Life insurance policies take days to process and get approved, but insurers can exploit digitalization to cut that down to minutes
In the Philippines, as in other developing countries, signing for a life insurance policy typically requires days of processing, due to a multitude of forms and approving parties involved in preventing errors and reducing risk exposure.
However, a technology-savvy life insurance firm there has managed to join the cohort of competitors that have reduced onboarding time from days to just five minutes.
This achievement had even set an internal record at Allianz PNB Life for a core system implementation that was both on time and within budget.
The digital transformation needed to pull this off also offers other systemic improvements:
- Cloud-native operational streamlining: A cloud-native policy management solution streamlines Allianz’s operations, reduces costs, and enhances digital processes
- Better data security: Robust data management and security measures ensure that customer information remains protected
- Improved competitiveness: The speed at which the firm launches new products to market has been improved by 30% while customer experience levels are expected to be enhanced
The project to digitalize operations to achieve the above benefits had taken just six months to complete, involving 12 different systems in the infrastructure — to reduce costs and provide employees with streamlined and simplified digital processes.
Also, as the insurance industry relies heavily on data for risk assessment, setting premiums, and processing claims, the firm’s directive to its tech/digitalization partner to provide a framework with comprehensive data management and security measures that meet high standards.
Said the firm’s Regional Chief Operating Officer, Teh Kim Leng: “We are already experiencing increased service levels, and customers are receiving policy contracts within minutes, instead of days. While speed is important, we are also committed to ensuring our customers’ data is safe and secure…”
According to Ray August, Managing Director (Insurance Software & BPS), DXC Technology, the consulting technology partner: “Our partnership with Allianz demonstrates how working alongside the right partner can produce meaningful results.”
