DBS collaborates with CoverGo to digitize & automate BFNA onboarding process

CoverGo collaborates with DBS on a specific bancassurance project. Initially, DBS faced a challenge with the business financial needs analysis (BFNA) client onboarding process because it was simply too manual, slow and prone to error. The process consisted of a long paper form and additional hardcopy documents which are used by relationship managers to onboard clients and note down their needs. These paper forms would then have to be manually handled and processed, which in turn allows for the compliance risk of recommending an incorrect product or level of cover.

To solve that problem, we were able to use our platform to implement a comprehensive iPad application that is fully integrated with the DBS Blackberry Work system, to digitise and automate the BFNA client onboarding process for DBS. This allows relationship managers to directly input customer responses into the iPad application, which then automatically displays recommended products based on user input and calculations (such as affordability checks and data validations). This greatly streamlined the BNFA process, allowing for greater efficiency in the bank’s day-to-day operations.

DBS sat down with Tomas Holub, CEO & Founder of CoverGo to get his insights on the matter. See full interview here below.

More information:

Assured with InsurTech Innovations

Want to know how we can help your business?