The impact of the outbreak of COVID-19 on the insurance industry has been multifaceted. At BrightRock, we soon realised that lockdown meant that we would need to change our processes fast in order to ensure we could still service our existing and prospective clients, and continue to help you assist your clients and get new business.
The COVID-19 pandemic has accelerated digital transformation, particularly in South Africa. We now have a unique opportunity to leverage digital tools to provide face-to-face advice, supported by products that deliver value and meet people’s needs.
Over the past few months, BrightRock has been able to initiate policies for hundreds of new clients using WhatsApp, digital signatures for counter-offer letters, video conferencing for client consultations and tele-underwriting. Our Advanced Underwriting option now also allows clients to get cover without a standard nurse visit. This means that qualifying clients can go straight from their proposal form and tele-underwriting call to policy activation with no unnecessary delays. In response to the administrative difficulties presented by COVID-19, BrightRock has come up with innovative solutions to give clients access to needs-matched financial protection.
It is remarkable to see how technology has come to our aid in numerous ways to assist our clients with their individual needs. This is truly a turning point for the insurance industry.
Editor’s note: Insurtech is not just about fancy apps and garage startups. In this case the COVID-19 challenges were used as a catalyst to a host of initiatives using existing technology but applying a mindshift and some innovative process re-design to keep business flowing for the benefit of all stakeholders, client, advisor and insurer.