Insular Life launches digital selling system

INSULAR Life Assurance Co. Ltd. (Inlife) announced the roll out of a system to sell insurance online. The mutual life insurance company said the system allows its agents to sell products sans face-to-face interactions with the client “as the ‘New Normal’ enjoins people to observe social distancing.”

Inlife Senior Executive Vice President Raoul Antonio E. Littaua said the system they call “VIBE” is a multiplatform system hinged on digital tools and “innovative” procedures.

Littaua said Inlife has started putting in place the necessary technologies since early 2015. These, he said, includes the automated underwriting system.

Now that the country and the rest of the world have implemented strict quarantine rules amid the global Covid-19 pandemic, the systems and tools at the disposal of Inlife has positioned the company to function and operate fully digital, Littaua said.

According to the company, its system will allow clients to sign their policy electronically and to pay for their dues digitally or through online bank transfers.

In a regular insurance sales cycle, the financial adviser and the client meet face-to-face and the former secures a physical signature from the client attached to the application.

“There is a big responsibility on the side of insurers to guarantee business continuity especially in times like this,” Littaua said. “Being able to provide coverage to our clients despite the absence of any physical interactions is a result of our big investments in technology.”

Ashley Manabat