Income Insurance (Singapore) success story

“Leveraging UnderwriteMe’s reflexive underwriting capability, we transformed our customer’s purchase journey by making it easier, quicker, and more personalised. Repetitive and unnecessary health-related questions are reduced, saving up to 80% of our customer’s time usually taken to answer health-related questions. For non-complicated cases, the system could provide our customers with instant underwriting decision. It improved our auto-underwriting decisions by three folds, leading to a reduction in our overall turnaround time, as well as time saved for both of our distribution and underwriting teams. With the simplified and frictionless sales journey, our distribution team is able to focus on offering quality advice and more dedicated servicing.”

The Background

Income Insurance Ltd (Income) wanted to transform the customer experience with instant underwriting decisions at point-of-sale to make the purchase of IncomeShield plans easier, quicker, and more personalised. After a competitive tender process, UnderwriteMe was selected due to new technology which was free of legacy burden and the propositions around enhancing the customer journey to provide a seamless experience from engagement to distribution.

The collaboration started with a pilot for IncomeShield, which would then be rolled out to other Income products.

The Solution

Though the commencement of the project coincided with the onset of COVID-19 lockdowns, both teams worked very collaboratively and fully remotely to deliver the pilot within a 9-month span.

In addition, Income has several distribution channels that are supported by numerous systems, and this meant that UnderwriteMe had to integrate its solution with various touch points across distribution, workflow and policy administration systems.

How

In collaboration with Income, UnderwriteMe created a solution that:

• Delivered a tailored journey for customers buying IncomeShield – only relevant health questions were asked, eliminating the need for long and complex forms.

• Delivered a straightforward and more intuitive customer journey to promote adoption of the electronic application process and eliminate paper forms.

• Sophisticated rules were configured in the engine to promote maximum instant acceptance rates without compromising on risk.

The Result

The pilot of the IncomeShield product has been hugely successful with:

• 100% adoption of the electronic application process. Income’s customers have saved up to 80% of the time usually taken to answer health-related questions during the application process.

• Customers’ expectations for simplicity, convenience and faster turnaround time have been met which resulted in higher satisfaction.

• The efficiency achieved has also transformed the underwriting function and allowed Income’s underwriting team to focus more on value-added tasks such as data analytics and customer service.

“We are thrilled to see Income make another significant step in their digital transformation journey and are proud to enable these efforts through a collaborative approach between our respective teams when we deployed our AI-ready technology which helped to streamline operational processes, reduce paperwork, and improve customer experience.”