YAS MicroInsurance - The Next Generation of InsurTech
Campaign: YAS MicroInsurance - The Next Generation of InsurTech
Company: YAS MicroInsurance
Project Summary:
YAS MicroInsurance is a Hong Kong-based Insurtech company reshaping the insurance industry with simple, affordable, and flexible on-demand insurance packages. By providing a one-stop marketplace covering the end-to-end customer journey, YAS has made insurance downloadable, streamable and shareable for the first time in Hong Kong.
YAS set out to address unmet consumer needs within the market, namely that insurance products were becoming increasingly inaccessible, inconvenient and unaffordable, contributing to an overall unsatisfactory customer experience. To alleviate these pain points, the YAS app allows consumers to pick and customize their insurance packages and pairs this with an instant approval service. The simplification of the business model also helps ensure affordable prices. Furthermore, almost as simple as streaming your favourite songs on Spotify, with a few simple steps, users can compare and select products, activate their protection and even submit claims, all in a single platform, anytime and anywhere.
The YAS app first launched in May 2021 and within two months, managed to achieve over thousands of downloads in the HK App Store and Play Store. During this short time, the two most popular features have been the on-demand purchase with flexible policy commitment, as well as the on-demand claims process augmented by an AI chatbot.
Background:
Today's insurance market comprises large, established incumbents whose offerings are becoming out-of-touch with the new behaviours of the increasingly digital native public. The products and services are also not easily accessible and rarely affordable. As a result, the market is experiencing difficulties with generating uptake among new and emerging generations. Research shows that 50% of insurance customers have cited a slow and opaque claims process, 74% of uninsured adults said they were uninsured because the cost of coverage was too high, and 9% of consumer insurance complaints rose in 2020 due to poor customer experience.
Objective:
One of the main objectives of YAS is to digitally transform insurance and solve the current unmet customer needs within the industry. Through a one-stop, centralized marketplace, YAS aims to enable insurers to reach underserved markets, and provide consumers with access to insurance in a transparent, flexible and affordable way. Sticking true to YAS’ key belief that “Every Moment Matters”, YAS also aims to develop an on-demand service, with a real-time offering available anytime and anywhere. In addition to that, by leveraging data, the app also aims to provide a personalized solution for each individual, as well as offer a dynamic pricing model. Last but not least, through a superior customer experience and further marketing initiatives including loyalty programs, YAS aims to eventually capture a significant customer base and become one of the top downloaded Finance apps within the HK App Store and Play Store.
Execution:
In order to identify customer pain points and unmet needs, YAS hosted design thinking sessions with all related stakeholders. Features or solutions identified during these sessions were prioritized as features and fed into the development stage. By leveraging both widely-available and cutting-edge technologies, the agile development team was able to build a one-stop platform to connect insurers with customers in a more engaging way.
Utilizing an open marketplace, YAS empowers insurers to plug and play open APIs for providing innovation solutions to customers and addressing underserved customer needs. Through in-app GPS features paired with these products, YAS has enabled an on-demand service where live data feed enables a pay-as-you-go service. Additionally, deep machine learning and data analytics are used to optimize the dynamic pricing engine, personalize the offering and continuously improve the customer experience for each individual. On the other hand, an AI chatbot also helps to automate the claims process. By deploying these features, YAS have helped redefine the insurance customer experience, making insurance downloadable, streamable, automated and on-demand.
With a great offering in place, YAS campaign team set out to drive consumer adoption. To increase consumer awareness, YAS drove multiple initiatives including content creation through blogs and social media platforms, as well as organizing events, workshops and even Ambassador programs. Furthermore, YAS launched direct promotions including early-bird offers and gift redemption programs. In the end, these efforts were successful in driving a significant increase in app traffic.
Result:
The YAS app was first launched in May 2021 and within two months, achieved thousands of downloads in IOS and Android. This innovative app is the first-ever insurance app in Hong Kong to cover the end-to-end customer journey from pre-sale to post-sale services. During this short period, the on-demand purchase with flexible policy commitment, as well as the on-demand claims process augment via AI chatbot. The success of the app has also led to YAS MicroInsurance receiving backing from various renowned investors including 500 Startups, Plug and Play and Beyond Ventures. With its continuous improvement process through ongoing sprints, YAS MicroInsurance continuously develops its offering to better serve its customers.
