Digitalisation in life insurance

Advertisement

BEGIN ARTICLE PREVIEW:

Many of us who have bought an insurance policy would have been left with the desire of a more simplified process. Unlike other products, the insurance buying process involves multiple handoffs and iterations. A typical process involves suitability analysis, quotations, benefit illustration, application fulfilment and finally issuance. The multiple systems lead to drop offs, productivity concerns and poor buying experience. Can digitalisation provide a seamless platform and a delightful buying experience?Despite the buzz surrounding digitisation, its extent varies from one insurer to another. Some insurers have looked collectively at the process, ecosystems and the technology while others have looked at only addressing specific issues. During Covid-19, digitalisation played a key role in insurers providing a seamless experience for distribution and customers. Here are some key imperatives while digitalising on-boarding and servicing processes.Contactless on-boarding: As social distancing becomes the norm, most life insurance companies have built end-to-end digital onboarding platforms. This is further simplified by leveraging ecosystems and by providing an intuitive interface for buying policies in a contactless way with just a few clicks.Pre-approved offering: As conducting medical tests became a challenge in these times, life insurance companies leverage analytics for providing sharper offerings to customers for …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE