Customers are at the centre of the Ageas universe

A sharp focus on customers and innovation differentiates forward-looking Ageas Insurance Company (Asia) Limited in the fiercely-competitive Hong Kong market.

Ageas Insurance Company (Asia) Limited is a wholly-owned subsidiary of the Ageas Group, one of Europe’s top-20 insurance companies. “We set the highest standards to ensure our customers’ needs are addressed with the utmost integrity,” Stuart Fraser, the CEO of the company said.

“The company describes itself as Your Partner in Insurance – and we aim to enhance the customer experience every single step of the way as a trusted partner through life.”

Flair for innovation
An impressive track record for innovation distances Ageas from its peers, especially in product development.

The Elite Choice Insurance Plan, for example, enables customers to choose from four currencies – USD, HKD, AUD and RMB – and adjust their chosen mix every five years. This harnesses the possibility of benefiting from potential currency appreciation.

Another example of innovation is the All-in-One Critical Illness Protector, a comprehensive plan that covers 49 major illnesses and 26 less severe illnesses, offering up to five claims. In addition, the company’s Global Advance Care enables customers to obtain a free second medical opinion. Ageas is one of very few insurance firms that accepts a second medical opinion.

The company responded swiftly to the cancellation of the daily conversion limit of RMB20,000 for Hong Kong residents by launching the new Dynasty RMB Diamond Plan.

Dynasty is an attractive, yet simple, endowment insurance plan. Policyholders are required to pay premiums for only two years and can easily accomplish a financial target at the end of the fifth policy year. As well as benefiting from the potential for Renminbi appreciation, customers are guaranteed an annual return of 3.5% at the end of the fifth policy year. This amounts to a guaranteed return of 116.8% on total paid premium at the end of the fifth policy year. The application procedure is hassle-free with no medical underwriting necessary.

"We design product packaging to suit the needs of customers at different lifetime stages,” Fraser said.

Creative marketing strategies
Innovation in integrated marketing campaigns has seen Ageas utilising the latest mobile technologies, along with powerful social media networking, to engage with customers via interactive features.

Ageas was the first insurer to use QR codes supported by a mobile website and video call functionality – and the first insurer to employ Augmented Reality (AR) technology in the conversion of static images into interactive videos in advertising campaigns. The company also utilises the Zapper 3D app and Near Field Communication (NFC) in advertising.

In addition, highly-successful Ageas advertising and financial literacy campaigns featured Hong Kong celebrities such as Dayo Wong, DoDo Cheng, Joey Yung and Sammi Cheng.

Fraser said “Ageas often acts as title sponsor for mega events such as golf tournaments, concerts and talk shows. This deepens our penetration of the high-net-worth target market, while promoting the importance of protection and financial planning.”

The company’s consultants routinely use iPhones and iPads loaded with Ageas apps to assist the sales process. These enable the use of retirement and education calculators in conjunction with the Ageas Financial Needs Analysis app.

Keen sense of social responsibility
Ageas is well known for its keen sense of social responsibility. “Ageas actively supports charity events that have included the Oxfam Trailwalker, Habitat for Humanity and Food Angel,” Fraser added.

“We believe commercial success is directly linked to sound corporate citizenship. This philosophy has therefore become a core element of our marketing strategies to develop long-term relationships with customers.”

Ageas has also won the Gold Award in the Web Accessibility Recognition Scheme organised by the Office of the Government Chief Information Officer and the Equal Opportunities Commission. This seeks to encourage wider adoption of web designs that simplify access to online information and services for the elderly and those hampered by disabilities.

Our future prospects
The future looks bright for Hong Kong’s insurance market, thanks to a plethora of opportunities in local markets and an aging population.

The Hong Kong Government estimates that those aged 65 and over will account for 30% of the population in 2041, from just 13% in 2011.

In fact, Fitch Ratings forecasts 14% growth in 2015 for Hong Kong's life insurance sector, based on numbers of people expected to take out insurance policies in Hong Kong and Mainland China to address health protection and retirement needs.

Fraser commented “Thorough health protection and retirement planning is becoming an absolute necessity for growing needs in the market.”

An Ageas aim is to enhance the customer experience at every touch point and be widely regarded as a trusted partner through life to increasing numbers of policyholders.

The CEO’s pet “Martini” philosophy dictates that customers must benefit from quality and services “anytime, any place, anywhere” – a phrase made famous by a celebrated global Martini advertisement.