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Sales increased as agents had instant access to customer information.

* Time to market for new products decreased.

HSBC Insurance Singapore Pte Ltd.
Challenge: As a result of the financial crisis, several insurers in Singapore noticed a drop in new business premiums as investors either lost faith in the financial markets and the insurers ability to meet obligations. This statement is further supported by a survey conducted by HSBC in 2009, which revealed that 61% of Singaporeans lacked confidence in the Asian financial markets[44]. Therefore the challenge faced by HSBC Insurance was to sustain growth and ability to meet obligations.

Solution: While organizations in Singapore slowed down the launch of new insurance products and laid off their sales-teams and customer service personnel to cut back on costs resulting in poor customer service, HSBC Insurance[45] on the other hand did the exact opposite.

* The organization took advantage of the then present economic scenario and timely launched innovative products such as a guaranteed high yield single premium product when interest rates were low in early 2009.

* During the same time HSBC launched Jade Global Universal Life to cater to the needs of the high net-worth clients who were up for grabs as their previous provider was either bankrupt or was unable to provide the same level of service as it did prior to the financial crisis.

* Lastly, the organization also ensured that its Service Quality team was well positioned and trained to provide a positive service experience for customers.

Results: The organization achieved the following as a result of its timely launch of innovative products and strategies:

* A 70% increase in insurance premiums in the first half of 2009, which is a remarkable achievements considering that the Singapore life insurance industry as a whole contracted by 45% during the same period.

* A robust Customer Feedback Solution System enabled the insurer to track and resolve all issues and feedback effectively thereby creating a positive experience for the customer.

* As a result, in 2009, HSBC Insurance Singapore was awarded the Insurance Company of the Year Award[46] by the World Finance Insurance Company, coming ahead of NTUC Income, Great Eastern and AIA.

Best Practices in Customer Value Management
To gain competitive advantage, international and local insurers setting up shop in the Asia Pacific region are not just promoting and localizing their corporate strategies to adapt to the host countries but are also focussing on innovative business solutions that have over time become best practices of customer value management in the life insurance industry:

ICICI Prudential Life, India
The insurer has launched successful products such as Diabetes Care and Cancer Care, which were the first of its kind in the Indian insurance industry.

To ensure maximum penetration in rural areas, the insurer has also increased the number of distribution channels and has more than 3,000 touch points, one of the highest in the industry. ICICI Prudential Life is also the first to partner up with the Indian Postal Department, a state owned enterprise. This has resulted in overcoming the trust barrier, as people in certain rural parts of India still view multi-national corporations