Transforming life insurance through digital, customercentric innovation
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Manulife: harnessing the power of change
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MANULIFE VIETNAM
Manulife’s Chief Operations Officer Kevin Kwon explains how digital innovation is transforming the customer experience
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ransformation isn’t simply about applying new technology,” says Kevin Kwon, Chief Operating Officer at financial services
company Manulife Vietnam. “Technology, of course, is a major enabler of any transformation, but it’s more about shifting people’s mindsets so that you 04
make change and innovation the new normal. That’s when transformation can become really powerful.” Since joining Manulife, a Canadian life insurance company that operates in North America and 12 markets across Asia, transformation has been Kwon’s focus. It’s also been the focus of Manulife globally, with the company on a mission to transform itself and the industry in the process. Driving this transformation is Manulife’s focus on improving the customer experience, an embrace of digital innovation and operational efficiency, and building an internal culture that drives this change. At the heart of this transformation is a focus on making decisions easier and lives better for both customers and employees.
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MANULIFE VIETNAM
Based out of Vietnam, Kwon embarked
“ Transformation isn’t simply about applying new technology. It’s more about shifting peoples’ mindsets so that you make change and innovation the new normal” — Kevin Kwon, COO, Manulife 06
on his own digital and cultural transformation, driven by a shift in focus from conventional methods of doing business – which he describes as manual and involving “paperwork from end to end” – to a seamless digital customer experience. Creating that experience has been a significant journey for the company, as Kwon explains. “In the past, life insurance has seen a lack of automation and digital technologies, which really sharpened our shift in direction. At the same time, if you’re going to make such a large digital transformation, you have to do it right. The most important step, from a technology point of view, was establishing a target architecture that enables a seamless data flow from one end to another and provides our customers with a full end-to-end solution. All the time we were driven by improving the customer experience. “One of the unique things about our story is that there is this technology piece that’s focused on innovation, but there is also a wider change management story whereby our
: ‘MANULIFE - HÀNH TRÌNH HANH CLICK TO WATCH PHÚC’ . 07 mindset has to be in line with the
digitise all the information that was
evolving needs of our customers;
previously on paper forms. On the
the two feed each other.” On the
claims and auto-adjudication sides,
technology side, creating a simple and
we followed a similar approach.”
intuitive process was key. “In the past,
These developments are, Kwon
agents would receive paper-based
says, “major accomplishments” that
applications, enter our branches and
have significantly improved the
stand in long queues while their policy
customer experience and placed the
was processed. We process close to
company in a leading position in
30,000 new business applications per
the Asian market. “I can confidently
month, so the first priority for us was
say that we are leading in this race,”
the development of an auto-underwrit-
he says. “So many companies say
ing engine in the back end. This was
they’re embarking on a digital transfor-
followed by building the front end
mation, but really they are introducing
to allow our advisors to essentially
a series of solutions one at a time w w w.ma nul i fe . com .v n
MANULIFE VIETNAM
$10mn
worth of investment in Vietnam
1999
Year founded in Vietnam
900
Approximate number of employees 08
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MANULIFE VIETNAM
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rather than having the target architecture that allows a seamless sharing of information through a connected ecosystem. An end-to-end solution really is key here, many organisations only develop a front or back end solution so that they still have employees working between the two on a manual basis – that is not a ‘digital transformation’.” A significant factor in this success, Kwon states, is working with partners throughout the development stage. “It’s all about partnership. We can’t do everything, and neither can they,”
E XE CU T I VE PRO FI LE
Kevin Kwon Kwon is the Chief Operating Officer of Manulife Vietnam; he sits on the management team and has a passion for customers. During his 21 years of international experience in financial services, he has built a reputation of driving and delivering excellence across Corporate Strategy, Bancassurance, Product Development and Product Pricing. His creative vision and business insight into company management are helping enhance operations and drive business transformation within Manulife. When he is not busy fostering a culture of digital transformation, Kevin is focused on his other fulltime role as loving husband and father to two little kids.
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MANULIFE VIETNAM
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he explains, “but when we work
advantage for us, which is why Manulife
together with partners who share
made the strategic decision to refresh
our values and our competencies,
its values and focus on building a
we are on the same journey. The other
new culture.
advantage we had was that our
He has been in his current role for
solutions were developed in our
two years and has also focused heavily
regional headquarters and rolled
on developing the right mindset to
out across Asia, allowing for a lift
accompany change. “Everything
and shift approach. This offered
we do starts from customer journey
greater economies of scale and
mapping,” he explains. “We never
ade it easier and faster for us to
second guess what they want; it is
go to market.”
our job to know their needs. That
For Kwon, implementing such
process isn’t a one-off exercise, but
a transition has only been possible
a constant evolution based around
due to a significant cultural shift within
a concept we call ‘customer experi-
Manulife. This change has been driven
ence transformation’.”
by a new set of corporate values
This, he says, has involved the realign-
designed to improving how employees
ing of teams within the business so that
think, act and work. “We truly believe
they are in line with customer require-
culture can be a distinct competitive
ments across four major segments:
“ If you’re going to make such a large digital transformation, you’ve got to do it right” — Kevin Kwon, COO, Manulife
search, buy, manage and review, and claims. “Every value stream has its owner, and every owner has full autonomy to decide on how best they can improve customer experiences using the tools that we are giving them,” Kwon notes. “They have the right to prioritise, to see how we can enhance those digital tools and create a better customer journey.” w w w.ma nul i fe . com .v n
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MANULIFE VIETNAM
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“ All the time we were driven by improving the customer experience” — Kevin Kwon, COO, Manulife
The unintended positive from such an approach has been a significant uplift in working culture at Manulife. For example, improving the methods by which customers are served, and optimising efficiency in the company’s solutions, creates a better work/life balance for Manulife’s employees. And, because they no longer need to spend as long working through ndless paper trails, employees can be deployed to new areas or roles, and thereby add greater value in the workplace.
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“It is a challenge, but it’s also an
now in place, Kwon hopes to continue
opportunity,” Kwon states. “As a result
to focus on managing change for the
of our digital transformation, we are
foreseeable future. It is, he says, an
working with our training academy
ongoing process that involves: “making
offer better career paths, to provide
sure we have the right training pro-
opportunities to upskill and retrain,
grammes in place, that we have the
and to be successful within Manulife,
right content and are communicating
all while improving the experience
it in the most effective manner. It’s
for our customers. Often, people think
a journey that never stops, but our
a digital transformation is simply about
ultimate bold ambition is to transform
reducing costs or streamlining. There
and become the most digital customer-
are far greater benefits than that”.
centric market leader in our industry.
With the fundamental building blocks of Manulife’s transformation w w w.ma nul i fe . com .v n
MANULIFE VIETNAM 75 Hoang Van Thai Tan Phu Quan 7 Ho Chi Minh City 70000 T +84 28 5416 6888 www.manulife.com.vn