UNION ASSURANCE’S JOURNEY IN TRANSFORMING THE CUSTOMER EXPERIENCE IN LIFE INSURANCE

The Life Insurer is focusing on digitalizing the customer experience and distribution model while creating an enticing customer value proposition.

Rumesh Modarage, Chief Technical Officer and Specified Officer of Union Assurance PLC – a John Keells Holdings company – and Harsha Senanayake, Chief Information Officer, share insights into Union Assurance’s trendsetting customer-centric digital transformation, its relentless pursuit of customer satisfaction, and driving value for policyholders.

How does Union Assurance provide an onboarding process that is convenient to customers and stands out from the industry?

Rumesh: In our relentless pursuit of customer satisfaction, we placed great emphasis on creating a smooth and flexible onboarding process for policyholders. Our primary objectives in designing this process revolved around speed, convenience, simplicity, and the utilization of 100% digital procedures, all aimed at bringing Life Insurance closer to the end customer. Take, for instance, our ground-breaking Clicklife online platform, which revolutionized the traditional offering of Life Insurance policies, allowing customers to complete the onboarding process within 2-3 minutes.

In addition, with our latest launch of e-MER (Electronic Medical Examination Report) and digital medical records, we have successfully condensed the typically lengthy 1.5-day onboarding process to under 15 minutes. We are the first Sri Lankan Life Insurer to introduce this innovation, marking a significant milestone in our industry. Moreover, our commitment to progress extends beyond this achievement, as we actively delve into the realms of financial underwriting automation.

At the heart of our operations lies an unwavering dedication to enhancing customer-centricity through digital transformation. While taking into consideration the specific insurance needs of our customers, we provide an end-to-end digital onboarding journey. From digital proposal forms to the submission of supporting documents, our comprehensive suite of automated backend operations powers every step of this process.

How unique is your approach to offering digitally augmented services to enhance customer experiences?

Rumesh: Union Assurance has embraced innovation and the digital age through our cutting-edge mobile app, Clicklife. This app has transformed the customer experience, providing seamless access to essential services with just a few taps. Customers can easily manage their policies, from downloading insurance letters to making policy alterations, all within seconds. By enabling customers to report claims and submit documents digitally, we have achieved an impressive one-day health claim settlement ratio of over 90%. The elimination of physical visits and traditional correspondence has saved customers’ time and offered unparalleled convenience, while our trilingual 24/7 call centre adds another layer to exceptional customer support. As a testament of our commitment to service excellence, Union Assurance was acknowledged by the International Finance Awards as the “Best Customer Service Insurance Provider,” cementing our position as a leading Life Insurance provider in Sri Lanka.

How does Union Assurance plan to use technological advancements to enhance customer-centricity?

Rumesh: We responded to the accelerated digitalization since the outbreak of the global COVID-19 pandemic in 2019 with a commitment to surpassing industry standards and transforming customer experiences. Technology plays a central role in our strategic initiatives. While recognizing the necessity of human involvement, Union Assurance strives to minimize dependency by automating essential service requests, onboarding processes, and other operations. By streamlining these processes, operational efficiency was heightened, and the quality of onboarding procedures improved, leading to cost reductions while allowing us to pass on benefits to customers and stakeholders. Also, our unwavering dedication to this pursuit aims to increase the affordability and accessibility of Life Insurance for all Sri Lankans.

What new possibilities and advantages may arise from the Life Insurance sector’s increased emphasis on digital transformation?

Harsha: Union Assurance’s visionary commitment to digitization aims to revolutionize the Life Insurance landscape, placing the customer at the forefront of our initiatives to seamlessly blend insurance services with wellness and drive engagement through innovative offerings. Our digital tools empower advisors to deliver personalized and efficient services, elevating the customer experience.

Our digital transformation strategy rests on three pillars: digitalizing the customer experience, creating a holistic customer value proposition, and implementing a bionic distribution model. The Clicklife platform and ecosystem, at the core of the second pillar, offer an exceptional value proposition, integrating wellness and rewards. The Clicklife app includes a fitness feature that sets personalized goals and an AI-powered calorie counter for a balanced diet. The third pillar is empowering insurance advisors with digital tools for comprehensive financial needs analysis and point-of sale transactions, ensuring a consistent customer experience across channels. Through these efforts, we are redefining industry standards and solidifying our leadership in the Life Insurance sector.

Where does Union Assurance stand in its transformation journey, and what plans or strategies are in place for the future roadmap?

Harsha: Union Assurance has achieved significant milestones in its digital transformation journey, positioning itself at the forefront of the Life Insurance industry. The successful implementation of 100% digital proposal submissions and the introduction of the Clicklife platform have empowered customers through self-service and engagement. Additionally, our bionic agency digital toolkit, FAME, has set new benchmarks in the industry for distribution operations.

Celent, a global financial services research firm, recently recognized our transformative digital strategy by presenting Union Assurance as a model Life Insurer for driving value by replacing legacy systems and digitizing critical business processes. Moving forward, we are committed to continuous innovation, catering to the evolving needs of Millennials and Gen Zs through integrated insurance and wellness services. Advanced analytics and AI will enhance the customer journey, streamline processes, and offer personalized recommendations. All of these and our strategic plans to expand distribution capabilities, and digital channels, and solidify business partnerships will enable Union Assurance to redefine and reimagine the customer experience in Life Insurance