Digital
Transformation” is a buzzword taking over a lot of tech companies
in the Philippines and all over the world, but the use of technology
to revolutionize how companies reach their customers isn’t unique
only to tech giants.
In
celebration of Bancassurance month, BPI-Philam shares how fintech
shouldn't just be at the fringes of the business and the customer
journey, it should lead it.
“Revolutionizing
financial security and insurance is not only about improving products
– it’s also about improving our customer’s experience every
time they interact with us,” said Surendra Menon, BPI-Philam CEO.
“People used to have to take ten or twenty steps before they get
their hands on the policy that they want. Technology has helped us
cut those steps significantly, and it has allowed us to fulfill our
mission of making insurance easy to get and easy to have.”
Front-end
automation
BPI-Philam
saw the opportunity to modernize insurance selling practices through
the Interactive Point of Sale (iPoS), a first in the life insurance
industry. Every Bancassurance Sales Executive (BSE) is equipped with
this technology to guide customers through the insurance process
quickly and efficiently.
"iPoS
was birthed to replace bulky equipment and reduce physical paper
trail documents for prospects and their transactions," said
Christian Ventura, Head of Process and Systems Support for
BPI-Philam. "Not only is the old way taxing for both BSEs and
customers, it makes the customer journey difficult and riddled with
error. This discourages insurance applications."
The
iPoS eliminates the need for physical application forms and papers.
Every BSE in any BPI branch nationwide carries a tablet with the iPoS
app. Through this app, the BSE can instantly access product
information, assess the client's need and risk profile, and generate
a suitable proposal and policy number efficiently. Once the policy is
submitted the BSE can easily track the status of a client’s policy
application through a dedicated web portal they can access anytime.
iPoS
also allows BSEs to capture, sign, and submit documents with ease
through eSignature and ID Capture eliminating the need for
photocopies.
"The
iPoS shortened the usual transactions that used to be manually
inputted through a computer and jotted down on paper," Ventura
said.
"Upon
our adoption of the portal, we saw an 80% improvement on the speed of
policy application reviewing process. This means that most
transactions made went straight through with less error and delay."
Ventura
also said that since its use, BSEs reported experiencing fewer
rejections as customers were enticed to commit to acquiring insurance
policies because of the convenience it offered. They were not
required to return to their bank's branch nor were asked to repeat
the entire transaction if there was a lack of certain requirements.
Aside
from helping in sales, the iPoS also helps its BSE improve and
outperform their targets through an embedded activity monitoring
module.
Modern
client servicing
The
company followed this up with Interactive Client Assistance and
Requirements eSubmission – (iCARE), an interactive iPad application
which was engineered to aid BSEs in after-sales servicing. Through
the app, customers can easily file for requests and other
transactions regarding their policies with ease even offline. It also
guides customers in telling them what necessary documents they need
to submit at one point of the process.
Prior
to iCARE's adoption, there was an average 48% of unclean (incomplete,
error-laced) policy transaction requests. Past 2016, this average
dropped to a meager 6%. This means a faster rate of approval for new
applications and any policy data change, providing customers with
even more convenience.
Both
the iCARE and iPOS utilize 256-bit encryption to strengthen security
measures against data privacy risks.
Fraud
is also minimized and deterred as transactions made by BSEs are
tracked from start to finish.
"This
makes our BSEs literal one-stop shops for transactions while helping
them improve and sharpen their skills," said Ventura.
Continual
access even online
Extending
the ease of access to insurance online, BPI-Philam also opened its
first Facebook page to the public.
"For
this year's bancassurance month, we had surprises in each BPI branch
for our customers, we’ve also recently launched a new platform
through Facebook where we can reach them," said Menon.
He
underscored the importance of opening new channels to make themselves
more accessible to customers and prospects who are digital natives
and are expecting consistent customer care online.
“With
these portals, better service with BPI-Philam simply means quicker,
cost-efficient transactions secured across modern platforms for
convenience,” Menon concludes
Experience
ease in planning for the future, visit www.bpi-philam.com
or better yet, drop by any BPI branch across the country to know
more.
Need
help in taking your first steps to financial success? Check out
www.facebook.com/BPIPhilamOfficial
for tips, you can also send a message for additional assistance too!
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