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Business Continuity amidst the Coronavirus: Informatics empowers the Insurance Industry

To say that the coronavirus has disrupted our lives, would be a major understatement. As humanity struggles to contain it, our best weapon in this fight is social distancing. Hence, governments across the world, including Sri Lanka, have begun enforcing strict lockdowns. Looking at the data, it’s clear that such measures have helped save lives and minimize the impact on the healthcare system. 

Of course, these measures have also resulted in disrupting businesses globally across industries without mercy. As companies adjust to their employees working from home, they’re also seeking to offer their services to customers seamlessly. Towards this goal, technology will play a crucial role. This can be evidenced by looking at several industries, the latest being insurance where the Informatics Group has launched a new tool to better connect insurers with their customers. 

The Informatics Insurance Customer Portal

By leveraging the power of technology, Informatics has launched a customer portal for insurance providers. The solution works a module that can be seamlessly integrated into their existing systems. Designed to be responsive to work on any kind of digital device, it allows prospective and existing customers to access their products. 

Informatics | Insurance | Coronavirus
The Informatics Insurance Customer Portal allows insurance providers to offer their products and services to prospective and existing customers digitally. (Image credits: Informatics)

For prospective customers who aren’t registered, the customer portal allows them to connect and learn more about the products and services offered by insurers. Primarily, it allows them to obtain a quotation for any products they’re interested in. Furthermore, the portal allows these prospective customers to locate branches closest to them, share suggestions, and contact insurers. 

Existing customers of insurers will be able to register for their own accounts on the portal. In doing so, they can access several services remotely. This includes managing both policies and claims. Two functions, which are the core of providing insurance. Hence, in times like the present coronavirus outbreak, where customers and insurers can’t meet, such tools are invaluable. 

Informatics | Insurance | Coronavirus
The Informatics Insurance Customer Portal offers a range of features covering many common aspects of policy management. (Image credits: Informatics)

The Informatics Insurance Customer Portal offers a wide range of features covering many common aspects of policy management. This includes obtaining a new policy, performing an endorsement, and a renewal. Customers are given the option of printing the policy documents and offers to have them shared via email as well. The portal comes with a payment gateway to facilitate payments at the time of taking a policy, endorsement, or renewal. 

With regards to insurance claims, the Informatics Customer Portal offers features that facilitate the entire process from start to finish. Customers can initiate a claim and view its status in real-time alongside that of others they’ve made. Offering detailed information, they can view the stages claims have passed through and details about settlement as well. 

Informatics | Insurance | Coronavirus
The Informatics Insurance Customer Portal also offers features to facilitate the entire process of initiating, monitoring and then settling claims (Image credits: Informatics)

Besides these features that offer business continuity for insurers, it also allows them to better engage with their customers. Typically, this takes the form of SMS alerts to inform customers regarding their quotations, policies, endorsements, renewals, and claims. These alerts can also be utilized for marketing promotions. 

Technology is reshaping insurance as we know it 

Over the years, Informatics has developed a strong track record in the insurance industry. The company is known for its fully integrated software suite known as INFOINS, designed to streamline the business processes of insurers across the entire insurance lifecycle. Flexible and scalable, it allows insurers to enjoy the benefits of the digital future. INFOINS is utilized by insurers of all sizes in Sri Lanka, Fiji, Papua New Guinea, Cambodia, Myanmar, Ethiopia, Zambia, and Mauritius.  

Informatics | Insurance | Coronavirus
Innovative technologies such as AI, chatbots, and blockchain hold the promise of great growth for the insurance industry. With the novel coronavirus, this digital transformation has been accelerated to ensure business continuity. (Image credits: Maruti Techlabs)

As innovative technologies bring about the digital transformation of our world, entire industries will change. In the insurance industry, you’ll find examples of blockchain, AI, chatbots, and image recognition helping insurers serve prospective and existing customers in a more holistic manner. In the process, they were expected to drive growth upwards of $375 billion for the industry. 

However, with the novel coronavirus outbreak, insurers have been forced to accelerate this transformation. For guaranteed business continuity, embracing technology has become essential in these challenging times. Towards this goal, the Informatics Customer Portal is a positive move forward for insurers to continue offering their products and services while forming a deeper connection with their customers. 

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