APAC Insurer Launches 1st Facebook Insurance Online Store [INNOVATION]

Social media insurance. APAC insurer Malayan Insurance launched the 1st facebook online store where facebook fans can buy wide range of non-life insurance products including travel.

In response to the growing demand for lifestyle insurance coverage online, Malayan Insurance has introduced a digital first: the Malayan Insurance Facebook Online Store.

The app has been available on Malayan insurance’s facebook page, which currently has over 15,000 likes, since November 2012.  At launch, the store offered only 2 insurance products and 2 means of payments (mastercard or visa credit cards).

According to the insurance firm, Facebook enables them to reach out to more customers who intend to avail non-life protection – anytime, anywhere.

“This innovation allows [us] to use social media to educate netizens about nonlife insurance and how easily it can be availed online,” read a company statement.

 Simple and secure payments

• Clients may use their credit cards, BancNet ATM, or even Globe GCash as their mode of payment.

4 types of insurance, 12 products to purchase 100% online

• Travel insurance – iTravel
  6 products from 550.00-2,025 PHP
• Personal accident insurance – Total One Protection (TOP)
  2 products from 650.00-1,600.00 PHP
• Greeting cards – i4U
  3 insurance cards from 515.00-940.00 PHP
• Fire Insurance – Fire insurance
  1 home shield bundle for 1,000 PHP

Online Insurance Purchase Form

Facebook Wall Promotion

This is one of the most exciting facebook insurance initiatives I came across in the digital innovation space for a while.

Congratulations to Malayan Insurance for pushing the social media envelope with a clear focus on driving sales via their online insurance business.

In the months to come, I very much look forward to assessing the overall impact of this facebook app on online sales as much as on brand awareness and word of mouth.  Driving online sales within facebook is possible if you integrate customer reviews to your products list.

I wonder how successful such an online store for insurance product be without integrating the Voice of the Customer (VOC)…  Moreover, it seems like for this current version, Malayan Insurance didn’t explore in great details the viral features of the app which doesn’t incorporate any significant sharing mechanisms…

I invite you to share your thoughts on the role of social media in the insurance industry and the propensity of insurance customers to not only research but also purchase insurance products on facebook, here or on twitter.