We live in an increasingly digital-first world, with many insurance brands selling through multiple online channels. Yet, when it comes to big financial decisions, many consumers still seek the reassurance of human interaction before committing, especially to more complex products such as life insurance. 

Striking the right balance, therefore, between digital efficiency and personalized advice tailored to each client’s unique needs is the key to successfully turning digital leads into high-value sales – an approach that has been refined into a streamlined and successful model in Southeast Asia.  

This is something many UK insurers can benefit from. In this article, we explore how to integrate digital platforms with dedicated human advice, using a model that outperforms industry benchmarks with a 3-5x higher lead-to-sale conversion rate. 

The digital shift in insurance

The numbers speak for themselves: Southeast Asia’s major digital platform ecosystem boasts over 500 million monthly active users, with an average of four digital access points per prospect. Typically, this is where customers begin their insurance journey, however the majority will transition to human advisors before making a purchase.

Let’s break this down. Research by BCG shows that while 50% of customers prefer digital interactions in the initial stages of exploring insurance options, only 12% complete the entire purchase journey online. Around 65-70% of customers switch between digital and human channels at least once before committing to a policy. This shift highlights the need for a robust omni-channel model that seamlessly integrates digital engagement with personalised advisory services.

Key principles of a successful omni-channel strategy

For insurers looking to optimise digital lead conversion, five key principles define a high-performance omni-channel strategy:

1. Seamless journeys across channels

Customers should be able to seamlessly switch between digital and human interactions. Any data collected during their digital journey must be available to advisors in real-time, ensuring a frictionless experience without redundant process repeats.

2. The ‘bionic’ advisor

Empowering advisors with digital tools, contextual customer data, and AI-driven insights enhances their ability to engage and convert leads effectively. A platform that integrates customer insights, lead tracking, and smart recommendations can elevate advisory services to new heights.

3. High-quality, pre-nurtured leads

Many prospective customers don’t visit digital platforms with the intent to purchase higher value insurance. Insurers must nurture leads over time using personalised digital engagement, targeted content, and data-driven insights to warm prospects before an advisor interaction.

4. Hook products to encourage engagement

Low-commitment, entry-level insurance products can be an effective way to draw customers into the ecosystem. Income Insurance’s SNACK platform (powered by Peak3), which allows users to accumulate micro-insurance coverage through daily transactions, is a prime example of how insurers can introduce prospects to financial protection in an accessible way.

5. Plug-and-play integration with digital platforms

Insurers must ensure their solutions integrate seamlessly with partner ecosystems, offering clear user benefits, a simple experience, and attractive economics for all parties involved. The ability to embed insurance offerings into digital banking apps, e-commerce platforms, and super apps will be crucial for success.

Cracking the code

A joint initiative between Peak3, Income Insurance, and BCG led us to successfully build an omni-channel platform and operating model in Singapore, which provides a playbook for insurers, worldwide.

The first launch of the new platform as minimal viable product (MVP) took place late in 2021, and achieved clear results in 2022: 

• 10% lead-to-sale conversion, a 300-400% uplift

• 5% incremental annualised premium generated

• 62% of leads being new or reactivated customers – 2-3x better than ‘business as usual’

This success was driven by an integrated strategy that combined digital lead acquisition with a structured advisor-led conversion process. Key enablers included a customer data platform (CDP) for real-time lead tracking, a smart matching engine for advisor allocation, and a seamless digital onboarding experience.

The role of Generative AI in omni-channel sales

Artificial Intelligence is set to revolutionise the omni-channel approach further. Generative AI (GenAI) can provide real-time sales assistance to advisors, offer personalised content to leads, and even create customised insurance products based on individual customer profiles. AI-driven insights help advisors craft better conversations, predict customer needs, and improve overall engagement.

Overcoming key challenges

While the benefits of omni-channel sales are clear, insurers must navigate several hurdles to implement this model effectively, including economic viability. Insurers must strike a balance between IT investments and the long-term business value generated from omni-channel sales.

It’s not just about overcoming legacy tech issues, it’s also about effective change management. Insurance advisors must be trained and incentivised to adopt new digital tools and processes.

Lastly, it’s important to consider how to engage with digital-first prosects, usually younger customers who require gamified, interactive experiences that align with their digital habits.

The insurance industry cannot afford to operate in silos. To maximise sales opportunities in today’s changing-world, where potential customers have different preferences for how they interact with insurers, a well-executed omni-channel strategy is needed.

Many UK insurers are already a long way down this journey, but for others looking to retain or grow market share, bridging the gap between digital convenience and human trust is vital. 

In doing so, these insurers can drive higher conversion rates, improve customer satisfaction, and future-proof their business models to boost their bottom-line.
To learn more, download the complete whitepaper here.

About the author: Adrien Lebègue is the CEO of EMEA at Peak3 and a third-generation insurance professional, whose journey has taken him through diverse markets in Europe and Asia, providing him with a comprehensive understanding of both mature and emerging markets.