I cannot be the only one who hates face-to-face meetings outside office hours! For introverts and skeptical people like me who have been unwillingly lured into a friendly chit-chat-turned-insurance policy presentation from a company that I’m not familiar with, getting an insurance is something I want to do at my own pace and time. I’m sure other people share the same sentiments, but no hate to financial advisors out there! Meeting with people outside just isn’t everyone’s cup of tea, especially during this pandemic.
To address such sentiments and adjust with people’s fast-paced lives, AIA Philam Life – a life insurance company in the Philippines, recently launched a platform that can provide customers a way to protect themselves and their families under the same time it takes to buy coffee and finish it before it gets cold—all within the comforts of their own home and without a financial advisor doing the talking.
I have firsthand experience on how long traditional life insurance policy application can take. That’s more than a month of back-and-forths which involves physically meeting with a financial advisor, submitting a lot of paperwork – not to mention the physical examinations for people like me with medical issues, and exchanging printed proposals, before it gets to the tedious underwriting process, and paying your bill. Plus, that doesn’t guarantee that you’ll get accepted!
AIA Philam Life’s Coffee Closing Project simplified this into a three-step, 20-minute process which includes e-Submission and e-Signature where the client can review all the information they provided and acknowledge the agreement, e-Payment where the customer pays via debit or credit card, and Auto Underwrite which finalizes their insurance policy. All of this can be done through AIA Philam Life’s iPad-based interactive Point- of-Sale (iPoS) tool and a secure link provided by the financial advisor.
Fusion has been proven to process 3,000 life insurance applications per second and 60,000 times faster than the traditional manual underwriting procedure. By transcending rule-based automation and using superior cognitive automation, the system learns patterns from analyzing a hundred years’ worth of AIA customer data to bring a century’s worth of knowledge into the present.
“The pandemic served as the catalyst that pushed us to beef up our digital capabilities quickly. As soon as the physical distancing measures were put in place, we knew we had to respond with speed and ended up launching the enhanced digital selling platform (the precursor of coffee closing), our Facebook Messenger chatbot, claims and policy requests online via email, among others, within two months of the quarantine. Some of these were already in development and the situation forced us to be ready to launch as soon as possible,” shared Kelvin Ang, AIA Philam Life Chief Executive Officer.
AIA Philam Life says that it will continue to strengthen its digital capability as the company announced digitalization as one of its strategic imperatives. As a tech-dependent millennial, this sounds like a good option!
For more details about this new service and to learn more about AIA Philam Life, you can visit philamlife.com or email email@example.com.