Product Trends

STREAMLINING PROCESS

Alhilal Life selects Fulcrum Digital as its digital transformation partner. PR Newswire, July 26, 2021.

The company selected Fulcrum Digital to deliver a unique digital experience for its customers. Fulcrum Digital deployed FulcrumOne to accelerate the overall process and reduced the turnaround time for policy issuance from 3 days to 30 minutes, overall cost reduction by 20%, and improved customer satisfaction 2x times. Some key features included converting Physical to Digital (Phygital) – manual process into a system-driven process, integrated “E-Know Your Customer (E-KYC)” by face recognition for customer ID verification.

MetLife launches first paperless agent recruitment process. Dhaka Tribune, July 5, 2021.

MetLife launches first-ever completely paperless agent recruitment process through its dedicated platform, MetLife Agent Recruitment Solution. Candidates can now apply online, complete their training, and digitally sign their contract to start their career as MetLife’s insurance agents.

iPipeline Teams with Symetra to Insure Term Life Customers in Minutes. Press release, July 14, 2021.

iPipeline is a leading provider of no-code/low-code content-based digital solutions for the life insurance and financial services industry. It has partnered with Symetra Life Insurance Company to innovate the new business acquisition process for Symetra’s new, fully automated SwiftTerm term life insurance product.

Sana Insurance Brokers launches SANA Group Employee Mediclaim System. Mint, September 15, 2021.

Sana has launched its 360-degree Group Employee Mediclaim System (GEMS). It is a platform for group health insurance, with online connectivity with insurers and Third-Party Administrators (TPAs) through Application Programming Interfaces (APIs). Users can raise any query regarding insurance plans, E-health cards, claim settlements via WhatsApp, and a dedicated team will assist them, with backup support from a 24/7 advanced ChatBot.

Bajaj Allianz Life launches e-Kyc for instant customer verification. OBN, July 12, 2021.

Baja Allianz has introduced a 100% paperless and digital process of Know your Customer (KYC) to enable instant customer verification at the time of issuing a life insurance policy.

UOB Malaysia Taps Prudential’s Virtual Face-to-Face Feature to Offer Insurance. Fintech News, September 22, 2021.

UOB Malaysia has tied up with Prudential Assurance Malaysia Berhad (PAMB) to provide customers with a suite of insurance solutions through a new Virtual Face-to-Face (VF2F) feature on the Pulse app. UOB Malaysia’s 360 sales representatives can use the VF2F feature on the Pulse app to connect with their customers via chat or video call.

Atidot and Health Gorilla Announce a Strategic Partnership Transforming the Process of Onboarding and Customer Retention in the Life Insurance Industry. PR Newswire, September 30, 2021.

Atidot, the AI and predictive modeling platform, and Heath Gorilla, provider of healthcare data, have announced a strategic partnership. The partnership will improve the experience of Atidot's life insurance customers during key stages of their journey.

Oscar Health ‘MyIdentity’ Functionality Supports Transgender and Non-Binary Members. Press Release, July 13, 2021.

Myindentity functionality allows all members – including those who identify as transgender or non-binary – to freely input their name, pronouns, and gender identity in the Oscar app. MyIdentity empowers all members to provide Oscar with information – including their first and last name, pronouns, and gender (as distinguished from their sex assigned at birth) – that accurately reflect their identity.

Verikai introduces health insurance marketplace. Press release, July 12, 2021.

Verikai uses machine learning models to give insurance providers a deeper view of risk, using extensive clinical and behavioural data. Now, with the addition of the Marketplace, brokers will be able to run group reports through Verikai’s established system and immediately get matched with underwriters who are willing to write the group.

Human API Launches Health Intelligence Platform to Modernize Life Insurance Underwriting and Customer Experience. PR Newswire, June 25, 2021.

The Health Intelligence Platform enables insurance companies to deliver more personalized customer experience with health intelligence created from EHRs. This data can help expedite underwriting, increase placement rates, and improve customer experience.