We are creating some awesome events for you. Kindly bear with us.

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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend