December, 6, 2017
Softlogic Life, Sri Lanka’s fastest growing life insurance company recently introduced Express Digital Policy Issuance for their fast growing customer base in Sri Lanka. This newest platform established by the country’s most innovative life insurer, is the first of its kind in promoting paperless insurance and revolutionizing the otherwise paper-heavy insurance process practices in Sri Lanka.
Softlogic Life’s novel Express Digital Policy Issuance platform aims to ease the purchasing of life insurance, eventually assisting customers and Sales staff to drastically reduce the amount of policy-related paper documents they receive and eliminate the need for traditional paper-based application processes.
With this new process Softlogic Life Sales Advisors can issue policies on conclusion of a Customer meeting, right in front of the customer within a few seconds. The Proposal Form is digitally executed and the PDF of the customized policy document is delivered to the customer’s E-mail instantly. A physical customized policy document that is significantly low on paper usage is also delivered to the customer subsequently in keeping with current regulations. The platform is also designed for fast enrollment and application management, helping the company to enhance the Insurance “buying experience” and increase productivity of Softlogic Life's distribution channels.
While playing a major role in conserving the environment, this new initiative will also complement the existing ‘LifeUp’ smartphone application of the Company which enables customers to access their policy details and make necessary amendments, pay premiums, and so on.
Commenting on Softlogic Life’s latest innovation, Managing Director Mr. Iftikar Ahamed said, “The world is progressively moving towards digitization that offers a paperless working environment where data can be stored and accessed easily. Digitization is now not expensive and easily accessible which is a great opportunity for the life insurance industry to improve the customer’s experience and enhance productivity. Express Digital Policy Issuance by Softlogic Life, with the objective of simplifying the insurance purchase process for customers and helping our sales team to submit a zero-defect proposal online, is a great initiative and is another step in a momentous journey towards improving insurance penetration.”
He also stated that it will only take a couple of minutes for a customer or an Advisor to fill out a proposal and issue a policy. "Thanks to our digital record keeping, you don’t need to maintain and search for policy related documents in a physical form and need not worry in case you lose them. Everything will be available at a click. I have no doubt that this is going to be a game changer for the Life Insurance Sector and improve customer convenience in a big way.”
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.