1. Describe who will benefit from your project?
Major parties that will benefit from the existence of our project would be mainly the insurer, their agents and the users. For the Insurers, the main benefit would be adding and editing insurance products. Although it seems to be a minor problem, in reality, insurance companies often fall into conflict with their IT department, when it comes to rolling out a new insurance product, in many cases it can take a long time rolling new products, stand-alone making changes to it. These often hold the company back from growing or working in their full potential. By providing them with a suitable platform, insurers can manage their products accordingly. Also, the CRM platform allows insurers to see their product review, allowing users to voice their opinion on the product. This may give insurers insight into how they can improve their products, keeping the products up to date. In return, the users will benefit, by having more suitable protection. On top of insurers, agents can understand their customers in app behaviour through our CRM platform, analyse what’s holding back the purchases, giving agents a larger reach to more customers. Whats more agents can offer them vouchers in real time to users. In addition, agents can get the high potential prospects through Data Analytics, they can use their traditional channel to cross sell those high premium products. Moreover, having our main focus on user experience, we have designed the app in having a comfortable and convenient purchasing experience. Not to mention, the ease of management of policy and claim in the app. The Insurance market has never really been all about transparency, customers don't know what they're investing in and puts all their trust in the agent, this risks the problem of misinformation customers, often hurting the face of the whole market.
2. Describe the problem statement that your project is addressing.
For the longest time, Insurance has been a market that has neglected to tap the endless potential of technology. An estimated 2.5 billion of the population own a smartphone, and yet the insurance market hasn't seen a change in course. We believe that with the solutions our companies have to offer, Insurance can be made anew, gone are the days of meetings with agents, long and often ignored terms, worrisome paperwork, and low customer transparency. The problem we are trying to address lies within traditional insurers daily operations. Insurer's daily operations have been unchanged for years, and often thought to be outdated. In reality, it is. Our project is mainly addressing two problems, one is the growth of insurers, second is to make purchasing experience more pleasant and convenient compare to persistent and annoying. Insurer's daily operations often rely a lot on agents, from generating sales and to re-marketing existing customers. Agents can only do so much to analyse customer data, driving sales from people to people, remarking to customers and letting customers understand the products they're selling. Altogether, insurance is hard to understand and confusing, to some extent even for agents. In addition, it is well-known that travel insurance and other economical product are not worth the attention of agents as they don’t get much commission from sales and the claim process is complicated and requires enormous effort. We believe that without proper use the pre-existing technological solutions, the insurance market is sure to fail.
3. Describe/ quantify the outcomes that your project achieved in terms of:
Impact: Examples include productivity, profitability, user experience, risk management, knowledge-transfer, and applicability beyond the financial sector
To understand how our company can make an impact in the financial sector, we first need to understand some flaws in traditional insurers. To begin with, it is recognised that the mountains of papers are used in the insurance industry. Needless to say, making changes and reprinting is expensive, impractical and environment-unfriendly. We can all agree, insurance is a very difficult product, even for the agents themselves. So it is even more impossible for normal people to understand. Therefore, we digitalised insurance products to make things simple, highlighting them each key features of the product and simplified the wordings. Secondly, we created a customer review system, where users can review the insurance product, developing a better relationship between insurers and users. There is no limit on the applicability of our platform, however, beyond the financial sector, our platform can be applied towards the leisure industry. We can integrate our platform across other apps. Such as travel agencies and other leisure platform. Additionally, we can also extend our applicability by getting health data from the user's devices or from other IoT devices, which can help determine their health risks and their risk level.
4.Ease of implementation, scalability, and cost- effectiveness
Upon our application is our CRM system. Our CRM system allows us to partner with any insurers and implements their products into our application. Also, our platform complies with all regulations, so this makes expansion into other countries relatively smooth. Moreover, the product layout has been pre-set onto our system, it is a matter of changing the design of the product and implementing connectivity with the insurers. Thus, implementing a new Insurer into our app should take between no more than 10 weeks. Furthermore, as it is an app-based digital platform, the increasing number of demand wouldn’t be an issue, therefore there wouldn’t be a limit in terms of scalability. Contrarily, insurers are most likely to be limited in terms of agents by the physical factors. As for Cost-effectiveness, at first, while developing the application and the CRM system. The cost of development was high, however, the cost of maintaining it is nominal. Moreover on costs, while the costs running our eco-system is relatively low, it is good to point out, the cost saved on the agents, time spends to meet customers, printing costs and the limited volume agents can accomplish.
GoLion eMall can connect to hundreds of Insurers and list thousands of products from countries through Product API from insures and Merchant (insurers) Payment gateways. This can enable the system/platform can widely adaptable to the industry. Meaning our solution is designed to be suitable for insurers to integrate their product onto our platform. Our API is universal and can interact with insurers.
5. Describe how your project was superior to existing alternatives in addressing the issue(s) identified. What approaches/ technologies did your project employ?
Uniqueness & Creativity: Extent to which the solution differs from the status quo. One possible dimension could be through the approaches/ technologies used to address specific problem(s)
(Word Limit: 300 Words)
Our platform uses many technologies to provide solutions for insurers. Highlighting our main features, our platform uses eKYC to identify and verify our users, making sure the details the user-provided is correct. What’s more, we use AI to understand the behaviour of our app users and improving our UI as we collect even more data. Comparing the existing alternatives, many alternatives addresses one issue but not the other. One example would be companies who also digitalis insurance into application or websites, however, they don’t have the flexibility to work with different insurers or the advantages of customisability of an app over the website. There are many reasons why we used an App over the use of the website, one major benefit would be the in-depth connection with the user, where the website cannot offer. Another example would be similar CRM systems, where one would record their clients onto one digital platform, however, agents usually wouldn’t disclose their customer's details to other agents. As such our CRM platform, offers big data, tracks & monitors in-app behaviour also analyse sales records and offer a wide range of products. This data is collected in a user-friendly system, where insurers can analyse them, allowing insurers to understand customers even more and improve on them.