Motor insurance for an increasingly digital population

Takaful Malaysia has created an Online Sales Portal which provides the ability for anyone to get an instant motor insurance quotation and also buy a policy online. This is to meet the needs of a mobile and always connected populace who want the convenience to buy their motor insurance anytime and from wherever they are.
Introduction
Takaful Malaysia is already well established as a leading insurance provider and one of the most respected national brands. However, they recognized a need to modernize some of their business processes to grow their market share and respond to competition from new entrants to the marketplace including the fintech sector.
They partnered with Fusionex to build and deploy an advanced digital solution to enable existing and prospective customers to get instant insurance quotes online, purchase their policy, and receive an insurance certificate anytime and from any location where they have access to the internet.
The initiative has been hugely successful driving immediate new sales and establishing Takaful Malaysia as a progressive and forward-thinking organization within the insurance market.
The Challenges
In this era of always-connected mobile devices, there has been rapid growth in e-commerce as the preferred method of making purchases.
More and more consumers are making use of the internet to research for goods and services, get information on new products, compare deals, and complete purchases. Therefore, it is now becoming essential to have a digital presence and provide the convenience of enabling customers to complete their purchases online.
This is an especially important time for motor insurance in Malaysia which is going through a de-tariffing process which will allow providers to offer flexible rates for their policies making the market even more competitive. In line with this, Takaful Malaysia needed to move quickly to restructure their offerings and ensure they provide more competitive packages that better suit the needs of current and potential policyholders.
Takaful Malaysia recognized the needs to modernize their customer engagement processes by providing the ability for anyone to obtain an instant online quotation, purchase an insurance policy, and receive a certificate.
The Solution
Fusionex provided an Online Sales Portal (OSP) driving the transition of Takaful Malaysia’s sales processes from manual to digital. Before the implementation of the OSP potential customers would need to visit a Takaful Malaysia branch or contact the call centre to obtain a quotation or buy insurance. This process was time consuming both for Takaful Malaysia and the consumer requiring completion of lengthy forms.
With the OSP, potential customers can obtain a quotation immediately online by just filling in a few details into a modern and intuitive user interface. The online portal is specifically designed to be quick and easy to use.
The Fusionex user experience team utilized their extensive knowledge and training to provide a user interface equivalent to the very best global e-commerce platforms. This enables users to quickly understand how to use the interface, guides them on where to look, what buttons to click, and how to move around the interface in a very natural and seamless fashion.
The system has automation built in, for example it can automatically provide the exact make, model, and variant of the vehicle just by entering the registration number and no other details. This saves time when obtaining the quotation.
The Benefits
The technology solution built by Fusionex has provided the following key benefits to Takaful:
• Significant increase in new business
• Enabling more accurate marketing and targeted promotions
• Modernizing the brand
Able to attract more customers and increase the volume of quotations and sales
Many consumers are already familiar with online services, so they were comfortable with acquiring motor insurance digitally. This, coupled with the ease of use features provided by the OSP, led to a large number of customers requesting quotations with many of these leading to sales. The ease of use compared with competing products has provided a strong differentiator and led to excellent conversion rates.
Data input by consumers could be used to target and optimize marketing activity and promotions
When requesting a free quotation, the OSP asks users to input their vehicle registration, identification or passport number, postcode, and email address. Using this information integrated with advanced data technology, the OSP system enables Takaful Malaysia to create demographic profiles including details such as age, gender, geographic location, and other factors. Using this information, together with the effectiveness of previous marketing campaigns, enables future marketing to be optimized and targeted to further increase traffic to the OSP, and also significantly increases the rate of converting quotations to sales. Information collected from users for the purpose of a quotation, but do not go ahead to purchase, can be held and used to target the same user again for Takaful Malaysia products and services.
Increasing the profile and status of the brand by adopting modern technology Takaful Malaysia is a leading player in the insurance market place but with new generations of consumers entering the market it is important to be perceived as a modern, exciting, and forward- thinking brand. The OSP has enabled Takaful Malaysia to better target this new segment and attract new business from the millennial generation who otherwise might have signed up for competing products. The OSP provides a best-in-class sales portal and has helped to build on the existing strength of the brand to promote Takaful Malaysia as a modern, technically advanced, and prestigious origination.
Summary
Fusionex has deployed an Online Sales Portal (OSP) which has enabled Takaful Malaysia to respond to the demands of an always connected, online market place. The OSP enables new and existing customer to obtain an insurance quotation, purchase a policy and receive a certificate immediately from any device connected to the internet.
This completely new sales channel provides a huge opportunity for Takaful Malaysia to generate new business by meeting the needs of an increasing online consumer base.
Another major benefit of the OSP is that it holds information on all consumers who have requested a quotation or gone ahead to purchase a policy. By analyzing this information collected, Takaful Malaysia will be able improve their products and packages to better serve the market place, ensure they always stay one step ahead of the competition, and solidify their position as a top insurance provider.