Friday 7 August, 2020

Sagicor Life sees uptick in use of digital insurance portals

Mark Chisholm, Executive Vice President, Sagicor Life Jamaica, Individual Life Division.

Mark Chisholm, Executive Vice President, Sagicor Life Jamaica, Individual Life Division.

As the global business environment continues to pivot in their approach due to the coronavirus pandemic and the related restrictions, Sagicor Life Jamaica said it has seen a significant increase in the use of its specialised digital portals as more persons lean towards online transactions.

The company, which last year launched eLife, an innovative online portal for the purchasing of life insurance policies, said it has seen a 400 per cent increase in the use of the platform since the start of the pandemic, as clients become more willing to take a digital approach to insurance transactions.

The eLife platform allows the purchase of coupon life insurance, critical illness and investment-type policies and does not require a medical certificate. It also allows application review within 24 hours and 24/7 online technical assistance.

Mark Chisholm, Executive Vice President, Sagicor Life Jamaica, Individual Life Division, said while no one could anticipate the coronavirus pandemic or its implications, it proved a significant benefit that the company already had systems in place to facilitate the broad-based transition to digital usage by the public.

“We could not have planned for a situation like this, but we already had a strategy in place to prioritize the use of digitally-enabled platforms in being able to offer personalized service to our clients, which they can access from anywhere and at any time and be able to get real-time service delivery,” he said.

In addition to eLife, Sagicor Life also launched the Client Web portal last year, which allows Sagicor Life individual life insurance clients to securely request disbursements, view policy information in full detail and transfer policy payouts directly to their bank accounts.

Since the pandemic, the portal was updated to also facilitate the online payment of insurance premiums. Within the first month of this update, the company saw some 5,000 transactions of premium payments being conducted on the portal.

Chisholm said having these systems in place ahead of the pandemic allowed the company to have minimal disruption in client service delivery and made the transition to doing more transactions online significantly easier. He said it also meant more convenience for clients who were doing business from home. Persons living or sheltering in place overseas could also continue to pay premiums directly using their debit or credit cards.

“Most of our clients have been very receptive to this digital transition they have had to make. While we have had these services in place for at least a year, we see that persons are gravitating to the use of them now because of the ease and convenience, and especially because of the social distancing restrictions brought on by COVID 19,” he said.

Sagicor’s Employee Benefits Division also recently implemented an online service centre for its health insurance clients and members. The custom-built software – Sagicor Connect, allows employers to efficiently and conveniently serve clients by reducing the use of manual and paper-intensive processes.

Through Sagicor Connect, members will be able to complete enrollment forms, make card replacement requests and check the status of claims digitally. Employers are also provided with wellness reports which provide a comprehensive analysis of their employees’ claim and wellness profile. The portal also has a wellness component, which allows access to Sagicor Engage, a 24/7 interactive wellness portal for employees, that offers health and wellness tips and give support and rewards.

Willard Brown, Executive Vice President, Sagicor Life Jamaica, said Sagicor Connect will provide marked improvements in efficiency and convenience, as it sets a new standard in the industry and highlights the importance of being relevant and innovative in the insurance sector.

“With so many employees still working remotely and as we continue to practice social distancing protocols, this portal is particularly critical, and we are happy that we have received so much positive feedback on its effectiveness,” he said.

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