By Petrie Marx, 17 April 2019
This ability to complete end-to-end applications in the matter of minutes is set to digitally transform intermediaries’ businesses, in line with the shifting customer expectations of today.
Petrie Marx, Product Actuary at Sanlam, says
Sanlam Now Cover is best in class for a number of reasons, “For intermediaries and clients, it enables a simple, fast and effortless end-to-end on-boarding process for risk cover that’s best-of-breed and excellent value for money.”
The mobile-first dashboard has an intuitive chat interface, switches seamlessly 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.
Marx says it’ll change the way business is done in these four ways:
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. However, ultimately Marx says, “We want to ensure the simplicity of the platform remains.”
He continues that the life and disability benefits are best-of-breed, with cover of up to R5-million for each benefit available through
Sanlam Now Cover. “Value for money is a top priority. We want this tool to be transformational for both intermediaries and clients. At the end of the day, intermediaries with client-centric approaches that prioritise positive customer experience are going to ‘win’ in the digital age.”