This archive report was first published on 28 November 2019.
Thursday, November 28, 2019, marked a significant shift in the insurance industry as technology began to play a more prominent role in driving client experience.
According to Michael Mwangi, Group Chief Information Officer at Britam Holdings, the industry has long been perceived as a laggard in adopting technology, with paper-based processes dominating the value chain.
However, with the launch of agent portals and mobile apps, insurers are now able to overcome the challenges posed by paper-based processes, digitizing the insurance sales lifecycle and improving client experience.
Britam's agent portal, launched in 2016, has been a resounding success, with over 70 percent of sales agents using the system to manage leads, issue quotations, and submit applications.
The portal has also enhanced customer experience by significantly reducing the time taken to issue policies and eliminating the risks associated with paper-based forms.
As Mwangi notes, 'Continued innovation, including investments in technology such as agent portals, stands to deliver tangible benefits to the insurance industry, its intermediaries, and clients.'
With the Britam FA portal, agents can focus on offering clients the right products and guiding them through the order fulfillment process, rather than spending time completing forms and dealing with back-office administrative processes.
The portal also provides agents with access to their clients' payment and auto-receipt, eliminating long laborious reconciliation processes.
Furthermore, the portal empowers agents with the current information they need to support their clients, including details of their portfolio and transaction history.
This enables agents to be proactive and provide personalized service, enhancing their credibility and opening up opportunities for cross-selling and up-selling.
