There has been a growing need for a seamless online experience when it comes to life insurance. Our clients are increasingly interacting with us digitally, so building a solution that allows them to buy life insurance online was the next logical step.
The online, seven-step underwriting process only takes about 15 minutes to complete. It is an extension of Direct Life’s phone offering which is delivered through its proprietary underwriting tool.
The process runs from an introduction to the terms and conditions of the service, through a set of questions about the applicant’s personal details and some underwriting questions. Then a quote is generated and if the applicant accepts the first quote, they are directed to a second set of underwriting questions.
Based on the answers to these questions an official quote is generated which the applicant can accept. They are then furnished with the complete terms and conditions of their insurance contract and once they have read and accepted these they can proceed to the checkout and pay for their new cover. Upon competition of the application process Standard Bank will dispatch a nurse to draw blood for a standard HIV test.
Our process is convenient, quick, and easy to understand for our clients who are fully underwritten without the need for a full medical. We are proud of how dramatically we have managed to shorten the underwriting process and make long-term insurance available to more consumers. Now they can purchase the cover they need whenever and wherever they want to.
In the event of an applicant being unable to answer one of the questions or the system flagging an issue in the process the applicant will immediately be contacted by a call centre agent for a more extensive interview.
As consumer needs change and consumer buying behaviour changes, we need to meet them where they are. This new offering allows for us to do that and it puts us in the position to be agile and shift our offering as our clients’ future needs shift.
DISCLAIMER: The views and opinions (information) expressed in this article are for information purposes only and do not necessarily reflect the official policy or position of The Standard Bank of South Africa Limited or any of its subsidiaries and holding companies or their subsidiaries and holding companies (Standard Bank Group). The information does not constitute advice and is not to be relied upon as independent professional advice of any kind. The Standard Bank Group makes no warranties or representations (implied or otherwise) as to the accuracy, completeness, or fitness for purpose of the information or as to its being free from errors or omissions. The Standard Bank Group and its employees, agents and representatives accept no liability for any loss, damage or claim arising from the use of any information presented in this article.
Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a Group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15). Frank Financial Services is a juristic representative of the Standard Bank of South Africa an authorised financial services provider (FSP11287). Products are underwritten by Liberty Group Limited.