Symbo’s Agency mobile app meets the demand for streamlining insurance transactions through its innovative features.
As India’s insurance industry uses physical and digital distribution to drive insurance penetration, the country’s insurance providers fulfill an essential role in the local financial planning sphere and beyond.
For this reason, Singapore Business Review (SBR) acknowledges the trailblazing work of firms and companies that have launched new technological products, services, and strategies over the past two years. Distinction and innovation, success and influence, as well as dynamism are the primary points of accomplishment in the SBR Technology Excellence Awards 2020.
This year, Symbo was lauded with the Digital Award for its groundbreaking work in the insurance broker category.
Symbo’s award-winning product, its Agency mobile app, lends a helping hand to insurance providers when it comes to digital interaction with intermediaries, tied agents and financial advisors through simplifying insurance sales. It also allows partners to provide a more efficient service to their clients by virtually enabling the entire transaction process.
Most importantly, the platform enables and encourages citizens living in small towns that typically have little access to financial products to acquire an extra source of income via insurance sales, thereby acting as a solution to increase insurance penetration in India’s Tier II and Tier III cities where financial literacy and awareness of financial products is low. This guarantees that end clients in these cities who would otherwise have zero financial protection consequently end up with secure financial protection.
Over the past year, the app has witnessed a whopping twenty-fold growth in terms of partner sign-ups. Partner enlistment process has also been modified and reduced to less than 10 minutes, thanks to the eradication of manual intervention, which is significantly shorter as compared to conventional practices that span a couple of days.
The Agency app also offers certification, “Know Your Client” and training modules for future partners. Each of these steps have been enhanced with gamification through nudges and reward points to get agents started on their journey of generating new income and to keep them motivated and engaged throughout the entire learning process.
The app also boasts partnership with eight different insurance products across the property and casualty and life and health insurance items with complete end-to-end integration with over 20 insurers.
The platform is also equipped with revolutionary tools that enable partners to conveniently capture client information, which allows policy transactions and document issuance to be accomplished in less than 15 minutes.
To guarantee that customer feedback and concerns are heard and addressed, the company releases bi-weekly app updates. During the past year, it has released over 15 app updates, with each update intending to bring a new feature for partners and end customers. All added features stem from user feedback and analytics and consistent iterations of these updates bring commitment to customer service to the spotlight.
Some of the said features include vehicle tracking, which utilises Optical Character Recognition (OCR) technology so that partners can take a snapshot of their vehicle license plate and produce immediate motor insurance quotes.
It also has a regular income pay-out, since most partners on the platform depend on it as an extra source of income, which is essential to their livelihood. It also has a risk meter, which recommends the most relevant insurance plan for a customer by analysing supplies information such as age, family background and economic status. In addition to this, Symbo’s Agency mobile app can be white-labelled and used by insurers or agencies looking for a digital way to onboard their agents quickly, or equip them with technology to make sales in an efficient manner.
The Technology Excellence Awards, presented by Singapore Business Review, was held via video conferencing throughout the first and third week of June.
This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Head of Advisory Services in Singapore and ASEAN Technology Consulting Leader at Ernst & Young; Chin Chee Choon, Advisory Leader and Assurance Director at Nexia TS; Rizwi Wun, Partner, Acting Head of Intellectual Property and Technology Practice Group at RHTLaw Asia; Carolyn Chin-Parry, Managing Director and Digital Accelerator Leader at PwC.
Symbo is a part of our Batch 3 Insurtech Program in Singapore.
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