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Property and Casualty Insurance E-Business in Asia

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30 November 2012
Wenli Yuan KyongSun Kong

Trends and Best Practices

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.

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