ONBOARDING FOR INSURANCE

Making Insurance more Accessible through Digital Onboarding

In the Philippines, there is only a 1 percent insurance penetration rate in spite of a workforce of nearly 45.4 million Filipinos. Many families are ill-prepared and left without insurance protection against emergencies, such as accidents, climate-driven disasters, and hospitalization. Most are forced to borrow money from relatives, friends, or from other sources, often at steep interest rates.

Another major roadblock to financial inclusion is the lack of capability and sustainability to serve the mass market in far-flung areas, where the means of availing financial products and services is a challenge.

To solve this, Amihan worked with several industry leaders in life insurance and microfinancing to create a digital microinsurance onboarding platform. This platform, powered by a chatbot running on messaging apps, transformed how customers can purchase life-changing insurance products at lower cost.

The Solution

Customer Stories: Microinsurance- Digitized Onboarding | Amihan Global Strategies

Digitized Onboarding

Customer Stories: Microinsurance- Conversational Chatbot | Amihan Global Strategies

Conversational Chatbot

Customer Stories: Microinsurance- Built In Form OCR | Amihan Global Strategies

Built-in Form OCR

A major roadblock to financial inclusion is the lack of capacity and sustainability to serve the mass market in far-flung areas, where the means of availing financial products and services is a challenge.

To address this, Amihan built for its partners a digital onboarding platform using a chatbot to transform how customers can purchase insurance. This platform is powered by AI and Natural Language Processing (NLP) technologies and a conversational chatbot that is connected to a marketplace for microinsurance products. Life-like interactions are possible with the chatbot, which helps to quickly scan and process customer application documents using a form OCR model, automatically create insurance quotes, and initiate claims within minutes. With the platform, the partner’s agents can enroll their clients through apps like Facebook Messenger quickly. The platform also helps in significantly increasing the number of covered individuals in their markets.

With the use of the onboarding platform, signing up for insurance has become faster and with a lower barrier of entry. The solution has also opened up our partner’s coverage to a much wider market- the number of enrolled clients grew exponentially, from 995,000 in 2014, to over 18 million clients in 2018. The growth in business was also the result of the training and efforts of the agents, who served as local company representatives and financial advisers to their communities. Those at the bottom of the financial inclusion pyramid now have access to critical insurance for Life, Health, and Property.

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