Page 34 - IB June July 2024

Insurance
THE PERILS OF UNDERINSURANCE

Continued from page 32 One such platform is the MY BSP Life self-service portal.
“This is a user-friendly online portal that allows customers
example, cancer, cardiac, and orthopaedic hospitalisation is to manage their policies, lodge claims online, and access their
on the rise tied to obesity and diabetes. We are also noticing policy information anytime, anywhere,” said Nacola.
a growing number of deaths at early ages. We promote Nacola says the platform has significantly enhanced
wellness, both physical and mental, through our sponsorship customer convenience and engagement, where almost 50% of
programs and with the large companies that place their BSP Life customers are registered.
medical insurance with us,” said Nacola. “We also have a BSP Life mobile app, an internet payment
Similarly at Capital Insurance, Chan noted: “There is gateway, and a digital communication tool called Marketing
real value for employers to provide comprehensive medical Cloud. This Cloud application allows us to communicate with
coverage as a benefit to their employees…These programs customers regularly to keep them informed on the progress of
offer tangible benefits, ensuring employees have access to BSP Life and how we’re delivering value for them. In addition,
medical coverage. This provides financial peace of mind most policy documents are now delivered via email with a
and boosts morale and loyalty - contributing to employee backup stored on the MY BSP Life portal. We also have a chat
retention.” facility for customers to engage with us online. There are
several other innovative solutions that we will be rolling out
Going digital in due course,” he said.
As insurance needs evolve, insurance companies around At LICI, General Manager Shenoy says all company paper
the Pacific region should continue to seek opportunities records—including some 80,000 policy files, have been
to embrace digital technology, whether it be their policy scanned and digitized since May last year.
administration systems, claims systems, and customer service “If any customer wants a loan, he only has to say his name
platforms, says Chan. and date of birth if he doesn’t have a policy number. We
“These tools enhance convenience and efficiency, allowing will search it up and cross check his full name, signature, and
customers to manage their insurance needs seamlessly,” he photo. So much labour time has been cut down,” said
said. Shenoy.

34 Islands Business, June/July 2024