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KCGLeads: Your InsureTech Transformation Partner
With the progressive evolution of FinTech, the insurance space, that has remained largely traditional up until a few years ago, is exploring and experimenting with its new found arsenal – the InsureTech. On the other hand, the market has become all the more competitive, with diversifying customer demographics and reach-out channels. Companies in the space know that if they are not strategic in aligning with the market dynamics, they’re going to lose out to the competition. While they may have the technology and business vision in terms of moving forward, they often lack expertise in the implementation and transformation side of things. As such, the need for experienced consultants who are capable of delivering not only the technology expertise but also who understand the nuances of the industry has become more imperative than ever. To this end, Hong Kong-based KCGleads—shortform for Knowledge Consulting Group—positions itself as the go-to entity for both established and emerging InsureTech players. “KCG focuses on adding value to InsureTech consulting. We start with rich insurance knowledge instead of pure technology to help insurance companies achieve sustainable growth in revenue and impart value to customers,” says Hardy Lo, co-founder and executive director at the company.
KCG’s clients include traditional insurers who hold good market presence, as well as new entrants. While for the former, the company formulates the business transformation roadmap and sources right technology to achieve sustainable growth in revenue, for the latter, they develop robust entry strategies and rights-to-win driven business model. KCG has a proprietary insurance value chain framework to help clients identify their strategic strengths and areas for development with the assistance of specialized domain experts pertaining to actuarial, risk, operations, products, and distribution in both life and non-life insurance areas.
From the client onboarding standpoint, having helped clients gather a clear idea about their target segments and customer base, the KCG team further throws light on the product development front. The company has “cherry-picked” global and regional technology solution providers as partners to deliver the best recommendations to their clients. “Crucial to our consulting framework is the use of internal and external data to validate and support the transformation of insurance workflows and functions. “We have a strategic partnership with Analytics Saves at Work (aSaw), a Bangalore based start-up specialized in the development of analytics technology solutions,” mentions Archna Wadhwa, co-founder and director at KCG. The partnership with aSaw brings KCG above and beyond mere consulting. After all, data analytics has proven to be the game changer technology across many industries.
KCG’s client success stories best exemplify their value proposition in the InsureTech landscape. The company helped a Hong Kong-based general insurance company transform their online digital distribution channel via the company website by covering distribution partners and bank and brokerage distributions. In three months, they secured board approval for a B2C and B2B digital distribution strategy, which was implemented within a year. In effect, KCG significantly improved the company’s online distribution capabilities and enabled them to be on track to attain 100 percent revenue growth in the next five years time.
In yet another winning instance, KCG helped a new entrant develop an InsureTech driven business model including distribution channels and products. The company also successfully engaged with a life insurance partner, a Fortune 100 entity, to start an application for the digital insurance license in the Asia insurance market.
Having carved a niche in the market, KCG continues to sharpen the edge of their consultative arm. Looking ahead, the company plans to localize some of the analytics products of aSaw such as SOLDit™ which is a proprietary leads generation platform created by Asaw and SPyDER™, a KYC platform good for financial customer on-boarding to the Hong Kong and China market specifically in the areas of business leads generation and know your customer processes.