 into a service ecosystem. 26 00:01:15.470 --> 00:01:17.400 For the case of car insurance, 27 00:01:17.400 --> 00:01:20.230 Ping An leverages IoT data 28 00:01:20.230 --> 00:01:23.380 to ensure a fast and smooth process 29 00:01:23.380 --> 00:01:27.320 of not only claims handling but also car repair. 30 00:01:27.320 --> 00:01:30.580 In this example, the customer experiences 31 00:01:30.580 --> 00:01:33.320 a truly effortless claims journey. 32 00:01:33.320 --> 00:01:34.800 It embodies all the principles 33 00:01:34.800 --> 00:01:38.600 of a fundamentally redefined customer experience. 34 00:01:38.600 --> 00:01:40.820 Ping An has even taken it one level further 35 00:01:40.820 --> 00:01:43.270 with its Smart City concept. 36 00:01:43.270 --> 00:01:45.640 On the one hand, this provides drivers 37 00:01:45.640 --> 00:01:48.320 with road and danger tracking, 38 00:01:48.320 --> 00:01:49.660 and on the other hand, 39 00:01:49.660 --> 00:01:53.140 it automatically captures and analyzes photos 40 00:01:53.140 --> 00:01:57.320 from an accident and triggers the claims process. 41 00:01:57.320 --> 00:02:01.050 However, it is not only about automation, 42 00:02:01.050 --> 00:02:03.130 leading players also focus on 43 00:02:03.130 --> 00:02:06.240 the enhancement of the human element 44 00:02:06.240 --> 00:02:09.353 by augmenting agents with digital support. 45 00:02:10.282 --> 00:02:13.210 For example, one leading Asian player relies 46 00:02:13.210 --> 00:02:15.150 on AI-based training 47 00:02:15.150 --> 00:02:18.630 to achieve personalized agent skills improvement. 48 00:02:18.630 --> 00:02:20.520 The personalized training is integrated 49 00:02:20.520 --> 00:02:21.980 into the agent's app, 50 00:02:21.980 --> 00:02:24.050 including a results dashboard, 51 00:02:24.050 --> 00:02:27.670 a gamification panel, and development materials. 52 00:02:27.670 --> 00:02:30.180 All in all, leading Asian players show 53 00:02:30.180 --> 00:02:33.110 that Bionic Operations are not fiction 54 00:02:33.110 --> 00:02:34.910 or something that cannot be achieved. 55 00:02:34.910 --> 00:02:36.310 On the contrary, 56 00:02:36.310 --> 00:02:38.820 they are real and live at several players, 57 00:02:38.820 --> 00:02:40.750 allowing them to change the rules 58 00:02:40.750 --> 00:02:44.033 of the game and enter a completely new business model.