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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.

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.

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