Compared with industries such as consumer packaged goods, retail, media, and entertainment, insurance companies worldwide have relatively limited direct contact and engagement with their customers. Paying premiums and submitting claims is still the extent of most customers' interactions with companies after they purchase a policy. Insurers have improved and broadened their digital capabilities in engagement platforms, marketing programs, advisory tools for agents, and more. Our analysis of Asian insurers' current digital capabilities finds that most have moved past initial investments that enabled them to execute mass campaigns online. The majority have created large grouping segments or customer profiles based on demographics, life stages, or measures of customer value.

It is fascinating to see how fast financial services leverage the initial personalised scores built by big tech giants in China to onboard their new customers and enhance their more traditional risk models. Some insurers in China are also using technology to offer services outside the boundaries of traditional insurance through digital ecosystem partnerships. This process has enabled them to leverage new customer interactions and gain deeper risk insights to further personalise their product and services proposition to improve the insurance customer journey. Often times the personalisation of products also requires dynamic risk management features where a strong reinsurance partner is proven to be valuable. Building stronger partnerships with digital partners, accessing more customer data and digital interaction while leveraging developments on artificial intelligence and cognitive systems will enable insurers to activate dynamic risk management.