The Covid-19 Pandemic brings an opportunity to Insurance Companies through digital platforms in Thailand.
Tags: Technology News, Insurtech, Insurance, Ocr Software, Lead Generation

The Covid-19 Pandemic brings an opportunity to Insurance Companies through digital platforms in Thailand.

An uncertainty, a limited knowledge and zero vaccines of this new Coronavirus Disease (Covid-19), brings people highly concerns on his or her life.

Therefore, Insurance firms have a new opportunity for developing the right product and right selling platform during this pandemic.

The social distance policy is one of barriers that blocks over-the-counter and face to face agents from directly approaching potential customers. Thanks to technology, people could buy insurance via website and application form direct insurer, insurance broker and bancassurance.

Early pandemic in Thailand started in March 2020, it has created a new phenomenon in the number of Covid-19 insurance sales rising up to 8.51 million insurance policy within just 2 months.

Surprisingly, The 70% of sales generated from online platforms (Source: Office of insurance commission in Thailand, April 2020) for example, Dhipaya Insurance company could sell a total 500,000 insurance policies which generate sales from its own online application 30,000–40,000 insurance policy per day. Additional, Muang Thai Broker (MTB) could sale insurance policy more than its average up to 3,000–4,000 insurance policy per day (Source: Prachachat Newspaper, April 2020)

From above information, insurance e-commerce is a future way of life. Insurance Companies must run faster to earn market share before your competitors do.

The development of Digital Selling Platform is a primary gateway that all Insurance Companies should concern. There are several tools that could be key success factors.

Adding tools like Digital Face to Face that helps both customers and agents have real time communication anywhere anytime.

that helps both customers and agents have real time communication anywhere anytime. Building your own Chatbot simulates human-like conversations with users via text messages on chat. Its key task is to help users by providing answers to their questions.

simulates human-like conversations with users via text messages on chat. Its key task is to help users by providing answers to their questions. Financial Need Analysis (FNA ) supports both clients and insurers evaluate client’s current financial profile as well as their retirement, education and insurance needs. This feature supports a broad range method for assessing insurance needs and helps advisors add value for their clients.

) supports both clients and insurers evaluate client’s current financial profile as well as their retirement, education and insurance needs. This feature supports a broad range method for assessing insurance needs and helps advisors add value for their clients. Unit-linked insurance policy (ULIP) is one of the insurance products that is popular among customers. However, a ton of insurance policy is very complicated in terms of Text Data and needs a lot of attention over financial analysis. Unit-Linked Simulation is an answer to transform text data overload and financial analysis in the form of infographics. Customers would better understand and quickly make decisions.

is an answer to transform text data overload and financial analysis in the form of infographics. Customers would better understand and quickly make decisions. The insurer that provides convenient, fast and low cost customer service for insurance applicants will benefit on market share. Investment in the new business process can positively impact both producers and end customers. Implementing Electronic Application (E-Application) and Electronic Policy Delivery (E-Policy) can help drive the desired results.

and can help drive the desired results. Deducted process of filling personal data form, Optical Character Recognition (OCR) is a new genius technology that recognizes text within a digital image. Human errors will be reduced easily, convenience for clients. Furthermore, the access to these digital documents can also be minimized to prevent mishandling of the digitized data.

With the ease of accessing information over the internet, customers change their mind every second. If insurers do not understand customer insight and could not develop and deliver what customers want and follow the market on time, insurers would lose their market share to their competitors.

Talking to an expert to find the best tools that match with customer needs and cost saving would be beneficial to insurers.