Business Case Competition Edition 3

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Innovate to Insure

Millennials! For the first time ever you have the opportunity to revolutionize the insurance industry with innovative concepts, solutions, and technologies that best meet your needs.

Market research reveals that Hong Kong millennials have a strong saving and protection mindset, but de facto lower ownership of insurance. They likely think that it is too early for them to consider insurance as they are in good health with financial support from their families.

To achieve a preferential mindset amongst Hong Kong young people requires the brand to differentiate itself from the competition. This should resonate with the outlook and lifestyle of the millennial market. Millennials are experts at juggling both online and offline touchpoints for the best advice. A careful balance of the right content via the right channel is key.

AXA Hong Kong aspires to offer simple and personalized offerings to address the uninsured millennials – ‘protect the unprotected’. Therefore, we are keen to increase the relevance of insurance among millennials, helping them understand that they can enjoy lower premiums and a longer term of protection if the purchase is made at an early stage.

We are looking for your innovative solutions and partnerships on how to increase the purchase intent of the young generation towards insurance, specifically those aged under 25 who have just entered the job market.

Shape your project containing a thorough plan with competitive analysis, suggested solution(s), financial forecast, distribution model/channels and customer acquisition strategies including market communication strategies and contact points – plus any other relevant ideas or proposals that appeal to the young generation.

Potential fields for your inspiration

Wearable Technologies

How to encourage the use of devices to track one’s vitals & activity and generate data to be exploited to tailor insurance package?

Daily Lifestyle

How to encourage the practice of certain activities (sport, nutrition, relaxation, balanced work life) to ensure better health?

Travel and Mobility

How to adapt the available insurance solutions to a population of users with higher traveling habits and flexible working life?

Inclusive technologies

How to integrate insurance products at all life stages into one seamless integrated tool, easily manageable?

Get Inspired

This is a non-exhaustive list of a few present pain points.
This is only for your inspiration, feel free to come up with your own!

How to leverage on the current lifestyle of Hong Kong millennials to go beyond the traditional perception of insurance packages?
- Development of local partnerships / Integration of partner APIs.

How to engage millennials and increase the retention rate?
- Digital word-of-mouth.
- Recommendations for families and friends.

How to develop smart insurance packages that are tailored individually to modern customers?
- Data Analytics, Internet of Things (IoT), AI.

How to ease the purchase/subscription to insurance packages?
- Smart contracts & AI-powered chatbots.

What type(s) of insurance solutions best address the millennial needs of those aged below 25?
- Saving.
- Life insurance.
- Health-related.

How to anticipate needs at all life stages to provide efficient and personalized recommendations?
- Data management & acquisition through external sources.

Prizes and Awards

AXA Hong Kong brings you some amazing cash prizes and internship opportunities!

1^ST
First Place
2^ND
Second Place
3^RD
Third Place

1^ST

HKD 50,000
+
A chance to realize the idea in the AXA Design & Experience Centre
+
Placement opportunities*

*Under reserve to fit the company's HR process

2^ND

HKD 25,000

3^RD

HKD 10,000

About AXA Hong Kong

AXA Hong Kong, a member of the AXA Group, prides itself on serving over 1 million customers (1) in Hong Kong and Macau. Besides being one of the largest health protection providers in Hong Kong, it is also the #1 General Insurance provider (2) and the #1 insurance brand worldwide for the ninth consecutive year (3).

AXA Hong Kong has a clear goal of “Empower People to Live a Better Life”. This is reflected in everything we do. AXA Hong Kong is one of the most diversified insurers providing full range coverage for individual and commercial customers. We offer all-round, integrated solutions across Life, Health and Property & Casualty to address all their insurance needs.

AXA Hong Kong leverages on Big Data and AI to transform the end-to-end customer experience, making insurance simpler and more personal. As an innovative insurer, we continue to drive innovation notably in health and protection, supporting customers in prevention, treatment, and recovery.

We also believe it is our inherent responsibility to support the communities we operate in. AXA Foundation is our flagship corporate social responsibility programme covering all of our efforts in promoting health, education and community support to create a positive and lasting impact to Hong Kong.

1. Including customers of AXA China Region Insurance Company Limited, AXA China Region Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability), and AXA General Insurance Hong Kong Limited

2. Based on 2016 Insurance Authority market share statistics represented by overall gross premiums

3. Interbrand Best Global Brand 2017 (By brand value)

About AXA Foundation

The AXA Foundation is managed by AXA Hong Kong. With its stated purpose to “Empower People to Live a Better Life”, it pledges to support a variety of local programmes related to health and education.

Working together with different charities, AXA Foundation is committed to serving all walks of life in the community in order to contribute to the sustainability of our society.

AXA Foundation is dedicated to helping the needy so that everyone can be empowered to enjoy a stable and prosperous life.