Established in September 2018, Blue is the first digital life insurer in Hong Kong, China.
It is committed to delivering an innovative and distinctive insurance experience to customers. Blue was founded exactly in response to the challenges in the traditional insurance market, such as tedious insurance procedures and excessive paperwork.
By combining technology and insurance, Blue provides an easy-to-use and commission-free online insurance platform for customers, enabling them to purchase flexible and cost-effective insurance plans anytime, anywhere.
Blue offers a full range of insurance plans for savings, life, critical illness, accident, and medical care, as well as microinsurance, to meet the diversified needs of customers.
Challenges & Goals
With the rapid advancement in digital technology, consumers now expect a lot more of online experiences, including the speed, convenience, and security of online platforms. They also have higher demands for health and protection and desire more personalized products and services from the market.
Catering to customer needs, Blue chooses to use cloud services in the hope that through cloud computing power, storage, and scalable database service, Blue can provide a seamless online insurance experience and one-stop digital insurance services ranging from plan purchase and payment to claim settlement.
Tencent Cloud Solutions
Blue chooses Tencent Cloud mainly for three reasons:
1. Security and compliance considerations
Blue is an insurer regulated by the Insurance Authority of Hong Kong, and is obliged to comply with the financial regulations and security standards in terms of infrastructure, network security, and customer privacy protection, among others.
Tencent Cloud provides financial institutions with highly secure and reliable cloud systems that meet the strict network security and data protection standards of the international finance industry.
2. Application of smart technologies
Tencent Cloud provides a suite of smart technologies geared to its needs, such as big data analysis, AI, face recognition, and OCR, helping Blue improve the business efficiency and customer experience. Blue applied Tencent Cloud's face recognition and OCR in their insurance service processes, which greatly shorten the system processing time and deliver customers a digital and smart insurance experience.
3. High flexibility and scalability
Tencent Cloud's scalable storage and computing services enable Blue to increase the business agility and implement efficient data storage as its business grows.
The two service offerings of Tencent Cloud used by Blue are cloud computing and AI.
Typically, insurance companies have a huge repository of customer information and data. Tencent Cloud's cloud computing service frees Blue from the technical burden of building traditional systems, and greatly reduces the operating costs.
Since November 2019, Blue has integrated Tencent Cloud with their core systems.
Thanks to the increased scalability and speed, Blue's annual premium volume has surged by over 1,500%, and their insurance sales grew by nearly 100% from 2018 to 2019.
Through cloud-based big data analysis, Blue knows that from January to April 2020 when COVID-19 started spreading, applications for their life insurance plans increased by over 170%, more than four times the number before the pandemic.
Such data shows local people's growing demands for life insurance fueled by the pandemic. Based on the results of big data analysis, Blue's product team stepped up efforts and launched new term insurance products in the second quarter of 2020, providing optimal insurance plans for customers amid the pandemic.
In addition, Blue saw a surge in traffic in our flash sales during the 11/11 shopping festival in 2020. By automatically allocating more computing resources, Tencent Cloud helped ensure the stability and responsiveness of its website during the campaign.
With the help of Tencent Cloud's services, Bluecan respond quickly and flexibly to the needs of the market and customers, which further boosts its market competitiveness.