2023年5月30日至6月1日，亚洲地区最大的保险科技活动ITC Asia 2023于新加坡金沙会展中心正式召开，全球科技企业家、投资者和保险业从业者云集于此，共同交流学习机会。
My name is Griffin and I'm one of the co-founders of PLAN China. Back in 2015, my partners and I noticed a growing trend in social media that we just had to jump on board with. That's when we started incorporating Martech tools into our business strategy and disrupted the online insurance market in China - particularly in the long-term product space!
In order to fully grasp the profound impact our Martech , it's important to have a solid understanding of the current Chinese market landscape.
As we all know, we're currently living in the age of social media.In today’s China media market, Tencent, whose ecosystem is built around several key components including WeChat, Official accounts, Wecom, and mini apps, had dominated the social communication sector. In fact, even Elon Musk himself has commented on Wechat impressive capabilities!
PLAN made a strategic decision to work closely with Tencent's WeChat ecosystem in order to leverage its powerful dominance.
Now, let's get back to the insurance business - I'm sure all of you are familiar with the basics of the industry, and many of you could probably draw a better diagram than I can! But at its core, I think we can all agree that the key to success lies in addressing the core needs of our clients and agents.
As an organization, PLAN is committed to taking a proactive approach towards offering the right level of assistance at the right time, to drive the processing go forward. Our innovative technology is a key component in achieves this goal.
So, let's take a look at the landscape of our innovative technology system. There are three major components.
First up is PLANSCRM, a powerful tool that connects and influences clients directly through WeChat platform. Reach and connect must be the first key point.
Next up, we have PLAN Pro - a CFP standard financial planning platform that is leading the way in terms of offering accurate and reliable financial planning services.
Finally, we have our PLAN AI Lab - a cutting-edge causal algorithm engine that utilizes the latest techniques and technologies to analyze data and provide insights .
Let's take a closer look at our PLANSCRM, known as the social media customer relationship management system. While the name may suggest a focus on management, the reality is that this tool is all about precision marketing.
As I mentioned earlier, WeChat dominates the Chinese social media landscape - which is why we made a strategic decision to build our SCRM system around Wechat ecosystem. And with the launch of WeCom, WeChat's corporate version, organizations now have even greater capabilities when it comes to delivering targeted marketing messages directly to users.
In fact, over 60% of WeChat users are connected to WeCom - which equates to a massive audience of over 700 million potential clients. And with over 1,000 APIs and 3rd party SCRM system integration, organizations now have an even greater ability to deliver targeted, personalized marketing messages that resonate with their target audience.
Now, let me give you a demonstration of our powerful SCRM system in action.
As you can see here on my WeCom account, I have two types of contacts - colleagues and clients. If we select a client, like me, on the WeChat side, you'll notice that the left side of the screen provides access to basic chat functions. But on the right side, that's where you'll see the integrated SCRM functions that are designed to help our consultants be even more effective when it comes to selling.
Here, we have all the detail information on the client, including basic profiles, communication history, planning status, and contact landscape. This helps the consultants quickly recall clients status, concerns etc.
There's also a product archive where our consultants can quickly and easily send products to clients with just one click.
This products comparison module can produce the comparison result in seconds, also can sent the result to the client by one click.
Additionally, our system includes an optimized script archive that helps our consultants respond to common client questions and concerns. Don’t know how to answer, there is a cheat sheet, just look it up.
For somehow of reason they're still not sure how to respond, they can always chat with our GPT for additional assistance. Let’s ask GPT a question. Why critical illness insurance needed?
All of these powerful features are designed to help our consultants be even more effective when it comes to selling.
Actually the most significant values that our SCRM contributes is the ability to launch precision marketing campaigns that target the right clients at the right time.
As you can see from this screenshot of the admin account, we can create a marketing event task that first screens out the target clients by cross-referencing with our extensive database. Then, we can load in various contents to create a task. And once that's done, all employees who are connected to the targeted clients will receive a task notification, just click one button, send the contents directly to the targeted client's WeChat.
This way, we can precisely target the right clients without disturbing others and ensure that our marketing strategy is carefully planned and executed. And best of all, we can keep track of the results in real-time, allowing us to make adjustments and further refine our approach over time.
While there are many other functions that our SCRM system can help support our business practices, given the time, let's move on to our PLAN Pro, the CFP financial planning platform.
Of course - we have integrated our PLAN Pro with our SCRM system.
Once a consultant accesses the PLAN Pro platform through the SCRM, it automatically links up with the client's portfolio account. From there, the consultant can go through the CFP standard process - gathering data, analyzing financial needs, creating protection plans, education fund plans, retirement fund plans, and asset management plans.
To help clients better understand the family financial planning concept, we've even embedded video content from our founder, a famous financial IP. This helps us to better solve critical issues of trust and concept understanding during the planning process. Our CEO is the biggest MDRT star, and his knowledge and experience were put in good used.
Once we've gathered all the necessary data, the system will automatically calculate the family's financial responsibility, in another word, coverage - and then generate three different proposals with product selection and allocation. All these proposals are created within 30 seconds. By do so, we are ensuring that our consultants provide suitable recommendations to their clients.
The beauty of our planning system is that it puts the client first and follows the CFP standard, providing unbiased recommendations that are based on the client's needs and goals.
That is great, right? It gets better, let's take a look at our mobile interface for the PLAN Pro platform. As you can see from this slide, we've created an online chat room where clients and consultants can virtually meet and discuss their financial planning needs in detail.What's really important to know is that this chat room is a WeChat mini app, no installation needed. Within this mmin app the entire processing will be recorded and the client's actions will be tracked and fed back into our database for further business needs.
This means that we can keep a detailed record of every interaction and use that information to further refine our approach over time. And since the chat room is all mobile-based, it allows for maximum flexibility and convenience for both clients and consultants.
As you can see with PLAN Pro and SCRM systems, we have collected a lot of valuable data on each individual client. And we use a unique method of data mining called the causal algorithm to extract even more insights from that data.
The causal algorithm was the winner of Nobel Prize in 2021 and is considered a rockstar in the tech field. One of its unique features is that it works on thick data rather than wide data or big data. Most traditional data mining methods rely on big data with collaborative algorithms, but as a start-up company, we don't have millions of users to feed into those algorithms. However, we do have in-depth data on each individual user, which is where the causal algorithm really shines.
Not only that, but the methodology of the causal algorithm produces outcomes that make sense that can help us make the right business decisions.
While running the algorithm does require a lot of computing power and can take some time, I have recorded a little demo task in the lab environment to show you how it works.
In such a brief time, I demonstrated and show you the PLANSCRM, PLAN Pro, Plan Causal Engine and how we integrated to drive our insurance business. PLAN is at the forefront of leveraging technology to improve the insurance business practices, and I'm excited to see where this path leads us as we continue to explore and implement cutting-edge technology such as more AIs.
Thank you for listening.