Driven by digital technology, iCloud Insurance aims to provide more diversified high-quality insurance products through its online platform, allowing insurance agents to reach and accurately serve more consumers.
A well-known insurance agent once said to 36Kr that he only needs to have about 100 stable customers to ensure that he has continuous sales performance. He explained this road to success with the principle of “six degrees of space” – the distance between you and any stranger is no more than five, and one hundred stable customers is enough to ensure that you are exposed to a huge group of needs.
According to sociological research, “one hundred people” is close to the upper limit of the number of people who can effectively socialize. Moreover, the endless homogeneous insurance products and invalid demands in the insurance industry have also caused insurance agents to waste a lot of time and energy when applying “six degrees of space”. Invisibly, “Six Degrees of Space” has created a ceiling that is difficult for them to break through while ensuring that capable insurance agents are well-off.
To break through this ceiling requires the deep involvement of insurtech in the digital age.
On September 19, the first Metaverse product IP launch conference of insurance technology service platform i Yunbao was held through the Metaverse platform NetEase Yaotai. At the press conference, for insurance agents, iCloud released the new IP series “Xiong Baobao”. This is the first insurance IP product released through Metaverse in China.
The move of iCloud Insurance aims to enable insurance agents to reach and accurately serve more consumers through its online platform with more diversified high-quality insurance products driven by digital technology.
Target: Gen Z
iCloud Insurance chose Metaverse to release new products, which clearly shows that it is chasing the most important target group in the current insurance industry – Generation Z.
Generation Z generally refers to young people born between 1995 and 2009. In the book “Generation Z Marketing”, they are called “the first generation of complete mobile device users”: Generation Z is completely immersed in the light of the Internet from birth to growth, not only naturally forming an online lifestyle, but more importantly What is cultivated is a pure Internet way of thinking. Today, they have gradually started to start a family, and their demand for insurance for work, pension, and childcare has gradually increased. This is doomed that they will follow the long tail effect of insurance consumption and continue to bring increments.
According to data from the National Bureau of Statistics, there are 233 million people in Generation Z nationwide, of which 99.45 million are born after 1995 with strong spending power. And the Internet insurance for them is still lagging behind. Judging from the existing data, the proportion of Internet property insurance and personal insurance in the total insurance premiums of their respective industries will only be 5.9% and 6.7% until 2020.
Although the compound growth rate of total premiums of Internet insurance in recent years has been as high as 60% or more, it mainly focuses on creating demand scenarios, focusing on providing customized insurance for small, high-frequency and fragmented scenarios.
Flight delay insurance is one of the classic products. It is undeniable that scenario insurance provides an entry-level product for broader Internet insurance and provides effective insurance education, but how to provide long-tail life insurance and property insurance products to Generation Z with strong spending power is a challenge for insurance technology. deep challenges.
The challenge includes two aspects: first, how to reach the large number of Gen Z? And then how to match and offer products with longer tails?
The ABCD technology in the digital age – the abbreviations for artificial intelligence, blockchain, cloud computing and big data – is certainly the solution, but the Internet and digital insurance business do not simply shift the business from offline to offline. Online migration. It requires new thinking.
The premise of innovation: Cultivating “internal skills”
If a worker wants to do a good job, he must first sharpen his tools. Strong digital capabilities are the prerequisite for Internet insurance innovation. Before and after the development of the Z generation, iCloud has been practicing “internal skills”, carried out a number of technological innovations, and built an insurance technology service system centered on an intelligent platform.
In 2020, iyunbao launched the “Living Water Plan”. The technology is committed to “promoting the integration of consumer demand, insurance product protection and agent transformation capabilities at the big data level, and accessing traffic from various C-end user platforms, and recommending suitable agents according to the needs of users’ individual cases. To reach out and serve, and then complete the transaction conversion on the social side.”
In 2021, iCloud will launch the “Smart Mirror Risk Control System” and the “Starry Sky Plan”. The former provides full-process risk control, “relying on the risk knowledge map to form an efficient risk decision-making engine, and efficiently help insurance institutions reduce costs and risk control risks”; the latter “assist insurance agents by establishing a division-based team to achieve higher business efficiency”.
Almost in sync with the above-mentioned technology development and organizational innovation, in May 2021, iCloud released the latest technological achievements, including “Yuntu Big Data Lab” and “Yuntu Intelligent Data Center”.
“Cloud map” constitutes the brain of the overall service system of iCloud. So far, a technical service framework based on connecting supply-side and consumer-side data has been fully built, including insurance agent management, full-process risk control, user traffic entry management and other modules, and finally integrated through the “cloud map”.
Opening up the data on the supply side and the consumer side realizes the construction of the underlying data warehouse, which can integrate the behavioral profiles of consumers and insurance agents with the value of insurance products, so as to achieve accurate matching of consumers, products and agents in different demand scenarios. The more consumers, the richer the data, the more accurate the matching, and the customized insurance strategy will be able to stimulate more insurance demand.
