The Open Innovation Platform (OIP), an initiative by the Info-Communications Media Development Authority of Singapore (IMDA), aims to connect real business challenges to problem solvers.
SOMPO Insurance Thailand (SIT) is a member of SOMPO Holdings, a trusted and established Japanese insurance and risk solutions provider in Japan for over a century. In Thailand, SOMPO has been providing premium and affordable insurance products to individuals and companies for the past three decades.
Worksite sales is a key part of SIT’s business model in Thailand, targeting Japanese and Thai corporate accounts. The worksite team visits the corporate clients’ office premises and factory locations to deliver seminars and conduct sales activities directly to their employees. The worksite team aims to achieve 7 times of their current sales by 2023. Last year, only 8% of their existing corporate clients were converted to worksite corporate clients; and out of these, only 20% of the employees of those worksite corporate clients were converted to SOMPO’s customers. SIT believes there is significant room for growth in this area, and that worksite sales can be an important contributor to its overall business sales goals.
Currently, the point of contact with the employees of the corporate clients is limited to only face-to-face seminars and booth activities during working or lunch hours at the company’s canteen. It is challenging for corporate clients to gather all their employees for seminars or to visit the sales booths, especially so for factories with employees on shift-work. Not all employees may attend or visit the events, and even if they do, they have limited interaction time with the worksite team. Hence, opportunities to reach out to, engage, and covert potential customers are scarce.
An online, digitally-enabled experience can allow customers to have more engagement with us, leading to higher worksite sales.
How might we leverage technology and digital channels to acquire and engage employees of corporate customers in order to increase their uptake of SOMPO insurance products?
WHAT ARE WE LOOKING FOR
• Proof-of-Concept (POC) solution to raise interest/awareness of SOMPO’s insurance products through the customer’s preferred channels (e.g. mobile, chat applications, social media)
• To engage creatively with the customers’ lifestyle and behaviours (e.g. gamification)
• To deliver targeted content to targeted customers/prospects in a timely manner at the right touch-points to lead to high conversions/sales
• To deliver a customer-first/mobile responsive experience
• To deliver a platform where the customer can apply for one of the policies within 3 minutes, through a fully digitally channel
• Provide an integrated customer portal for self-service, across the end-to-end customer journey
POSSIBLE USE CASE
As the corporate client (e.g. factory) has a tight production schedule, it is very challenging for their HR department to find a timeslot to gather the employees for SOMPO to deliver a seminar or to set up a sales booth. However, with the proposed platform, SOMPO is able to push out their products to all the corporate clients’ employees in an engaging manner. The employees can access the platform at any time of the day when they are free, regardless of where they are physically. If they have any enquiries, they can contact SOMPO directly through the platform instead of waiting for the next seminar or sales booth. Similarly, if they decided to purchase the policies, they can apply for it over the platform. It is no longer necessary to wait for the next time SOMPO visits their company. This increases SOMPO’s chances of converting the corporate clients’ employees to actual customers.
WHAT’S IN IT FOR YOU
• SGD 25,000 of prize money for each winner of this challenge (see Award Model)
• Opportunity to scale the solution across SOMPO companies in 30 countries worldwide such as Singapore, Thailand, Indonesia, Malaysia, China, India, Turkey, Brazil
• Access to SOMPO’s domain expertise and support for the POC
• Winner will be publicised by SOMPO at the end of the challenge
We are open to global and Singapore-based individuals, research providers and companies that have digital technology expertise and innovation capabilities. Some of these include Info-Comm and Media (ICM) start-ups, SMEs and larger companies. Problem Solvers should have the ability and desire to co-create and innovate with Problem Owners or/and other partners to translate their ideas into solutions that can address real business needs.
There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the POC / prototype needs to be demonstrated in Singapore. Global applicants must be prepared to bear the additional cost of travel.
Technical details of the problem statements as well as information related to the innovation calls can be found on the IMDA Open Innovation Platform (OIP) which you will be redirected to after clicking on the 'Proceed To Details' button below and filling up a short form with your basic information.