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Digital Insurance SaIes In The Times Of Covid-19


Neutrinos - April 17, 2020 - 0 comments

Digital Insurance SaIes In The Times Of Covid-19

COVID-19 that hit ground in China back in January 2020 has seriously affected day-to-day life across the globe. Most countries are under lockdown, with businesses and services hit across industries. While everyone had an inkling of the situation, they were not prepared for reality. 

If we were to look at the world at a glance, SEA is one sector that has survived a couple of outbreaks in the last few decades, and so there is belief in the system about business continuity. But this deadly pandemic is totally different. Businesses are struggling in this lockdown, and insurance industries are trying to come up with ways to tide over the situation, considering it is all about the personal touch.

Digital Insurance SaIes  

According to a recent study, there is a visible jump in life insurance policy demands [from 22% to 40%]. People have begun planning their future, though there is a sense of uncertainty. One of the elements in their survival plan is getting INSURED. Therefore, it is not surprising that Insurance organizations world over are strategically elevating their conventional sales distribution models to a new digital paradigm.

The biggest challenge for the insurer is communication and engagement. Even if there are folks out there who want to purchase a policy, how does the insurer reach out to them? How does the agent identify what insurance policy is sought after or how do they connect, and take them through the purchase process? There are other questions pertaining to lead generation, tracking a policy and compliance that are lurking in the minds of the insurer/agents. 

Discovering the new normal in insurance space

At Neutrinos, we are at the forefront of this digital revolution in the insurance industry, as we have recently developed the Digital Insurance Sales service. With a strong distribution suite and technology solutions to support the same, insurance agents will be able to transition to remote sales and take their engagements to the next level.

Key features of Digital Insurance:

Before we dive into the advantages of this Neutrinos solution, here is a study done by Oliver Wyman. It was on “The Impact of the pandemic and how it is going to change the dynamics”. Spend a few minutes assimilating this.

Now that you understand what the impact across levels would be, the ‘Intelligent Remote Solution’ would be the go-to solution for insurance companies. It will help accelerate businesses and transform the way people interact and transact. 

Neutrinos offers solutions that can be integrated and deployed quickly, especially since we use a low code development platform. With the Digital Insurance Sales Solution from Neutrinos, agents can perform better and boost their revenue along with that of the business. 

How does Digital Insurance work?

The Neutrinos Digital Insurance Distribution Suite offers Lead Generation & Management, AI based Sales Management Solution, Intelligent Financial Needs Analysis, Remote Workflow based Signature Solution, SMART point of Sales Solution and Adviser Servicing/Products Solution. Apart from these, there is a dashboard to track policies in real time and access to digital platforms to stay connected with the customer. All of these are huge value add for, making their life easy and work experience better.

At the end of the day, we are here to bridge the gap and help insurers recover from the slump caused by the pandemic. During these challenging times, we are just trying to do our bit to help insurers and our customers get what they want.

If you wish to know more, or share your views on this, please feel free to reach out.

Stay home, stay safe!

Please do pay a visit to my blog which will cover multiple offerings and solutions in our journey to beat this pandemic. 

Author:

Divyajot Singh
Customer Success Manager
Neutrinos Singapore

References:

  1. https://www.oliverwyman.com/our-expertise/insights/2020/apr/covid-19-considerations-for-insurers-in-asia.html
  2. https://www.spglobal.com/ratings/en/research/articles/200318-covid-19-coronavirus-related-public-rating-actions-on-non-financial-corporations-to-date-11393186

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