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Digital Upgrade for Insurance Agents in the Philippines

The availability of various mobile applications packed with brilliant features and amazing utilities is a major reason for the massive growth of handheld devices, particularly smartphones. Mobile applications have become extremely important in today’s world. Mobile apps appear to have infiltrated every aspect of our lives and businesses.

If COVID-19 has taught us anything, it is that a mobile app is no longer considered a luxury. In the case of insurance, not only because their customers can easily file and track claims, but also because their support staff is relieved, and finally, not because mobile payments are convenient. Data and trends indicate that the entire insurtech industry is shifting toward digital mobile-first experiences.

With its newest business solution for non-life insurance agents, a major non-life insurance company in the Philippines reveals the future of non-life insurance selling and servicing. Introducing: a powerful tool for automating and organising insurance agent tasks with the goal of increasing efficiency and productivity. This innovation enables agents to do everything at the palm of their hand 24/7 anywhere. The tool is capable of providing quick motor insurance quotes and, in the near future, policy issuance not only for motor insurance but also for other non-motor insurance products.

“This digital app is just the start of the many innovative solutions we will roll out for our partners. Their success is also our success, and that is why we will never cease in our support to always aid and enable our agents,” the Insurance Retail Business Group and Agency Management Services Head.

The app was released to the public this month and is expected to be fully adopted by all licenced agents by the end of the year. Furthermore, the app is the first non-life insurance company to create a mobile app for in-house one-stop-shop selling and business portfolio management. It is also one of the few business tools available in the local market that are targeted specifically to insurance agents to help optimise productivity towards reaching monthly business targets.

“The creation of this app is consistent with the company’s vision of being the trusted insurer of choice focused on bringing positive and digitally-enabled client experience. It forms part of our stronger commitment to bring insurance protection and peace of mind to our clients. This is the legacy we want to see as we celebrate our 63rd year in the industry,” said the president and CEO of the insurance company.

The digital app was created in-house as part of the company’s current digital transformation initiative. The app is now available on Google Play and the Apple App Store for all the company’s insurance agents to download. While traditional insurance processes focused on a quick sale, it now makes sense to re-orient toward advice-giving.

The sales conversation with the customer is off to a good start thanks to the use of dynamic questionnaires for risk and needs analysis, interactive storylines, gap analysis simulators, and portfolio analysis tools. It is about providing the right insights to the broker so that they can truly counsel the customer based on their individual needs.

By integrating with the right data sources and leveraging business rules engines, customer analysis processes can be simplified and automated. Nonetheless, a human touch is necessary for a truly personalised approach. Indeed, giving the broker the tools he or she needs to create tailored insurance products is critical in today’s insurance industry.

A large portion of medical and financial acceptance tasks can be processed automatically by introducing a powerful engine in the front office. In essence, this reduces the time-wasting back-and-forth between broker and back-office employee – asking about status, validations, exceptions, and so on – to a very small number of non-standard cases. In general, the broker will be able to independently finalise the sales process.

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