BIDV MetLife

BIDV MetLife, a prominent player in Vietnam's insurance sector, faced a critical challenge: despite offering a variety of life insurance products and maintaining a substantial marketing budget, their conversion rates remained stubbornly low across both website and mobile app platforms.

Determined to break this cycle, MetLife set its sights on offering personalised life insurance products to acquire new customers and increase revenue per policyholder through upselling.

However, they grappled with how to effectively determine the individual needs of each potential buyer.

·  Low conversion rates for life insurance products

·  Ineffective marketing spend despite significant budget allocation

·  Difficulty in personalising products and ensuring customer satisfaction

InsightGenie stepped in with a tailored solution: an AI-powered digital footprint analysis and recommendation system. This innovative approach allowed BIDV MetLife to:

1. Analyse existing customer profiles comprehensively

2. Generate personalised product recommendations for each customer

3. Implement a risk assessment system for the unbanked population in Vietnam, expanding their potential customer base

The system enabled MetLife to convert previously untapped segments, including unbanked online leads and website visitors, into customers.

The implementation of InsightGenie's solution yielded impressive results:

·  A 45% increase in sales within just three months

·  An average 18% increase in revenue per policyholder after expanding the AI technology across other insurance products

·  Significantly improved conversion rates across all platforms

Recognising the system's value, BIDV MetLife took a step further by white-labelling InsightGenie's AI-powered recommender and aggregator for all their insurance products, integrating it seamlessly into their website and mobile app.