Manulife - Insurer Innovation Award 2024

1. CONFIDENTIAL
SUBMISSION SLIDES
Innovation

2. CONFIDENTIAL
Personalized Life Insurance nudges show significantly higher conversion
2

3. CONFIDENTIAL
We aspire to be an exponential insurer and grow our insurance business
exponentially
3
Augmented Banking
1. Launched small ticket size Protection
Product to target customers with investment
portfolios and first jobbers segment
2. Accelerated over-arching content strategy
through most effective marketing channels and
mediums e.g. video formats amplified via
YouTube and other socials
E n h a n c ing C u s t o m e r R e la t io n s hip s
via D ig it a l
Automation Banking
1. Sized up addressable base
2. Data-led approach to build customer personas,
identify where and how customers interact within
different customer journeys
3. Sharpen campaign offers to customers through
rigorous test and learn to maximize impact on
conversions
4. Optimize leads funneling process to shorten lead
generation to relationship managers
Open Banking
Collaborate with third party organizations to create
awareness and out-reach
O f f e rin g E n h a n c ed V a lu e t o C u s t o m e rs
via P a r t n e r s hip s
1. Tagging of all digitally acquired customers and
trigger nudges to both customers and sellers
2. Next best proposition and next best conversation
3. Business leading indicators powered by joint
control towers to steer digital business
H yp e r p e r s o n a liza t io n N =1
Cognitive Banking
Engineering Banking
To support next level promos/ campaigns
T e c h e n a b le d s e a m le ss C J s

4. CONFIDENTIAL
Our insurance propositions need to be coordinated with Bank offerings with
tailored solutions based on needs to satisfy each life stage
4
Bespoke propositions for different customer segments
• Customer segmentation with curated engagement mechanisms such as
tailored messaging to drive take up rate
• Bespoke propositions to support customers’ needs by leveraging on the
strengths of the underwriter and the distributor
• Collaborate with distributor to support campaigns for targeted customer
groups
• Leveraged human-centered design to drive the right proposition at the
right life stage of the targeted customer segmentation with the right
messaging
• Enablers to drive a seamless experience for the customer
o Analytics and triggers for lead generation and underwriting
o Introducing dynamic products and pricing
o Personalised and framed messaging
o Contextual targeting at the right pricing point
o Generating awareness to the public: Dynamic and personalized
content library and linked to key propositions and emerging trends

5. CONFIDENTIAL
5
We are thinking differently by segmenting customers according to traits such as life
stage and tailoring to these segments
• Target each micro-segment by
leveraging strength of Bank and
ML
• Different groups of customers
react differently to different kinds
of messaging
• Curating specific nudges 
increase take up rate
• Bespoke propositions to support
customers’ needs
• Tie in with distributor support
campaigns for specific customer
group
Why the need for
micro-segmentation strategy
HNW
Affluent
Mass-
market
Generatio
n Alpha
Zoomers
Millennial
s
Generatio
n X
Baby
Boomers
Different go-to-market approach each with relevant
products and propositions for each customer
segments
Life stage
Affluency
level

6. CONFIDENTIAL
6
Embedded insurance offers a level of personalisation that is more relevant to consumers,
cheaper for them and meets them where they are
Utilising demographic
information to understand
customer preferences
Offering personalised
coverage options that
match specific needs and
preferences
Integrating insurance
seamlessly into existing
products and services

7. 7
CONFIDENTIAL
Strategy of using embedded insurance as the starting point of an
integrated conversion chain
Step 2
Free
1. Free and embedded
insurance in high-touch
channels for example –
online application (credit
card, home loan,
investments) and
payment (internet
banking)
2. Making claims process
easy and fuss-free
Step 1 Other products
1. Enhanced or lite version
with similar logic as the
“free insurance” category
but with higher sum
assured or better benefits
1. Paid version but inclusive
of family members
2. Similar logic as the “free
insurance” but with higher
sum assured and option
of family coverage
1. Convert customers to bigger
ticket items by up-selling and
cross-selling
2. Cost of acquisition is generally
lower for existing customers
3. Better knowledge of customer
leads to a more targeted
approach and marketing
4. Use of embedded insurance as
conversation starters for sellers
Free First Paid Follow-up

8. CONFIDENTIAL
Embedding free insurance in our Bank partner’s ecosystem
8
Entry point Product landing page Building your plan page Health declaration
Promo code
automatically
applied as
part of
marketing
activities

9. CONFIDENTIAL
Embedding free insurance in our Bank partner’s ecosystem
9