DI supported a global life insurance company in SEA

• Client: a global life insurance company
• Country: Southeast Asia
• Industry: Insurance

Background:
A Japanese life insurance company was exploring new business opportunities in Southeast Asia, focusing on small-amount, short-term insurance products. Two conceptualized businesses were considered:

1. Cancer Insurance: Offer lower premiums for individuals committed to regular cancer screenings. Similar to Safety Insurance (安全保险) (China), this would require a multi-year screening commitment.
2. Family Insurance: Cover pregnancy, childbirth, and childcare risks, targeting short-term high-risk events. Inspired by Allianz JD (京东安联) (China) and Lumen Lab (Singapore), this would provide a foundation for future life insurance sales.

Support Overview:
DI consultants were tasked with conducting a market survey to develop a new business strategy. The key areas of focus were:

• Market Analysis and Needs Assessment:
  Target Market Identification: Determine the specific demographics, geographic locations, and socioeconomic factors of the target audience.
  Customer Needs Assessment: Understand the health insurance needs, concerns, and preferences of the target market.
  Competitive Landscape Analysis: Evaluate existing health insurance products and pricing in the market.

• Product Design and Development:
  Product Feature Definition: Determine the specific benefits and coverage options to be included in the product.

• Distribution and Sales Strategy:
  Channel Selection: Evaluate appropriate distribution channels, such as insurance agents, brokers, or direct sales.

By addressing these areas, we aimed to create a robust business strategy for the client in Southeast Asia.