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  • Writer's pictureDivyjot Singh

Insurance in the COVID world

We, Neutrinos, have been dealing with major Insurance companies across globe for a fair amount of time. As a team, we have been part of digital transformation journey for multiple companies leading companies from paper driven process to complete digital engagements. As all the businesses, Insurance had no better shield other than taking the white flag up in front of COVID.



Impact

When Covid hit the ground in China in January, people had a sense of what the impact would this bring. Since SEA had gone through couple of outbreaks in the previous decade, they had the belief in the system about business continuity. But this pandemic is totally different this time, it definitely is testing times for everyone. Businesses are stooping low, companies are finding various challanges running their business as usual, revenue has hit rock bottoms and we still do not know what lies ahead.


Insurance sector is one of the sector which is very personalised and got the nimble touch. One can't say, life insurance sales hasn't gone up but also, we can't ignore the fact the warchest insurance companies has to prepare for the claims sector.


As a result of the study, we could see there's sudden increase in the demand of life insurance ranging from 22% to 40% in different markets. This is because of the paranoia which has hit deep back in the minds, people are running across stocking up (including tissue paper) and getting into their survival mode. Part of their survival plan is getting INSURED.


Now, if someone has decided to insure themselves, it should be Christmas bells for the insurance companies. But on the other hand, Insurers are finding it extremely difficult to stay on their foot. Anyone can guess why? Distribution Digitization!


Why Distribution?

Each country and their government authorities has done extensive research and kept multiple compliance checks in order to maintain the hygiene and sophistication for purchase of policy. To an extent, I truly believe this hygiene should stay intact in order to maintain the order.


Other than government authorities, the biggest challenge any insurer is facing right now is communication and engagement. Even if there are people out there who wants a policy, how can any insurer reach to that audience? How will they know someone is looking for a health insurance or a life insurance? How can an adviser connect to that customer? How will they accelerate their sale? How can one complete a sales lifecycle, when their are lock-downs all across the globe?


This is just not me asking these questions, it's across the industry.


Neutrinos Offering


When our customers started facing the same, Neutrinos using their powerful low-code platform were quickly able to provide intelligent remote solutions within days.


Below are few solutions which came as feature set with their Distribution Suite.




Distribution Suite comes with all the remote capabilities required which will accelarate the progress and closure of all the leads and prospects in the sales process. We understand the quick deployment requirements of each insurer, reason it comes as a standalone solution as well.


Neutrinos Intelligent Remote Solutions can be integrated and deployed quickly using the Neutrinos Low code platform. Neutrinos is know for their rapidity and go to market timing, reason, it is the mantra of the company since inception.




Neutrinos Distribution Suite is one single solution for all the requirements around distribution, which may include Lead generation, Lead nurturing, leads assignment, AI based Sales Management solution, Intelligent Financial Needs analysis, Remote Workflow based Signature Solution, SMART Point of sales solution and Adviser Servicing/products solution.





The intelligent remote solutions also provide some amazing capabilities like Screen share/control, remote signatures, AR/VR solutions, Video Call, Speech to text/text to speech capabilities, recording ability and many more.


Aim of the above solutions is to bridge the gap and help the insurers regain the pace in the distribution space. In these challenging times, we are trying to do our bit to help our customers and the other insurers in keeping their business intact.


Please reach out if you have any other views, ideas or if you wish to have a quick demo for the above offerings.


Stay home, stay safe!


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