In the new age of insurtech, it’s time to reevaluate what your insurer can do for you.

Here are four powerful questions you should ask to make sure you choose the best life insurer.

Given their convenience, speed and myriad other benefits, digital solutions are now the default way of life. In every arena, from health and fitness to retail, entertainment, banking and even food, the services we rely on everyday are increasingly converging onto the mobile devices we carry.

With our ever-growing demand for more digital innovation, every service provider is racing to come up with newer, faster and better ways of doing things. If there’s one sector that’s long overdue for an overhaul, it’s insurance. (Although curiously, there appears to be some resistance.)

The point of innovation is for insurers to be better able to serve the needs of their customers. Insurers who don’t innovate run the risk of miring their customers in decades-old practices, even though newer, better solutions already exist. The result is a waste of time, money and effort for all involved.

The changes that insurtech enable go beyond mere quality-of-life improvements. At its best, insurtech empowers Singaporeans to have clarity and control over their insurance policies, paving the way for a truly customer-centric relationship between insurer and customer.

If you’re wondering how your insurer measures up, here are some benchmarks to help evaluate whether you are getting the best service possible.

Question 1: Is Policy Issuance Instant?

One of the main capabilities of the digital revolution is a reduction of waiting time for customers. By adopting appropriate digital advancements, the insurance sector, too, can narrow the gap between policy application and issuance.

In fact, it is entirely possible to eliminate the waiting time that is traditionally imposed upon customers. By using robo-underwriting, which recruits AI and smart algorithms to instantly decide coverage and set premiums levels, cutting-edge insurers can issue policies to qualifying applicants within the same online session.

As a result, instead of waiting several days to find out the results of your application, with the right insurer, you can sign up and get your life insurance cover immediately.

Question 2: Is Your Policy Fully Customisable?

Another hallmark of the digital era is the increased customisability consumers can enjoy. In insurance, being able to tailor-fit your plan is not just a matter of convenience, it can mean the difference between your loved ones having all their needs covered, and them facing shortages in your absence.

As every family is unique, insurers who offer flexible solutions will prove to be a more helpful financial partner.

Instead of being limited to pre-set “packages” that offer “high, medium or low” coverage, you should be free to choose the exact level of coverage you need, so you don’t have to waste money overpaying for insurance or worry about a coverage gap (despite owning life insurance!)

Partnering an insurer that offers high customisability offers another advantage, namely the flexibility to plan your coverage according to your budget and your needs.

READ ALSO: 3 Ways Insurance is Changing for Singaporeans

Question 3: How Much Transparency (and Paperwork) is There?

In an era where everything can be done online, why are we still putting up with insurers that continue to make us sign sheet after sheet of number-filled documents?

Let’s be honest – out of the many confusing numbers and jargon you’ll likely encounter, you really only need to know the following:

  • Cost of premium and deductions
  • Duration of your life plan
  • Benefits payable

That’s why forward-looking insurers present these important pieces of information up-front and centre, in ways that are immediately clear and easy-to-understand.

The most advanced insurtech firms even show you a step-by-step calculation that lets you know how your premium adds up. Adjust a variable – such as starting age – and the system re-calculates your new premiums instantly.

If you accept the displayed premiums and choose to proceed, your policy will be issued within the same online session. This speedy transaction is only possible because what you are seeing are your real rates.

This is a level of transparency that simply wasn’t possible before. And even more excitingly, with everything done digitally, you won’t have to wade through reams of paperwork before getting your coverage.

Question 4: How Easily Can You Do What You Want?

Be it consuming entertainment, keeping in touch or looking up information, Netflix, Facebook and Google have made everyday tasks simpler and more accessible. With just a few taps, you can watch a video, post a selfie or search for lyrics to that song you can’t get out of your head.

In our digital age, what used to be relatively complex actions are now much easier to accomplish, saving time and effort. As long as you have your mobile and a connection, there’s nothing to stop you from doing what you want to do.

Similarly, getting a life insurance policy can be just as simple as booking movie tickets, or ordering your favourite meal for delivery. Maybe you’re sceptical, because to be truly useful, life insurance policies require some measure of customisation.

The most advanced insurtech firms offer simple, elegant solutions that let their customers get the coverage they need, including any extra coverage or riders. And the best ones can do so all in a singular online session.

When dealing with your insurer, how simple is it for you to get the exact life insurance policy you want? How much time and effort does it take for you to finally get insured?