Property and Casualty Insurance E-Business in Asia

Trends and Best Practices
by Wenli Yuan,  KyongSun Kong, November 30, 2012
Industry Trends
Asia-Pacific

Abstract

More insurance companies in Asia are using the Internet as a distribution channel, and the portion of premium income from this channel is growing.

In the report Property and Casualty Insurance E-Business in Asia: Trends and Best Practices, Celent looks at property and casualty insurance e-business growth in Asia and identifies best practices in the online sales area, including:

  • Marketing: using various methods to increase website traffic.
  • Product: providing products which target a clear user group; providing both packaged and à la carte benefits.
  • Process: improving process automation; providing a demo of the purchase process, real time quotation, various payment methods, detailed claims, and other service information and after-sales service.
  • Content: improving content quality and readability; providing product comparison tools and value-added information, presentation slides, or multimedia content.
  • Communication: providing various contact methods and integrating call center and customer feedback.

Celent also examines the reasons and analyzes the drivers for the development of property and casualty insurance e-business in Asia, and projects the growth of the market over the next five years.

“In many countries in Asia, the Internet is evolving from being purely an information and communication medium to an important distribution channel,” says Wenli Yuan, Senior Analyst with Celent’s Asian Financial Services Group and coauthor of the report.

“New mobile offerings like smartphones and tablets are changing consumers’ behavior and expectations,” adds KyongSun Kong, Analyst with Celent’s Asian Financial Services Group and coauthor of the report. “Customers in Asia are increasingly using mobile devices to consume content, and mobile technology has the potential for increasing consumers’ use of technology to both access insurance information and purchase insurance.”

This report focuses on insurance new business purchased through the electronic channel. The report examines the growth of Internet users, mobile broadband subscriptions, and smartphone and tablet users in Asian countries. It looks at property and casualty insurance e-business market size growth trends and online product trends, introducing best practices, and making suggestions for insurers with regard to improving property and casualty insurance online sales.

This 32-page report contains 20 figures and six tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Erica Ferguson
eferguson@celent.com
Tel.: +1 617 262 8225

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

1

Introduction

2

 

About this Report

2

 

Growth of Internet Users in Asia

3

 

Growth of Mobile Broadband Subscriptions

4

 

Growth of Smartphones and Tablets

5

Property & Casualty Insurance E-Business Overview and Trends in Asia

8

 

Market Size

8

 

E-Business Product Trends

11

 

Aggregators

12

 

Regulations for E-Commerce

13

Insurance E-Business Best Practices in Asia

16

 

Marketing

16

 

Product

16

 

Process

18

 

Content

21

 

Communication

24

Conclusion

26

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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