A major theme of the past year has been the rapid adoption of digital products by consumers. Kovid-19 changed the way we interact with each other and digital defined how we work and play.
The insurance industry is no different. On Standard bank Insurance, we have focused on online and mobile insurance products to help our customers stay safe during the Kovid-19 epidemic. This is part of our broader objective of converting digitally and allows us to provide more choice and convenience for our customers at all times and to improve our turnaround time.
Since March we have seen more and more customers using our digital tools to purchase insurance online and log insurance claims Website And Standard Bank Banking App.
Head of Insurance at Standard Bank South Africa, Drs. “Taking insurance claims through our banking app is quick, gives great convenience and is safe,” says Nolvandale Mugki. “When we were already exploring digital solutions before Kovid-19, the epidemic meant a rapid increase in the number of people who deal with us online. Adoption is important, especially in the short-term insurance space. “
While short-term claims through online and mobile apps remained relatively high in 2019, they saw dramatic growth in 2020. Online claims increased by 90% between January and September of 2020, while claims on mobile apps increased by 28%. Same period.
There was an apparent spike in online and mobile short-term insurance claims in June 2020 as consumers were forced indoors due to a hard lockdown. Short-term insurance claims submitted online for the month increased by 248% for the month and short-term insurance claims submitted through the mobile app increased by 236% year-on-year.
There has been an increase of 9% of all claims received in June 2020 and 8% in mobile claims, both up from 3% claims in the same month of the previous month.
“The use of the app and our website for short-term insurance claims is a testament to how we are making it easier and more convenient for customers to get help faster. We will continue to explore new ways for our customers to access our products and services and interact with us.
Thanks to investing in a low-code insurance platform that allows the bank to rapidly innovate and create products that can be tested with customers. Standard Bank Insurance focuses on accelerating its products and services. Can focus. The platform allows Standard Bank Insurance to reduce our product development time from two or three years to six weeks, giving it the ability to quickly meet consumer needs.
Innovation has defined standard bank insurance in our recent approach to customer service. Through the Life Insurance Department of Standard Bank Insurance, we now offer customers the option to purchase life insurance online. Consumers can now buy salary protection, disability cover and critical illness cover by answering some questions on our life insurance Website.
The online, seven-step underwriting process takes about 15 minutes to complete.
Standard Bank Insurance is exploring the use of blockchain in motor claim processes to ease short term insurance claims such as windscreen infotainment. In that process, the cost of evaluating that claim is high. Blockchain can be used to automate the process, reduce claims costs, track past claim behavior, and integrate it with the service provider. As a result both the insurer and the customer have visibility of the entire value chain.
“Standard Bank Insurance’s online insurance offering reflects our commitment to empowering customers through digital solutions. Online and mobile platforms allow consumers to be able to choose when and how they interact with a service or product, ”Dr. Mukki concludes.