Client background
A life insurer providing whole life, term life and universal life insurance products for its clients.
The challenge
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Every life insurance product form has many fields and pages for the client to fill in and is tedious and offline.
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There is no online option for recommending products based on user data input nor is there a centralized customer relationship management system to manage the individual client cases submitted.
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Redundant data entry is rampant because there is no centralized way of managing the data as well.
The solution
CoverGo created an onboarding web app that digitized a financial needs analysis form that is mapped to a product matrix. This allows the form to dynamically recommend products based on user input as the information is filled in. This is combined with pricing and underwriting checks (if applicable) so that some select products can be purchased online without human intervention. Other cases are sent and stored in the administration solution provided by CoverGo so internal staff can manage them.
Business impact
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Digitized a complex insurance product onboarding process into a simplified user experience that is pleasing and increases customer engagement and satisfaction
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Centralized data points so that analytics can be done and cases can be handled and tracked without repetitive data entry in an administrative system
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Automated various calculations within the digital forms such as affordability checks, valuations and pricing
