Insurance company Philam Life recently unveiled an entire suite of digital solutions integrated into their systems to make on-boarding and after-sales experience of their customers more efficient and hassle-free.
Since the company started their transformation journey in 2013, availing an insurance policy or signing up for their various product offerings has been modified and digitized to lessen the hard-sell approach of their insurance agents, paperwork, and meet-ups.
The platform has also been the more dominant entry point to the company’s different product offerings, separated by product categories and displayed with uncomplicated language. Instead of crowdsourcing for the best option and purchasing blindly, customers can make use of their website that comes equipped with a self-help financial calculator that assesses their needs and suggests the best options available.
Philam Life also rolled out the interactive point of sale system (iPOS) that is based on an iPad device. They have touted it as “the first of its kind in the local life insurance industry.” It is a fully functional digital end-to-end selling tool that aims to make the buying experience a more seamless and convenient experience for both customers and their financial advisors.
Through collecting the necessary information to make an instant generated policy proposal, the process is able to ensure that the product being sold is based on the assessment of the customer’s financial goals and priorities, and especially their risk profile.
“We have designed our digital roadmap with the customer journey in mind,” said Gigi Pio de Roda, COO for Philam Life. “By putting ourselves in our customers’ shoes, we were able to understand their pain points and we developed our digital tools to address their concerns.”
De Roda noted that the innovations that they implemented had already produced results that proved beneficial across all their stakeholders, customers, financial advisers, as well as their own operations team. The dip in the volume of transactions in the company’s branches and call centers also resulted in the usage growth of their financial advisors.
She went on to add, “There is positive momentum in transforming how we service our customers and enable our financial officers, and whilst we are happy with the progress thus far, this is only the beginning.”
Aside from the core platform, Philam Life also saw an increase engagement with their customers through their mobile application Philam Vitality that gives incentives when their customers lead a healthy lifestyle. For example, doing active exercises like jogging can be exchanged for movie passes and other rewards.
“The positive feedback we’ve been receiving from our customers and Financial Advisors are very encouraging,” said Philam Life CEO Kelvin Ang. “By enabling our Financial Advisors with digital tools that allow them to provide personalized service, we are able to hit two birds with one stone: ensure regular engagement with customers and serve them better.”