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Digital Boosted Philippine Insurance Sector Through the Pandemic

As the pandemic raged on and more and more people became conscious about health, the demand for insurance protection heightened. People became more aware of the need to protect their own, especially the breadwinners of the families.

However, the lockdown also highlighted the need to work from home and hence put into the spotlight the need to go digital.  Those that embraced the changes gained advantages. As the country’s economy recovers, people are starting to grow back their incomes. That growth directly corresponds with the growth of the insurance industry, life insurance stalwarts pointed out.

One registered financial consultant and an insurance agent confirmed this. As interviewed by the Philippine News Agency, the insurance agent said that he benefited from the additional time he saved from not doing daily commutes. Most specifically, he cited the utilisation of digital tools that allowed him to boost his monthly insurance sales. What’s more, he increased his output. From just having two clients every day before the pandemic, he confirmed he can do five using virtual meetings on a daily basis.

He had to do some adjustments though to increase his credibility online. For one, he made sure he has his photo as an insurance agent when presenting to a client. This should prove that his business is legitimate. Plus, he made sure they have a copy of his ID. Moreover, he ensured that he sent his clients an electronic copy of the agreed insurance coverage proposal. This way, the prospective clients can check the data even before the actual virtual meeting happens.

Online innovations, he disclosed, are a big advantage in being able to present to more clients. It allows him more time and greater convenience. He described the opportunity given online opened not just a window but a big door. Indeed, virtual meetings are a big plus. It’s a huge lift, especially in Metro Manila where traffic congestion is an issue.

An insurance executive is confident the economy is bouncing back. He cited people in the tourism sector are starting to get their respective jobs back. Some have even explored new jobs. Moreover, he said this will by itself create what could be a “multiplier effect” all throughout the economy. In turn, such a positive outlook should boost the number of people who can get protection with their disposable income.

Cash flow became an issue during the pandemic. It prevented people from prioritising insurance, the industry leader disclosed. That should change with the reopening of the economy/ as that means the eventual growth of people’s purchasing power.

Digital transformation is making a positive changes in Philippine society. When everyone needed to stay behind closed doors and social distance, digital allowed them to communicate and have some semblance of normality. Now, just about every sector of the Philippine government has acknowledged the need to make the most of digital.

Recently, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, is eager to make the most of Machine Learning (ML) to be able to predict possible outcomes and increase their overall efficiency. Similarly, the Bureau of Internal Revenue and the Bureau of Customs were able to collect more than they should have with digital tools as reported on OpenGov Asia.

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