The Now Cover digital platform will enable intermediaries to complete a client’s application for death and disability cover in 15 minutes, according to the life insurer.
The mobile-first dashboard has an intuitive chat interface, switches between devices, and allows intermediaries to take clients through a needs-analysis, quotation, a quick succession of simple medical underwriting questions, and other application details.
According to Petrie Marx, Product Actuary at Sanlam, this will allow intermediaries to engage clients throughout the onboarding process and allow them to be better served remotely.
Marx says the timing of the launch is strategic, “Customer expectations are changing, so we need to change our processes to remain relevant in the digital age. At the same time, there is continuous pressure on the intermediary to work more effectively, with increased compliance requirements alongside downward pressure on fees and commissions. The use of digital solutions will allow the intermediary to work much more productively and cost efficiently.”
He says there are no similar intermediary-empowering products available locally or overseas. The offering simplifies the underwriting process to be as quick and non-invasive as possible, with the client able to provide everything needed for the application in a few minutes.
In the coming months, Sanlam will introduce further features for the client to co-create the journey, plus handpicked benefits, like the cancer benefit and cashback. Cover of up to R5 million for each benefit is available through the platform.