Harvard Case - Critical Illness Insurance in the Singapore Market Beyond 2014
"Critical Illness Insurance in the Singapore Market Beyond 2014" Harvard business case study is written by Keng Leong Yeo. It deals with the challenges in the field of Finance. The case study is 19 page(s) long and it was first published on : Jun 30, 2014
At Fern Fort University, we recommend that Great Eastern Life Assurance (GEL) adopts a multi-pronged strategy to capitalize on the growing demand for critical illness insurance in Singapore. This strategy involves leveraging technology, expanding product offerings, enhancing customer experience, and building strategic partnerships.
2. Background
This case study focuses on Great Eastern Life Assurance (GEL), a leading life insurance provider in Singapore, facing a dynamic market for critical illness insurance. The company needs to adapt its strategy to address changing customer needs, evolving competition, and the increasing prevalence of critical illnesses.
The main protagonists are:
- GEL: A leading life insurer in Singapore, seeking to solidify its position in the critical illness insurance market.
- Customers: Individuals and families in Singapore seeking financial protection against critical illnesses.
- Competitors: Other life insurance companies offering critical illness insurance products.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Financial Strategy and Marketing Strategy:
Financial Strategy:
- Financial Analysis: GEL needs to analyze the financial performance of its existing critical illness insurance products, including profitability, risk exposure, and customer acquisition costs. This analysis will inform future product development and pricing strategies.
- Capital Budgeting: GEL must carefully allocate capital for product development, marketing campaigns, and technology investments. This requires a thorough assessment of the potential return on investment (ROI) for each initiative.
- Risk Management: GEL needs to manage the financial risks associated with critical illness insurance, including mortality risk, morbidity risk, and operational risk. This can be achieved through risk modeling, diversification of product offerings, and appropriate reinsurance strategies.
Marketing Strategy:
- Market Segmentation: GEL should identify different customer segments within the Singapore market based on their needs, risk profiles, and financial capabilities. This will enable targeted marketing campaigns and product offerings.
- Product Differentiation: GEL needs to differentiate its critical illness insurance products from competitors by offering unique features, benefits, and pricing options. This can include innovative coverage options, flexible payment plans, and value-added services.
- Customer Relationship Management: GEL should focus on building long-term relationships with customers through personalized communication, proactive support, and digital engagement. This will foster customer loyalty and advocacy.
4. Recommendations
1. Leverage Technology for Enhanced Customer Experience:
- Digital Platforms: Develop a user-friendly online platform for policy purchase, claims submission, and customer support. This will improve accessibility and convenience for customers.
- Data Analytics: Utilize data analytics to understand customer behavior, personalize product recommendations, and optimize marketing campaigns.
- Fintech Partnerships: Explore partnerships with fintech companies to integrate innovative solutions like mobile payments, automated underwriting, and personalized risk assessments.
2. Expand Product Offerings:
- Tailored Coverage: Offer customized critical illness insurance plans that cater to different customer segments, including young adults, families, and seniors.
- Early Stage Diagnosis Coverage: Consider expanding coverage to include early-stage diagnoses of critical illnesses, providing financial support for preventative care and treatment.
- Lifestyle-Related Conditions: Explore coverage for lifestyle-related conditions like diabetes, obesity, and cardiovascular disease, recognizing the growing prevalence of these conditions.
3. Enhance Customer Experience:
- Proactive Communication: Provide regular updates and personalized advice to customers about their policies, claims processes, and health management.
- Simplified Claims Process: Streamline the claims submission process, making it faster, easier, and more transparent for customers.
- Value-Added Services: Offer additional benefits and services like health screenings, wellness programs, and access to medical experts.
4. Build Strategic Partnerships:
- Healthcare Providers: Partner with hospitals, clinics, and medical specialists to provide integrated healthcare solutions and facilitate seamless claims processing.
- Financial Advisors: Collaborate with financial advisors to promote critical illness insurance products and provide comprehensive financial planning advice.
- Government Agencies: Engage with government agencies to promote awareness of critical illness insurance and explore opportunities for joint initiatives.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: GEL's core competencies in insurance underwriting, risk management, and customer service align well with these recommendations. The proposed strategies are also consistent with GEL's mission of providing financial security and peace of mind to customers.
- External Customers and Internal Clients: The recommendations address the evolving needs of customers in Singapore, who are increasingly seeking comprehensive financial protection against critical illnesses. They also create opportunities for internal clients, such as sales agents and customer service representatives, to enhance their skills and contribute to the company's success.
- Competitors: By leveraging technology, expanding product offerings, and enhancing customer experience, GEL can differentiate itself from competitors and gain a competitive advantage in the market.
- Attractiveness ' Quantitative Measures: The proposed strategies are expected to generate positive returns on investment (ROI) through increased market share, improved customer retention, and reduced operational costs. This can be assessed through financial modeling and sensitivity analysis.
- Assumptions: These recommendations assume that the demand for critical illness insurance in Singapore will continue to grow, that technology will continue to evolve and enable innovative solutions, and that GEL will be able to effectively implement the proposed strategies.
6. Conclusion
By embracing technology, expanding its product offerings, enhancing customer experience, and building strategic partnerships, Great Eastern Life Assurance can solidify its position as a leading provider of critical illness insurance in Singapore. This strategy will enable GEL to meet the evolving needs of customers, stay ahead of competition, and achieve sustainable growth in the long term.
7. Discussion
Other Alternatives:
- Mergers and Acquisitions: GEL could consider acquiring smaller insurance companies or fintech startups to gain access to new technologies, customer bases, or product offerings. However, this strategy carries significant risks and requires careful due diligence.
- Focus on Niche Markets: GEL could focus on serving specific customer segments, such as high-net-worth individuals or expatriates, with tailored products and services. This strategy requires a deep understanding of the target market and may limit market reach.
Risks and Key Assumptions:
- Regulatory Changes: Changes in government regulations could impact the profitability and feasibility of critical illness insurance products.
- Technological Disruptions: Rapid advancements in technology could create new competitors or disrupt existing business models.
- Economic Downturn: A significant economic downturn could reduce consumer demand for insurance products, affecting GEL's financial performance.
8. Next Steps
Timeline:
- Year 1: Develop and launch a new digital platform for customer engagement.
- Year 2: Introduce tailored critical illness insurance plans for different customer segments.
- Year 3: Establish strategic partnerships with healthcare providers and financial advisors.
- Year 4: Continuously monitor market trends, customer feedback, and competitor activity to refine and adapt the strategy.
Key Milestones:
- Successful launch of the digital platform.
- Acquisition of a significant number of new customers for the tailored critical illness insurance plans.
- Establishment of strategic partnerships that generate tangible benefits for GEL and its customers.
- Demonstrable improvement in customer satisfaction and loyalty.
By implementing these recommendations and monitoring progress closely, Great Eastern Life Assurance can successfully navigate the evolving landscape of critical illness insurance in Singapore and achieve its strategic objectives.
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Case Description
This case provides a discussion of critical illness insurance from various perspectives. The case first looks at critical illness insurance from both a consumer's and life insurers' perspectives. The case then discusses critical illness insurance's position in a changing healthcare and health insurance environment before considering its relevance in the future.
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