Since the start of the COVID-19 pandemic, the digital migration of consumer’s user habits and the surge in online business visits and usage has become evident. The advantages of online insurance sales services inspired by new technologies, new channels and new methods have become prominent.
With the diversification of online products and purchasing scenarios brought to customers, the sales potential of online insurance products is expected to be further revealed.
Manulife-Sinochem Life Insurance has launched its biological age model (BAM)+ life insurance to explore a new interactive sales model.
BAM’s wellness programme creates an opportunity for insurers to engage continuously and also motivates consumers to live healthier lives.
According to a 2019 report from the Insurance Association of China, life insurance accounted for 65.3% of the total premiums of online life insurance in 2019 – indicating the trend of online insurance products sales in the long run.
All insurance companies are facing new issues of how to innovate to achieve customer acquisition, diversion, interaction and creating a more exciting experience for customers in the post-pandemic era.
As the first Sino-foreign joint venture life insurance company in China, Manulife-Sinochem worked closely with SCOR Global Life, InsurTech solutions provider ReMark (a wholly-owned subsidiary company of SCOR SE) to add a unique BAM algorithm to its life insurance products through health management platform MOVE for the first time and bring a dynamic health concept to its customers.
Most of the users participating in the event login at least once a week and check their ‘healthy age’ on average. Due to many factors such as physical conditions, living environment and habits, the actual health status of individuals of the same age may vary greatly.
BAM reflects the actual health status of the insured. Hence, the life insurance policy always actively guides the health management of the insured.