Online purchase, underwriting and payment   | Get insured instantly¹ with just a few clicks

Technology and digitalisation have rocked the insurance industry. In response to its customers’ ever-changing needs, AXA Hong Kong has increased its investment in InsurTech to HK$200M this year to simplify the process and enhance the customer experience. It has announced the introduction of the leading digitalised sales platform for our financial consultants – iBuy – with over 90% of life insurance plans available online. AXA Hong Kong is committed to transforming its sales model and strengthening the connection between the financial consultant and the customer. The model creates a new and personalised customer experience.

“Technology application puts the interest and purchase behaviour of our customers and potential customers in a full picture. With in-depth understanding and analysis, more personalised and comprehensive protection can be offered by our financial consultants to boost the customer experience and professional service of the team in parallel,” said Xavier Lestrade, Managing Director, Life Insurance, AXA Hong Kong.

Online underwriting to simplify the buying journey
Customers previously had to fill in paper forms and undergo a long underwriting process before the new technology came in. With iBuy, the new digitalised sales platform, customers can purchase life insurance with just a few clicks, giving the same easy experience as online shopping. By simply inputting the required customer information on a tablet, the financial consultant can have the underwriting results instantly based on factors like age, health record, financial status, etc. The entire process from application, underwriting and signing to payment is shortened to less than 20 minutes. iBuy also offers a number of market-first features, including instant underwriting results, and different recommended proposals (such as non-standard risk proposals, revisions, and more) for customers, which eliminates the complex manual approval processes. When the required conditions are met, AXA Hong Kong provides customers with a unique "5-day free protection" in the market, so that guests can get immediate protection¹.

Big data helps in proposing the right offer to achieve a win-win
Customer behaviour can be predicted through big data analysis, making it possible to offer personalised service. “Next Best Offer”, an A.I. engine developed by AXA Hong Kong, is able to recommend the best protection for customers by matching the similarity between the purchase behaviour of each individual and appropriate product features. By taking the financial consultants’ feedback into account, the A.I. Machine Learning technique can fully perform smart learning to improve the forecast accuracy. To optimise sales efficiency and enhance our customers’ experience, “Lead Club”, a smart sales management platform, offers an optimised matching between customers and financial consultants by using big data analytics to ensure customers’ needs are best served with the most relevant financial consultants between customers and financial consultants by increasing sales opportunities.

One-stop-shop claim journey for the digital savvy in the new era
The Internet and Smartphone penetration rate in Hong Kong reached full and close to 90% respectively². To address their needs in this new era, AXA Hong Kong not only gives customers an innovated buying journey but also a one-stop-shop after-sales experience. Through MyAXA (web and mobile app), customers can enjoy a hassle-free experience to review their policy, search for doctors, manage claims and even order prescribed medicine. This year, over 280,000 health claims are processed through MyAXA while the active members list of MyAXA (mobile) has increased multifold. For a better after-sales customer experience, with the implementation of Live Chatbot, AXA Hong Kong is extending the AXA (mobile) service to personal health and life policy business next year and shortening the claim approval process to 5 working days.