Asia InsurTech Podcast spoke with Samdarshi Sumit, the President Director, and CEO at PFI Mega Life in Indonesia. Samdarshi shares how life insurance has changed due to the global outbreak of Covid-19 and how digital transformation has accelerated. When it comes to transformation in general, some of the biggest challenges are changing behavior, mindset, and culture.
The pandemic has forced agents to adopt new ways of selling insurance. While investment-linked products have traditionally been sold face-to-face, they are now sold virtually using video calls. These video calls can be recorded as proof that the customer has been informed about relevant terms and conditions and agreed to the purchase of the product. In addition, virtual meetings make it easier to add subject matter experts to a conversation if needed which lifts the quality of advice making sales conversations more powerful and dynamic.
PFI Mega Life has further digitised customer service in 2020 and deployed e-policies as well as a chatbot with a positive adoption rate. Customers seem to be more open to digital offerings as COVID has forced everyone to adopt new behavior and engage in digital offerings.
Samdarshi shares his views on platforms and their importance for distribution and reaching new customer segments offering micro and bite-size insurance solutions. While micro-insurance is often targeted at low-income groups, bite-size insurance products are designed for any income group, solving a specific need.