Is it possible to sell life-insurance online in Malaysia? Let’s examine the facts
According to Google’s search trend, there are more than 24,000 life-insurance related search every month in Malaysia. Life-insurance related search volume is growing 24% between 2014 to 2015. 69% of Malaysian profess that they conduct pre-purchase research using online sources, while 75% of Malaysian with a life-insurance policy claims that they found their product from the Internet and 64% of Malaysian says they actively compare life-insurance products using online sources. To put these number into perspective, Malaysians trust online sources more than their family’s recommendations (60%).
All we have established is that online can potentially be a fantastic mean to generate sales lead, but can you sell insurance online? The answer is sadly, no – according to a study conducted by Swiss Re, 95% of Malaysian are reluctant to purchase life insurance from faceless entities, including the Internet.
We believe the realistic solution for Malaysian Insurer is to generate high quality sales lead from online means, and nurture these leads at scale using a combination of online and offline channels and finally close the leads using human interaction. The challenge will be synergizing online-to-offline activities without sacrificing neither scale nor personalization, or in simpler terms – how can you tailor your online consumer experience so that each website visitor feels like they are dealing with a friendly agent?
We will explain our online-to-offline sales methodology using a case study executed for a term insurance provider. Our methodology consisted of 6 steps:
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