(upbeat music)
Narrator: What singles out leading Asian insurers
from the rest of the world when it comes to bionic
is their ambition.
The most ambitious among them
do not benchmark themselves against other insurers,
but against leading tech players instead.
They want to grow their insurance business
into a broader data-driven business
and ultimately, become tech players themselves.
In this new model, insurance is embedded
in a more comprehensive service portfolio.
The key value levers are data and AI,
on one hand reducing the cost base
via significant automation,
while on the other hand,
resulting in a higher fixed-cost share.
This is a model where customer lifetime value
becomes much more important.
Where leading Asian players excel
is taking away non-value adding tasks from the customer
while offering new services.
Let's take the example of Ping An.
They have embedded their insurance products
into a service ecosystem.
For the case of car insurance,
Ping An leverages IoT data
to ensure a fast and smooth process
of not only claims handling but also car repair.
In this example, the customer experiences
a truly effortless claims journey.
It embodies all the principles
of a fundamentally redefined customer experience.
Ping An has even taken it one level further
with its Smart City concept.
On the one hand, this provides drivers
with road and danger tracking,
and on the other hand,
it automatically captures and analyzes photos
from an accident and triggers the claims process.
However, it is not only about automation,
leading players also focus on
the enhancement of the human element
by augmenting agents with digital support.
For example, one leading Asian player relies
on AI-based training
to achieve personalized agent skills improvement.
The personalized training is integrated
into the agent's app,
including a results dashboard,
a gamification panel, and development materials.
All in all, leading Asian players show
that Bionic Operations are not fiction
or something that cannot be achieved.
On the contrary,
they are real and live at several players,
allowing them to change the rules
of the game and enter a completely new business model.