MSIG Mingtai Insurance supercharges digitization with AI-informed Analytics from Appier
AI SaaS company, Appier and Mingtai Insurance (Mingtai), of parent company Mitsui Sumitomo Insurance Group (MSIG) supercharges digitization with AI-informed analytics from Appier. Born with a customer-centric approach to insurance, MSIG Mingtai Insurance cracks the code on their marketing campaigns and service incidents with insights and data powered by AI.
The two companies began collaborating since 2018 and today’s joint release highlights the impact of the collaboration between the two companies:
Online subscription rates rise to three times the industry average
Push notifications on owned media nearly doubled (Q4 vs. Q3)
Average transaction value rose by 24% (Q4 vs Q3)
“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”, said Zhi Chang Li, Executive Vice President of MSIG Mingtai Insurance. “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,” he added.
Appier was able to help Mingtai address years of pain points with Appier’s data science platform, AIXON and customer marketing platform, AIQUA for their various product suites. Challenges of a longer purchase and renewal cycle especially with property insurance and issues with making the right recommendations to their customers without a complete view of their customer profiles, were also improved. Here is how Mingtai tackled these barriers:
One-stop automated communication: AIQUA allows Mingtai to take control of their marketing activities across various digital channels in a one-stop manner, and automatically deploys tools to communicate with users across the sales funnel for effective lead conversion.
360-degree view of the customer: Appier’s AI engine enriches Mingtai’s customer data by labelling users’ interests and keywords to more accurately identify them based on existing CRM data.
Multi-dimensional user segmentation: The AI module built in AIXON can identify customer groups based on keywords and interest tags and target them with tailored personalized messages to increase conversion rates and reduce interference of messages.
Success scenario 1: Target high value customers to achieve desired goals across all stages of the customer journey.
Rich content such as blog articles, product information and news releases featuring industry collaborations or awards are tools that can be deployed to customers at various stages of the customer journey. The intelligent deployment of these content can help achieve goals of acquiring new customers, increasing loyalty or revenue. Combine this with the 360-view of the customer along with an AI engine, Mingtai was able to label its website’s rich content with different topics that matches with different customer groups, and effectively target the right content to the right audience at the right time and achieved its desired goals of communicating effectively to customers across stages of the customer journey.
Success Scenario 2: An agile marketing strategy based on immediate feedback on Chelian Yushou UBI Automobile Comprehensive Insurance (Usage-Based Insurance)
For the recent launch of their new product, Chelian Yushou UBI Automobile Comprehensive Insurance, Mingtai uses Appier’s data science platform, AIXON, to target high-value users more accurately and perform personalised communication for segmented audiences. Complementing AIXON with AIQUA, Mingtai was able to expand the reach of the audience and delivered a more personal service experience for their customers.
Established in 1960, Mingtai Insurance is one of the earliest insurance companies established in Taiwan. Over the years, their customer-centric approach to insurance and dedication to customer satisfaction has won the trust of their customers. Recently, Mingtai also embarked on a digital transformation journey, in collaboration with parent company MSIG to accelerate its capabilities in big data, AI, digital marketing and blockchain and marked the beginning of the Appier-MSIG Mingtai Insurance collaboration which started in 2018.