Hong Kong and wider Greater Bay Area policyholders are demanding omnichannel experiences that combine easy-to-use technologies such as apps and messaging platforms with the region’s long-held preference for purchasing insurance through representatives. Nine in ten surveyed policyholders in Hong Kong (94%) and the wider GBA (90%) will consider sharing additional personal data with insurers - primarily motivated by more personalized services, cheaper premiums and enhanced claims processes. However, insurer strategies must deliver on all the key purchasing decision drivers revealed in the survey: meeting customers’ insurance needs, affordability, trust, and ease of doing business.
“Hong Kong remains a pivotal market for insurers, in terms of both serving the domestic Hong Kong population and offering a gateway to the wider GBA and the mainland more broadly. The pandemic helped reinforce the need for insurance, whilst acting as a catalyst for digital transformation within the industry. Customers’ needs and expectations continue to evolve, demanding greater personalization, convenience, transparency and choice, shaped by their digital experiences in other industries. Insurers must respond to this if they are to remain relevant and win their customers’ trust. They must continue their drive to be more customer-centric through designing flexible omnichannel journeys and collating, managing and using broader sets of data. This new data will drive essential insights on how and when to reach out to existing and target customer bases with new offerings tailored to meet their evolving needs.”
Darren Pigg, Partner & APAC Insurance Lead
