The insurance industry in Hong Kong has a high market penetration rate and purchasing insurance is very common. In addition to traditional insurance operators, virtual insurers have also joined the market. The Hong Kong Insurance Authority has so far issued four virtual insurance licenses, including Bowtie, OneDegree, ZA Insure and Avo. The biggest difference between virtual insurance and traditional insurance is that consumers can purchase products directly through online channels without having to go through insurance advisors. Following the previous uMax Dataanalysis of the effectiveness of virtual banking market activities，This time, let’s take a look at recent market trends in insurance-related topics and analyze emerging virtual insurance operators.
uMax Data focuses on the Internet big data from March 22 to June 21 this year, and uses social listening to analyze netizens' discussions on insurance operators, promotional activities, insurance purchases and personal insurance products from major social media and forums.
Insurance-related considerations focus: Internet users are most concerned about premiums
Our analysis found that among the seven major considerations for purchasing insurance, namely premium, investment return, exclusions, handling fees, coverage period, contribution period and claims procedures, netizens are most concerned about premiums, accounting for 60% of the discussion, followed by investment return (22%) and exclusions (10%).
Medical insurance has the highest online voice, while life insurance has the highest online interaction.
In the comparison of the volume and popularity of personal insurance products, medical insurance has the highest amount of discussion, followed by life insurance. However, the discussion popularity is the opposite. The online interaction of life insurance is as high as 33,095, nearly twice that of the 11,227 medical insurance that ranks second.
Comparison of insurance companies and beneficiaries shows LGBTQ discussion dominates
uMax Data selected the top 10 traditional insurance companies from the "2021 Insurance Company Standardized Premium Ranking" of the Hong Kong insurance industry provisional statistics and compared them with the existing 4 virtual insurance companies. Big data shows that LGBTQ was the most discussed beneficiary, followed by spouse and immediate family members. Among the 14 companies, only five insurance companies, including OneDegree, Prudential, Manulife, HSBC Life, and AIA, were mentioned at the same time as LGBTQ, with OneDegree having the most mentions.
Comparing the media distribution of OneDegree, Prudential Insurance, and Manulife, which were mentioned the most times in the above figure, OneDegree x LGBTQ has the largest share on social media, while the others appear more frequently in the news.
June 8th was the hottest day on the Internet. What happened?
Further analysis of the four emerging virtual insurers shows that Bowtie and OneDegree have the highest online popularity, at 52.4% and 47.3% respectively, indicating that they are hotly discussed online and receive a lot of interaction.
Looking more closely at the popularity trend, we found that the online popularity value was the highest on June 8th. What was the reason?
We found that during the research period, the Facebook pages "New Holiday Weekly" and "OneDegree" posted the highest number of interactions on June 8 (coinciding with Gay Pride Month) about expanding the beneficiaries of home insurance to LGBTQ, with heat values of 557 and 226 respectively.
Some netizens left comments:
"I hope the whole society can be more tolerant of people of different sexual orientations." "Love is anything! Being willing to pay for each other is definitely respected!" "Thank you for making 'my land' able to express the home in the heart and everyone is the same."
Virtual insurer: OneDegree has a high favorability, Bowtie is average
The analysis found that among virtual insurers, OneDegree had a relatively high favorability rating, mainly due to posts about home insurance coverage for cohabiting and same-sex couples. This shows that the overall online response to the event was relatively positive. Bowtie, the most popular character among netizens, has a relatively average online favorability.
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uMax Data Technology Limited, founded in Hong Kong in 2016, is an innovative technology company driven by artificial intelligence and data. uMax Data offers a variety of SaaS products and solutions, including Social Intelligence Platform (SIP), on-premises AI server, social listening and online alert systems, all-in-one intelligent research and event management platform, AI search engines, social intelligent customer service platforms, AI Agents and chatbots, brand public opinion insights, social media risk management, and multimodal data processing and digital upgrading solutions. These are collectively known as "Social Intelligence." These products not only enhance enterprise productivity and efficiency but also help businesses make more informed decisions.
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