The effect is obvious. iCloud Insurance has now achieved full insurance coverage. In 2021, iCloud Insurance has accumulated over 25 million insurance policies and cooperated with more than 100 insurance companies. The continuous accumulation of data-driven algorithm upgrades allows artificial intelligence to obtain more in-depth training and learning, and user portraits become more and more accurate. This closed-loop positive feedback fits the trend of intelligence and customization of insurance products in the digital age. Sustainable ascent provides a real boost.
iCloud Protection’s Bear Protection IP product series is the latest exploration of insurance technology.
The Xiong Baobao series mainly takes three paths in terms of technology: the first is based on market feedback, in-depth analysis of customer behavior and scene data, and accurate matching of consumer demand for products with the product design process; the second is to integrate insurance benefits The concept of reverse customization for personalized products, using scientific and technological strength to customize cost-effective products. The third is to cooperate with upstream insurance companies to establish standardized sales and service interfaces for different products, and realize the one-stop standardized product service function of the i cloud insurance platform.
The product strategy of “customization + cooperation and standardization” is in line with the diversified consumption levels and consumption needs of Generation Z to the greatest extent.
IP of Gen Z Insurance
Technology increases efficiency. However, technology is not all there is to success. There is also a need to integrate the application of technology with an understanding of business and the times.
In May 2021, the first batch of Xiong Baobao IP products were launched, namely “Guangwu No. 1” critical illness insurance and “Kanggan No. 1” increased life insurance.
Released on September 15, 2022, the second batch of Xiong Baobao IP products “Kanggan No. 2” whole life insurance, “Kaiyuan No. 1” endowment insurance and “Yongle No. 1” children’s annuity insurance. According to the plan, the pension annuity product “Chengkang”, the multiple critical illness insurance product “Wenjing” and the children’s critical illness insurance product “Renxuan” will be developed in the future.
This “Shengshi” product series, named after seven famous dynasties in Chinese history, has a giant panda as its IP image. According to i Yunbao, Panda and Shengshi intend to convey the meaning of “the rise of great powers and the prosperity of the world”. In addition to insurance products, Xiong Baobao will also co-brand with fashion brands to create limited edition blind boxes, and create a series of trendy Xiong Baobao products through two creative works.
According to iCloud Insurance’s plan, Xiong Baobao IP covers health insurance, life insurance, property insurance and other fields. Previously, it has cooperated with many insurance companies such as Xintai Life Insurance to create a series of insurance products covering the whole life cycle.Judging from the product introduction above, Xiong Baobao IP product series reflects the consumer psychology characteristics gathered by Generation Z, such as Guochao and animation.
In terms of products, Xiong Baobao IP series reflects more subdivision characteristics. For example, the whole life insurance “Kanggan No. 2·Auspicious Life” released this time is aimed at relatively older people who are pursuing long-term income, as well as the Z generation who are gradually awakening their awareness of endowment insurance, while the endowment insurance “Kaiyuan No. 1·Fu” “Bao Jinsheng” is suitable for business travelers who are often the backbone of the family and on business trips; children’s annuity insurance “Yongle No. 1” is suitable for parents who want to plan education funds for their children – the first batch of Generation Z is just entering the time of parenthood.
It is not difficult to see that the Xiong Baobao IP series has created an innovative road of IP-based Internet insurance products. Under the protection of technical strength, the product popularity will be effectively improved and widespread dissemination will be formed. But this isn’t the only marketing innovation. On the occasion of the product launch, iyunbao noticed an emerging product communication channel: Metaverse.
When Xiong Baobao meets the Metaverse
The Metaverse has a short history, but the immersive experience it provides is ideal for online interaction and communication. In China, NetEase will launch the Metaverse platform “Yaotai” in August 2021. The epidemic has prompted the Metaverse to hold large-scale online events. So far, Yaotai has held many large-scale conferences and internal NetEase activities, such as NetEase Cloud Music listing bell ringing ceremony, top academic conferences, etc.
The insurance industry was quick to notice that virtual insurance marketing scenarios are ideal for embedding in the virtual world of the Metaverse. Participants can freely choose from various scenes inside, use AI face pinching technology to generate their own exclusive Metaverse characters, and form an immersive new experience through creative interaction.
In fact, this summer, NetEase Yaotai has already held relevant insurance social activities.Practitioners from the insurance industry interact and chat with old and new friends in the plazas, restaurants, beaches, academies and other scenes created by NetEase Yaotai, and share this new virtual social entertainment experience through rich social activities, games and lottery activities. .
The release of insurance IP series products in Metaverse is a deepening of the interaction between insurance technology and insurance agents. Advantages can be passed on to agents more vividly.
This is a new way of brand management. For insurance agents, Metaverse provides them with an opportunity to understand Generation Z and its related insurance consumption psychology, and combined with iCloud Insurance’s technology empowerment platform, their work efficiency will be rapidly improved.
The IP-based product series of i Yunbao Bear Baobao has also been extended in the Metaverse channel.
As a result, insurtech, insurance products and digital technologies represented by the Metaverse have an interesting collision here. This process will continue to deepen in the future, spawning numerous new product experiences and new marketing models.
The new brand management method represented by digital technology, IP and Metaverse, just like the call of “Open Sesame”, is opening a “six-dimensional space” road to the digital age.
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