What would a paperless insurance industry look like? Is such a thing even possible?
Proper insurance requires proper records-keeping, especially when you consider the vast amount of information that needs to be kept and updated regularly.
Policyholders and insurers alike both want and need reliable and accurate information to be available whenever the moment calls for it, and it is no surprise that the insurance industry is among the most heavily reliant on paper.
The rise of Big Data means consumers have growing expectations of how businesses conduct their operations, with an emphasis on empowerment, freedom, convenience and speed. Given the traditional roots of the industry, how can insurers continue to serve the needs of policyholders, while keeping up with changing expectations?
As counter-intuitive as it may sound, the answer lies in going paperless. Staking a claim on the forefront of a digitally driven world, forward-thinking insurers observe the empowerment of the modern consumer as they switch to digital modes of communication and record keeping.
Here are 4 ways how Singapore Life empower Singaporeans to do more through the use of paperless digital technology.
Freedom of Choice and Clarity
Ever wondered how much you need to pay for a life plan worth S$2 million? And how your premiums will increase in 10, 20, 30 years? Want this information without squinting through rows of numbers and reams of papers?
With Singapore Life’s completely digital platform, all you have to do is to enter the relevant information and you’ll generate an instant quotation that tells you what you need to know. It’s completely private, instant and free of obligations.
Yes, it’s that simple. Gone are the multiple intrusive questionnaires and obtuse phrases; what is left is simple, direct and relevant. This is possible because we tap into the richness of Big Data for our underwriting process to determine loading and exclusions instantly, so you never have to worry about whether you really need those bundled riders.
In contrast, paper-bound insurers can only make a guess as to the range of protection you are seeking, which is why they often show up with just 2 or 3 different choices for you to choose. Due to time constraints and the desire to close you as quickly as possible, these are presented as the only options available.
Our platform is designed to provide you with clarity and freedom, empowering you to make the best choice. By going paperless, Singapore Life restores the customer’s right to choose from the entire spectrum of possible configurations.
Policies Customised to Your Needs
Having the freedom and clarity to build your insurance plans removes stress and anxiety from the buying process. Which means you end up feeling more confident about your purchase.
And to make sure any anxiety is assuaged, know that Singapore Life’s digital technology lets you control every aspect of your plan – duration, level of benefits, type of cover, early payouts and more are completely under your control.
This means that perhaps more than with any other insurer, you have the ability to custom-build your insurance policy, which translates to maximum advantage for you and your loved ones.
You no longer have to choose between pre-set coverage levels, which forces you to pay for more coverage than you need, or deal with the anxiety of making up the shortfall. With our digital paperless platform, you can purchase policies that are truly customised to your needs, no matter how unusual they are.
Instant Access and Retrieval
Thanks to the connectivity brought about by the Internet, we have achieved unparalleled convenience, flexibility and speed with which we accomplish tasks. And you’ll find the same with our digital insurance platform.
With your information secured and stored online, you can instantly look up the details of your plans. No more rifling through drawers and cabinets and flipping through reams of policy papers.
In this way, our digital platform empowers you to take a more active role in ensuring adequate coverage at any point of your life. When calling up your details is as easy as pressing a few keys, you’ll be a lot more motivated to keep your policies up to date.
Benefits You and Your Adviser
Our paperless digital model is built to empower Singaporeans to take greater control over their financial portfolio. However, we also recognise that some policyholders are more comfortable receiving advice from a professional.
Singapore Life’s third party partner financial advisers are supported by the same powerful digital insurance platform, so you never have to waste time on unnecessary recaps.
With Digital, the Future is Now
In order to fully serve the needs of a digital city, we knew we had to offer leading-edge solutions. By moving away from a paper-bound business model, we have discarded the disadvantages plaguing legacy insurers.
At the same time, we are blazing trails into an exciting future where insurance can be as agile and flexible as policyholders need it to be. And we invite you to come and experience it for yourself.