Life insurer strives to deliver exceptional customer experiences
The virus pandemic prompts all the corporations to brace for artificial intelligence (AI) and digital transformation because customers need more digital engagement.
That is the case with life insurance companies, too. And in Korea, MetLife appears to lead the trend as it swiftly detects the changing needs in time with the COVID-19 era and deliver solutions.
MetLife Korea said on Dec. 16 that it will accelerate digital transformation and vehemently adopt AI so as to provide tailored services to its customers.
In fact, the Seoul-based company has proactively embraced futuristic technologies, as shown by an AI fund management service for variable insurance policy holders, which started this July.
When it comes to variable insurance, which offers the choice to invest in a preferred portfolio of funds, the product involves investment risks. Hence, proper management is critical for high returns.
But many of the policy holders tend to leave their fund portfolio unchanged for long, even during the entire policy term, as they typically don’t have a sufficient source of information.
Against this backdrop, MetLife Korea launched an AI fund management service aimed at offering customized recommendations of fund portfolios. It is based on the analysis of such factors as economic outlook, market volatility, and the user’s risk appetite.
The new service has won the hearts and minds of people _ the number of users who switched funds in tandem with the AI recommendations rocketed from 287 in July to 3,285 last month.
Fresh healthcare services
Another area for MetLife Korea’s digital transformation efforts is the healthcare service. After releasing a 360Health mobile application this September, the company recently added more features.
The app is geared toward helping customers prevent, diagnose, and manage critical illness by providing easy access to more than 40 healthcare services like appointment booking and preferential access to screening tests.
“The app adopted an AI algorithm to generate weekly health reports based on the user’s physiological, diet, and exercise information,” a MetLife official said.
“The newest features provide personalized, AI-driven health assessments, along with diet and exercise recommendations for users.”
There have been more than 50,000 downloads in just three months after the app’s debut, according to MetLife Korea that has a track record of delivering innovative offerings.
“We need to be even more agile and innovative to face the huge changes that are sweeping the market,” the official said.
“We are investing in innovation and striving to find new ways to provide customers with outstanding experiences, and this will make us more competitive and resilient even in these uncertain times.”