“We want to make selecting insurance products easy for our customers, so we’ve been actively adopting innovative technologies in recent years. We began working with Appier in 2018 to produce AI-informed analytics and insights into our promotional campaigns and service procedures, two major challenges in the digitization process. Appier’s AI technologies make customers feel at home when they visit our websites, allowing us to not only introduce our products to potential customers but build a better, closer relationship with our existing client base. Better still, Appier significantly improved our conversion rates and the percentage of high-value users. We will continue to work with them to uncover even more marketing opportunities as we lead the way for the application and development of insurance technologies in Taiwan and Asia.”
Zhi Chang Li
Brand Story
Founded in 1961, Mingtai Property Insurance Co., Ltd. has been one of the pioneering companies in Taiwan’s insurance industry. In 2005, the company became a member of the Mitsui Sumitomo Insurance Group (MSIG), one of the top 10 insurance conglomerates in the world. In its six decades of operations, Mingtai has remained devoted to the Taiwanese market to ensure the safety and peace of mind of its customers in keeping with the group’s business philosophies and strategies. It aims to become the most considerate international property insurance company by offering a wide range of insurance products and services that reach every last corner of Taiwan. Today, MSIG Mingtai’s capital and premium revenues have reached NT$ 2.5 billion and NT$13.7 billion respectively. Indeed, the company has garnered widespread recognition for its financial stronghold and stable long-term operational performance.
Goals
MSIG Mingtai has won over customers’ trust with its professional services and constant optimization of service experience. In recent years, the company has been seeking to accelerate its foray into big data, artificial intelligence, digital marketing, and fintechs such as blockchain technologies as part of MSIG’s global digitalization strategy. The objectives are simple: to let customers feel the continued presence of the company through digital transformation and to stay at the forefront of Taiwan’s, or even Asia’s, fintech development and deployment. To this end, MSIG Mingtai is taking advantage of Appier’s advanced AI technologies to achieve precision marketing, targeting high-value customers and carrying out differentiated communications for finely delineated customer segments. Thanks to Appier, the company was able to get a clear grasp of potential customer profiles before the official launch of the Comprehensive Automobile Usage-Based Insurance (UBI) and to keep track of real-time customer feedback for timely strategic adjustments. Ultimately, it was able to create a customer-centered service experience while maintaining product competitiveness.
Challenges
Establish Long-term Customer Engagement
Despite MSIG Mingtai’s commitment to boosting its digital competitiveness via online sales and speedy claims processing, the renewal period of insurance policies, which is usually billed annually, remains considerably longer than general commodities, making it difficult to build a stable, ongoing engagement relationship with clients.
Precision Marketing
In addition, the renewal period of insurance makes MSIG Mingtai face great challenges in getting a detailed picture of their profiles as well as recommending the right products to the right users, in actively pinpointing high-value users for precision marketing, and in maximizing its overall marketing effectiveness.
