INSULAR LIFE (InLife) has combined what it calls “technological breakthroughs” to sell insurance policies while serving the needs of its customers during the pandemic.
The insurer said it had launched a platform named virtual business enabler (ViBE) that allows its financial advisers to complete insurance selling without any face-to-face interactions with the client.
“ViBE is a multiplatform system hinged on digital tools and innovative procedures,” said Raoul Littaua, InLife senior executive vice-president and chief distribution officer, in a statement.
InLife said it had started as early as 2015 to put in place the necessary technologies, such as the automated underwriting system, to enable the transition of its business model into the digital age. It said the system allows InLife to render underwriting decisions to life insurance applications in less than 30 minutes.
In a regular insurance sales cycle, the financial adviser physically meets the client, and secures a physical signature attached to the application. With ViBE, clients are able to sign their policies electronically and pay for their dues digitally or through online bank transfer.
InLife also announced that payments for new policies may now be made through policyholders’ mobile phones or gadgets using their Mastercard or Visa credit/debit cards.
Called the new business bills presentment, transactions through the said channels may be made without physically swiping the cards.
“The common means of transacting via credit or debit card for insurance policies is having to physically swipe the card in a machine. InLife brings this convenience further by allowing the policyholder to key in his own card details through a secured link sent to the client,” said Diana Rose A. Tagra, InLife first vice-president and insurance operations head.
Once the payment is done, the customer receives an acknowledgment of the transaction via SMS/e-mail. The policy is then delivered to the policyholder via the customer portal.
