COVID-19 has given a new boost in digital innovation worldwide. The selling process of insurance industry was previously dominated by conventional tied agents. However, due to maintaining social distancing and health safety for COVID-19, selling/buying insurance in person became challenging.
Unlike other industries that took a blow during the pandemic, demand for insurance seemed to continue quite strongly. The impact of the virus is said to have made many people worry for their health and worry them into action. Many tried to take out a long-term disability quote, a medical insurance quote, or (most frequently) a life insurance policy. That way if anything happened to them then they or their family would be supported financially.
With this rise in demand for life insurance, and people looking to learn more about it, the digital revolution has given birth to a new connected world where adding value to a customer’s experience is essential. This means you can go online and search for a policy as well as read reviews from previous policy holders with the company. There are sites like Insurance blog by Chris which enable you to do this as well as compare and contrast deals with each other to see which would be best for you. With the relentless pursuit of being a customer-centric life insurer, Guardian Life has implemented e-KYC (Electronic Know Your Customer) solution within its EasyLife app along with a newly designed and revamped EasyLife website.
This is the first e-KYC integration of the whole insurance industry, allowing customers to buy life insurance in just 5 minutes! As long as people check out different options and know exactly what is available to them, then this is a great opportunity for them! Guardian Life has introduced this major initiative to have a better and secure customer onboarding process through app/web. From now on, customers would be able to complete life insurance buying journey through e-KYC by just taking pictures of NID (both sides) and nominee NID (both sides) along with face verification (cross matching and verifying information with Election Commission database) process. The e-KYC solution will make the whole customer experience much more convenient and will complete EasyLife customer app/web journey in less than 5 minutes.
It is hoped that this technology can be brought to the other highly sought areas of insurance, like those previously mentioned.
The official e-KYC digital launching ceremony took place on Wednesday, 26th August, 2020 where Dr. M. Mosharraf Hossain, Chairman (In charge), Insurance Development and Regulatory Authority (IDRA) was present as the chief guest. The event was also graced by the Sponsors and Patrons of Guardian Life Mr. Tapan Chowdhury, Mr. Syed Nasim Manzur, Mr. Sameer Ahmad and Mr. Syed Afzal Hasan Uddin. Among Directors, Mr. Syed Akthar Hasan Uddin and Mr. David James Howard Griffiths were present at the event. The event was led by Mr. M M Monirul Alam, Chief Executive Officer of Guardian Life and Mr. Shamim Ahmed, Chief Operating Officer briefed the audience about the e-KYC customer journey. The event was also attended by Senior Management of the Company.
The e-KYC integration solution was launched with an attractive online video commercial (OVC) that clearly illustrates the customer journey, click to view the OVC:
