UNIVERSAL LIFE 4.0

Service in Service, why not!?

Universal Life

In-app Web

Golive

2025

Get ready to say goodbye to your old notions of "boring" insurance, because we're thrilled to introduce Universal Life 4.0, or as we affectionately call it, UL Flexible! We poured our hearts and a lot of coffee into creating this product, aiming for something so adaptable, it practically moonwalks. Imagine an insurance plan that lets you play LEGOs with your coverage – tweaking your sum assured, adjusting premiums, and even adding a whole squad of riders to build your perfect protection package. We launched UL4.0 on the MB App's Insurance portal, strategically tapping into MB's banking ecosystem with its impressive 20 million-plus customer base because, let's face it, that's just good common "cents"!

Choice of Platform

Picking the right platform for UL4.0 was pretty straightforward. Since we were focused on the Bancas channel, using the banking app was a no-brainer. Plus, because UL4.0 is a complex product that legally requires an insurance consultant, selling it through Bancas and the banking app was essential. While customers handle things on their end for convenience and security, our consultants are right there, guiding them through the purchase and explaining all the benefits. And the best part? The banking app's existing ecosystem, with seamless payments and customer programs, gave us tons of resources. This wasn't just about selling insurance; it allowed us to integrate UL4.0 with other banking services, letting us bundle it with things like travel protection or even offer "buy now, pay later" options. It made the whole experience much more engaging!

That’s why UL4.0 (an updated version of UL3.0) is the ace! With UL4.0 (base product), we can mix and match into different product plans. These plans come with higher premiums and sum assured, offering more extensive benefits. Yet, their configuration remains brilliantly flexible, allowing for variable premiums and sum assured alongside bundled combinations of different product combos and packages, ensuring we cater to a wide array of customer segments within the banking environment. With each package, a different plan of added value service will be added and tailor-made with the benefits to best-fit customer’s needs.

Product information

& Competitive Advantages

Our product strategy for MB App's Insurance Portal extends beyond the focused offerings for Appota, which primarily feature cancer or personal accident insurance. Given the more complex and comprehensive nature of products typically offered through bancassurance channels, our approach here is different. For digital platforms, simple and affordable products are often the perfect fit. However, through our bancassurance channel, staffed with dedicated insurance consultants and serving a more diverse banking customer base, we can introduce superior products.

Customer segmentation

& What our customers think

“MB Bank Customer Segmentation: A Digital-First Focus with Life Insurance Relevance”

MB Bank's impressive growth stems from its strong digital push, aiming for 30 million customers by 2024. Their largest and fastest-growing segment consists of digital-first individuals who love using the MBBank App for everything from daily transactions to accessing integrated mini-apps. This group, including tech-savvy Gen Z and the growing middle class, thrives on convenience and seamless digital experiences, making them prime candidates for accessible life insurance products offered directly through the app. The ease of digital access is key for this segment to consider crucial long-term financial planning tools like life insurance.

For more specialized needs, MB Bank serves corporate clients with comprehensive banking, while High Net Worth Individuals enjoy personalized wealth management through MB Private, where life insurance often plays a crucial role in estate planning, wealth transfer, and succession strategies. A significant, expanding segment is also Bancassurance customers, who access diverse insurance solutions directly via the bank's channels. This broad customer segmentation, from digital natives seeking simple protection to affluent individuals requiring complex wealth preservation solutions, underscores how MB Bank strategically integrates various life insurance offerings across its platforms to meet varied financial demands and long-term security needs.

Journey & Sales model

  • The journey built for this product is quite simple for a complex product like the Universal with both user’s actions and sales actions. So actually it can be referred to as “Online to Online” or “Offline to Online” model where customers get advertised/suggested of the insurance in banking app when customers commence the service through banking provider

    (1) Customer access MB App’s Insurance portal→ (2) IC advises and supports customer buy insurance → (3) Customer provides information, keyins and payment to get insured→ (4) Policy issuance→ (5) Customer got customer-care by IC and the insurance company

  • This sales model is actually categorized as pure digital! Probably referred to as “Offline-to-Online” or “Online-to-Online” where customers can be advertised or introduced of the insurance product embedded in MB App’s insurance portal.

All The Cool Features

  • Mix-and-Match packages

    Imagine with only one base product, customers can have plenty of mix-and-match plans with different benefits and added value packages. Each one will vary based on customers’ income and financial capability

  • Smart Package Comparison

    As we offer different packs, we also design a smart tool where customers can browse through each detail pack and make a comparison

  • Healthcare Card

    For UL4.0, added value service includes healthcare voucher/card from the 3rd party. With each insurance package, customer gets a different healthcare package offered by the 3rd party