Kyobo Lifeplanet provides online only insurance without solicitors or agents. All operations including subscription, maintenance and claim settlement are handled online. In April 2015 Lifeplanet was the first Korean life insurer to open a mobile platform to provide services through both PC and mobile.
LIFEPLANET AT A GLANCE
The first internet only life insurance company Kyobo Lifeplanet Insurance Company(CEO John Haksang Lee, www.lifeplanet.co.kr) started its business in December 2013. We aim to provide differentiated value to customers and to introduce new criteria for life insurance.
Our company provides online only insurance without solicitors or agents, and all operations including subscription, maintenance and claim settlement are handled through internet. For the first time amongst Korean life insurers, we opened mobile platform in April 2015 so to provide services through both PC and mobile, leading Fintech era.
MOBILE INSURANCE SERVICES
– Convenience from compatibility between mobile and PC
– Provide statistics in product design stage, analyzed from customers’ product design patterns
– Payment through ‘simple pay service’
Customers can subscript policies using Lifeplanet mobile website and application without turning on PC, and all services including alternation to policy terms, claim settlement, policy loans will be handled by mobile as well. Customers can log on Lifeplanet mobile web to consult premiums and save it while they are moving, and they can complete the subscription by PC later on. Also the policies can be designed and saved in PC website, and completed subscription by mobile. Mobile and PC sites are compatible, enabling customers to choose any tools at their convenience.
User-friendly and highly efficient UI(User Interface) and UX(User Experience) design are loaded in PC and mobile sites. Simple and intuitive design is applied to make customers enjoy services with ease and not to skip any important information. We analyzed product design patterns of existing customers, and provide statistics and words to help potential customers in design stage. From these efforts, we are awarded Grand Prix in website and mobile section for two consecutive years in ‘WEB AWARD KOREA’ from Korea Internet Professional Association.
We introduced innovation in payment, so as the first financial company we adopted Simple Pay (Kakao PAY, Naver Pay, Syrup Pay, Payco) and introduced electronic signature system other than electronic certification. Along to the developing Fintech, we are adopting flexible systems like bio-authentication and other simple pay methods.
20% of new policies are subscribed through mobile, and 65% of in force policies in terms of premium is also by mobile. These indicate that customers with insurance needs are utilizing mobile channel. Mobile insurance market is expected to be expanding further as Fintech is more popularly implemented in financial industry,
PRICE COMPETITIVE AND INNOVATIVE PRODUCTS
Lifeplanet’s premium is reasonable as mid-distribution cost is eliminated, thus benefiting customers. We do not do outbound marketing calls, only aim to communicate with customers. We provide no-riders attached, customer beneficial products to help customer understand policies better. After commencing our business, there has been no single complaint as of now (August 2016), and 25th months persistency ratio reaches 90% level, which demonstrate superior customer satisfaction level of our company.
Lifeplanet has 15 product lines including term life and accident insurance launched in July 2016. Major product lines are whole life, term life, cancer, adult disease, accident, kids protection/savings, savings and annuity/annuity savings insurance. Through strategic alliance with IBK Bank, we provide mobile bancassurance cancer and kids insurance. We will have another alliance with Standard Chartered Bank Korea on September 26, and provide annuity/annuity savings and savings insurance in addition to existing bancassurance products.
As of July 2016, we won exclusive rights from KLIA(Korea Life Insurance Association) who recognized our innovativeness of ‘Insurance Health Age Service’. This service is utilizing risk rate calculation derived from Big Data(National Health and Nutrition Survey) for the first time in Korea life insurance company,
Term life insurance, launched in July 1st, 2016, is targeting healthy customers, who are not paid attention from other insurers with traditional solicitor channel. If the customers’ health is the better, the higher discount they can get. We provide up to 41% premium discount according to segmented customer health profiles, like super-healthy, healthy, non-smoking, and standard.
In December 2013, Lifeplanet is awarded the first exclusive right for ‘Target Annuity Pacemaker Service’, which helps customers to reach target annuity amount. The second exclusive right is awarded from ‘(non-participating)Dreaming E-Savings Insurance’ in January 2015. For the first time in Korea, this product’s premium loading is imposed based on accrued interest so to guarantee 100% of principal at the request of redemption.
Furthermore, our products ‘Lifeplanet E Annuity Savings Insurance’ in 2014 and ‘Dreaming E-Savings Insurance’ in 2015 are selected as superior financial products from Financial Supervisory Service.
We exert all efforts to change insurance paradigm in Korea market and to launch innovative and internet-optimized products distinct from other existing insurers.
ONE-ON-ONE CUSTOMER SERVICE
For customer satisfaction, Kyobo Lifeplanet introduced 1:1 customer service program from March 2016. ‘1:1 CS manager program’ is matching professional CS managers to every customers to provide effective and tailor-made service.
Before this service, customers repeated their situation to randomly allocated CS manager. Now, exclusively charged CS managers will provide full-fledged, one-stop services including consultation, introducing contracts, subscription, maintenance, claim settlement and payment.
In addition, 1:1 CS managers will handle customer information for information security. Yellow ID of Kakao Talk service is another communication channel, enabling swift 1:1 consultation.
Lifeplanet’s CS Center is serving customers multi-directionally through telephone, remote support and chatting to compensate that we are not providing traditional solicitor channel. As there are exclusive solicitors in vis-à-vis channel, we have 1:1 CS manager to safely handle customer information, provide consultation and handle requests at any time at anywhere. We will lead service innovation in internet insurance industry, by enhancing our CS edge.
[2016 MARKETING PLAN] LEADING INTERNET LIFE INSURANCE MARKET
Lifeplanet is increasing customer base from strategic alliance with Platform Giants, ICT companies (internet portal, telecom) and travel agencies. Also, our marketing approach focuses on cross- and up-selling to existing customers. We strengthen our communication with our customers and reinforce brand recognition through differentiated product development and online-optimized customer service
New channels including home shopping and e-mail will be approached. We will also gain channels, especially online bancassurance and do B2B marketing for corporate clients. Usability of mobile platform will be strengthened onwards. Furthermore, in the pace of Korea government’s policy on upbringing Fintech industry, we are in cooperation with authorities to make favorable regulations on online insurance.
Lifeplanet’s diverse marketing activities enable more customers to enjoy online insurance.We will actively lead and broaden Korean online insurance market, and will achieve our vision to be the solid market leader.