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As competition intensified in the region, insurers face numerous challenges to acquire and retain new and existing customers. To identify the challenges faced by insurers in the Asia Pacific region we have presented three case studies of: ING Insurance Asia, HSBC Insurance Asia, and Reliance Life, India and discussed the challenges they faced, action plans implemented to counter the challenges, and the benefits they achieved as a result of the action plans. ING Insurance Asia Pacific

Challenge: ING Insurance Asia[42], a global insurance and financial services company with operations in Australia, Hong Kong, Taiwan, Japan, Korea, and Malaysia and seeking to expand its presence to India, China and Thailand faced several challenges in delivering new business solutions cost effectively and timely to its various target markets in the Asia Pacific region. This challenge had further escalated as ING grew bigger acquired millions of customers. However, they were unable to maximize the odds of cross selling to their customer base and competitors were picking up un-satisfied customers. ING identified that this was due to lack of consolidation of customer data which was spread across departments and legacy systems.

Solution: In order to get a holistic view of the company's customers and identify ones that were profitable, ING Insurance engaged a third party vendor to provide a service oriented architecture (SOA) data management system.

Results: In 2005, ING Korea was the first to deploy the data management system across its financial services and life insurance businesses. The data management system helped ING Korea in maximizing customer value in the following ways:

* One single view of the customer enabled the company to cross sell mutual funds and insurance policies.

* Faster time to market with more innovative products.

* Streamlined financial reporting and performance management enabling the company to identify its most profitable customers and highest revenue generating products.

The success at ING Korea snowballed to other local ING businesses in no time with similar cost reductions and increase in sales noted by several ING business units. Reliance Life Insurance Company Limited

Challenge: Reliance Life[43] was formed in 2003 as the insurance arm of Reliance - Anil Dhirubhai Ambani Group. The company has achieved the following since its inception in 2003:

* Captured a market share of 4.1% in the new business premium in India in 2007-2008.

* 1.7 million policies as of 2008.

* Total branch strength of 740.

Even though Reliance Life is only one of the two insurance companies in India with an ISO 9001:2000 certification it was facing intense competition from new domestic and foreign players.

Solution: To gain a competitive advantage in a growing insurance market, Reliance Life came up with the ‘Virtual Office'. This tool was designed to make the insurer more efficient and flexible by providing the customers access to their products, option to buy additional policies online, pay premiums, and print documents needed for submitting claims.

Results: The Virtual Office enabled Reliance Life in obtaining the following objectives:

* Improved customer service as customers had an option to self serve.

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