{"id":5091,"date":"2022-10-14T11:38:00","date_gmt":"2022-10-14T03:38:00","guid":{"rendered":"https:\/\/iglooinsure.com\/case-studies\/shopee-increases-lifetime-value-cross-selling\/"},"modified":"2024-02-06T09:36:53","modified_gmt":"2024-02-06T01:36:53","slug":"shopee-increases-lifetime-value-cross-selling","status":"publish","type":"case-study","link":"https:\/\/iglooinsure.com\/my\/case-study\/shopee-increases-lifetime-value-cross-selling\/","title":{"rendered":"Shopee Increases LTV by Cross-Selling to Targeted Customer Segment"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Increased customer life value<\/li>\n\n\n\n<li>Drove revenue with positive contribution margins<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Overview<\/h2>\n\n<p>Shopee is Southeast Asia\u2019s largest e-commerce platform. In the second quarter of 2022 alone, 2 billion transactions were made on the platform and Shopee\u2019s gross merchandise value amounted to US$19 billion.<\/p>\n\n<p>Southeast Asia has one of the highest rates of mobile usage worldwide, clocking in an average of 3.6 hours per day. Smartphones are also one of the top products purchased on Shopee \u2013 with enough devices sold to cover three football fields during one of Shopee\u2019s mega sales! To meet the demands of the modern consumer, Igloo and Shopee worked hand-in-hand to launch two embedded insurance products: phone screen and mobile 360 protection plans. In line with Igloo\u2019s vision of \u201cInsurance for All\u201d, we made sure that our products are simple, easy and affordable.<\/p>\n\n<h2 class=\"wp-block-heading\">Opportunity | Cross Selling to High-Value Customers<\/h2>\n\n<p>We first identified touch points to cross-sell to Shopee\u2019s customers purchasing high-value products. In the case of Shopee Philippines, phone screen protection is automatically recommended to customers purchasing mobile phone accessories during checkout. This is on top of the\u00a0<a href=\"https:\/\/iglooinsure.com\/products\/electronics-personal-goods-insurance\/\" data-type=\"insurance-product\" data-id=\"516\">gadgets insurance<\/a>\u00a0that Shopee Philippines is offering on its platform. In Malaysia, two products with different coverage needs \u2013\u00a0<a href=\"\/products\/mobile-phone-insurance\/\" data-type=\"insurance-product\" data-id=\"1921\">phone screen protection<\/a>\u00a0and mobile 360 \u2013 are recommended to Shopee users.\u00a0<\/p>\n\n<p>Our\u00a0phone screen protection\u00a0covers repairs of cracked screens while mobile 360 product covers water and accidental damage, and loss and theft, among others.\u00a0<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"372\" height=\"698\" src=\"https:\/\/iglooinsure.com\/wp-content\/uploads\/psp-on-shopee-checkout-page.png\" alt=\"psp on shopee checkout page\" class=\"wp-image-2596\" srcset=\"https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-on-shopee-checkout-page.png 372w, https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-on-shopee-checkout-page-160x300.png 160w\" sizes=\"(max-width: 372px) 100vw, 372px\" \/><\/figure>\n\n<h2 class=\"wp-block-heading\">Solution | End-to-End Policy and Claims Management<\/h2>\n\n<p>Once a purchase is made, Igloo\u2019s proprietary activation process kicks in. For phone screen protection plans, customers are required to go through a validation process.<\/p>\n\n<p>Option 1<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"600\" src=\"https:\/\/iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-1.png\" alt=\"psp policy activation option 1\" class=\"wp-image-2590\" srcset=\"https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-1.png 1024w, https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-1-300x176.png 300w, https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-1-768x450.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<p>Option 2<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"600\" src=\"https:\/\/iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-2.png\" alt=\"psp policy activation option 2\" class=\"wp-image-2584\" srcset=\"https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-2.png 1024w, https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-2-300x176.png 300w, https:\/\/cdn.iglooinsure.com\/wp-content\/uploads\/psp-policy-activation-option-2-768x450.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<p>They are led to download the Igloo\u2019s cracked screen detection mobile app \u2013 this is where our patented image recognition technology comes into play. There are two methods in which users can activate their policy on the Igloo app:\u00a0<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Option 1: Have two devices on hand \u2013 user to use a separate device to capture photos of the insured device<\/li>\n\n\n\n<li>Option 2: Use a mirror \u2013 user to use the front lens of the insured device to shoot in front of a mirror<\/li>\n<\/ul>\n\n<p>With our image intelligence technology, this translates to reduced operational costs for our partners as there is little need for human validation. In the rare exceptions where automatic validation is not possible, Igloo provides customer service support to facilitate the process. For mobile 360 protection plans, policies are activated automatically.<\/p>\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><\/th><th>Igloo<\/th><th>Competitor<\/th><\/tr><\/thead><tbody><tr><td>Time taken for a phone screen to be validated<\/td><td>3 seconds<\/td><td>5 seconds<\/td><\/tr><tr><td>Time taken to complete activation process<\/td><td>30 seconds<\/td><td>2 minutes<\/td><\/tr><tr><td>Image detection rate<\/td><td>100%* success rate *When a separate device is used to capture photos of the insured device<\/td><td>Low success rate<\/td><\/tr><tr><td>Accuracy<\/td><td>80-90% accuracy, and a fully automated process<\/td><td>85% accuracy<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p>To make the claims process seamless for both our partner and end users, we worked with Shopee to source for partnering repair shops and service centres. At the moment, we have X authorised repair shops and service centres across Southeast Asia. Repairs completed at our partnering shops and centres are processed automatically. For regions where our authorised repair services are not available, customers have the option to visit their preferred service provider and submit their claims afterwards.<\/p>\n\n<p>Our\u00a0<a href=\"https:\/\/iglooinsure.com\/partners\/\">end-to-end solution<\/a>, supporting Shopee with product discovery, pricing strategy, policy activation, claims management and payout, has helped to increase customer life value \u2013 all while reducing operation costs for Shopee.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>About Shopee<\/strong><\/h2>\n\n<p>Shopee is the largest eCommerce platform in Southeast Asia and Taiwan. Offering a wide assortment of products, Shopee provides consumers an easy and fast online shopping experience that is enjoyed by tens of millions of consumers daily.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shopee saw the opportunity to cross-sell to its customers purchasing high-value products. The e-commerce player then worked with Igloo to launch two insurance products.<\/p>\n","protected":false},"featured_media":5092,"template":"","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"Case study: Shopee | Mobile Phone Insurance","_seopress_titles_desc":"Igloo and Shopee worked hand-in-hand to launch two embedded insurance products: phone screen and mobile 360 protection plans.","_seopress_robots_index":""},"country":[8],"class_list":["post-5091","case-study","type-case-study","status-publish","has-post-thumbnail","hentry","country-philippines"],"acf":[],"_links":{"self":[{"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/case-study\/5091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/case-study"}],"about":[{"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/types\/case-study"}],"version-history":[{"count":0,"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/case-study\/5091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/media\/5092"}],"wp:attachment":[{"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/media?parent=5091"}],"wp:term":[{"taxonomy":"country","embeddable":true,"href":"https:\/\/iglooinsure.com\/my\/wp-json\/wp\/v2\/country?post=5091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}