Insurance Digital Onboarding
Overview of insurance digital onboarding
The rapid development of technology has driven the rise of digital consumption patterns. In response to market demand, the insurance industry is actively developing insurance technology (Insurtech) and exploring various electronic distribution channels to improve the customer experience and satisfy the insurance needs of consumers.
Currently, policyholders can search for insurance products on the digital sales platform of insurers and purchase simple products with a high protection element on their own. Before taking out an insurance policy online, policyholders should learn about the procedures and points to note for online self-service insurance.
If you are interested in insurance products with long term contracts, investment elements or complex structures, such as whole life insurance, you need to first meet with an insurance intermediary (i.e. an insurance broker or agent) and conduct a financial needs analysis before you can be insured. Under the current regulatory requirements, some insurers have launched virtual onboarding services via video conferences in a pilot run to conduct non-face-to-face sales. Insurance intermediaries can conduct video conferences with policyholders to analyse their financial needs and complete the entire application process. Before participating in virtual onboarding via video conference, be sure you understand the relevant procedures and points to note.
Useful information
To be a smart policyholder, study the following sections of this webpage to learn more about the rights and obligations of a policyholder before taking out an insurance policy online.
Online self-service insurance Virtual onboarding via video conferences with intermediaries Protection of policyholders’ interestsPromotion of Insurtech development
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