my-insurer; the first of its kind application for both intermediaries and policy holders was officially launched on 26 September at InsurByte 2017.
The software comes with an app; is a pioneer enabler for insurance intermediaries to better manage, communicate and facilitate sales between them and their policyholders.
Aimed at making their business process more efficient, the daily activities of an intermediary is now housed under one roof; where they can send/receive quotations/renewals/claims, track and manage sales/marketing activities.
While most of the insurtech players focus on creating value within a function of an intermediary; my-insurer is an end to end solution that spans from pre-to post acquisition; lead generation/conversion, marketing communications to cross/up selling.
To date, my-insurer partnered with over 450 intermediaries in Singapore and Malaysia; mostly life agents and independent financial advisers. They come from the main insurance players - AXA, Great Eastern, Prudential, AIA, Manulife etc.
Since launch and on behalf of its partners, it has more than 17,500 policyholders, 22,000 effective policies and a booked a premium worth SGD$140 million.
Over the course of 2018, the developments and improvements have been rapid; and constantly realigned with the needs and requirements of our intermediaries and the industry. They are listed below:
January 2018 Release
• Email notification: customer receive an email as soon as their profile has been edited, a policy issued or any action has been done by their intermediaries.
• Renewal notification: soon from the expiry, intermediaries receive a notification to invite them to create a renewal.
• Customer can be created by the intermediary directly from the system. He does not need to wait for the customer to download and select him.
February 2018 Release
• Product Benefits into the app and in the system. Intermediary can design their own products and input benefits that are nicely shown into the app.
• The app showed the administrative side of the policies such as policy wording and policy schedule; now it shows the coverage and main benefits. It also shows the gap of the coverage and the entire set of benefits.
March/ April 2018 Release
• ChatBot - Intermediary can use the chatbot to enrol their prospect into the app.
• Publishing module - Intermediary can send content to limited leads and policyholders they have selected according to specific criteria.
• KYC & Quizz: Intermediary can use a simple KYC & FNA to generate leads and engage into a discussion before including them into the platform.
May 2018 Release
• Intermediary can add a customer that already exist in the platform into their portfolio.
• Customer can now register into the platform using their mobile phone
• Intermediary can download all the data from the platform. He can download at client, policy, product level.
June 2018 Release
• Dashboard: Intermediaries have a real time dashboard that gives them a view of their activity and performance.
• Bulk policies: now intermediaries can issue bulk policies and allocate their product to unlimited number of clients. Creating and issuing policies become extremely efficient.
July 2018 Release
• Super agent module can consolidate all the data from his agent.
• Super agent can share the product library and leads to one or many agents.
• Super agent has access to a real time dashboard, drill down to the specific agent and evaluate his activity.
August 2018 Release
• Send, receive and share documents from the app or the software.
• Intermediaries and customer can now download and upload documents and share them accordingly. It can be used for a prospect that wishes to share his current insurance portfolio to his agent for diagnostic.
• Integration with open source platform such as: STRIPE, WHATSAPP, TEAM UP
September 2018 Release
• Intermediaries can differentiate their Leads from their Policyholders to know where they stand and who they should prospect or nurture.
• Intermediaries can differentiate the policies of their customers that are part or not of their Business. They can now ask their customer to share to them all their insurance portfolio. They will be able to put everything in the system and have the full view of their financial situations.
October 2018 Release
• Personalised Mass Mailing functionality similar to Mailchimp or Sendgrid
• Now intermediary can design and customise marketing campaigns to keep his customers more engaged!
• Intermediary can use their personalised address or my-insurer address to send customised content to unlimited leads and policyholders they have selected according to specific criteria.
• Intermediary can create and save templates, add merge tags and send via emails or app messages.
November 2018 Release
• PDFescape integration.
• Personalised your pdf files with corporate/individual branding.
• Add comments, edit, delete text.
December 2018 Release
• Know Your customer & Financial Needs Analysis module for intermediaries and Customer.
• Financial simulator in the app for customer to plan their financial goals & needs.
• PDF download and send out functionality of Customer Portfolio, KYC and FNA Summary for intermediaries.
January 2019 Release
• Enterprise Account. Agencies, Advisory Firm, Brokers can now sign for a corporate account.
• Create unlimited account yourself, control, edit and monitor their access and activity.
• Create leads or clients and allocate them to one or multiple account.
• Supervise communication, product library, activity of your account.
February 2019 Release
• Integration of Freshdesk to support customer requests directly through the platform
• FAQ & Training facilitated with smart search function
• Revamp of the delete functionality to allow deletion of each data input
March 2019 Release
• Mobile phone Insurance plugged in. Users can now buy their device protection through the app by going to "I buy". The coverage goes up to SGD 1,000 for Loss, Theft, Damage anywhere in Singapore.
• Launched the mi mobile Voucher process for Intermediaries using the platform (http://www.my-insurer.net/mi-insurance-for-agents.html) They can purchase Vouchers and give them to their users, prospects that will retrieve it for free once they have downloaded the platform.
April 2019 Release
• Integration with Jitsi a secured and fully featured video conferencing. Now intermediaries can do mobile or desktop video call and share file and discuss with their prospects, clients or processing team directly by a simple click.
• PaperForm integration that enables online insurance purchase application in both app and crm platform.
In October and November 2018, my-insurer launched an active round of discussions with the different insurance intermediaries in Singapore; questioning over 100 Life agents and Financial Advisors both online and offline on the usability of the system.
It gathered an overall score of 8.5/10 on the following key items that makes a marketing CRM successful:
1. Ease of use
3. Sales conversion
4. Lead generation
6. Customer engagement
7. Marketing and communication
For 95% of them, my-insurer was in their TOP 3 for the most relevant and powerful tool to use for managing their insurance portfolio.
As a pre & post acquisition software, 80% confirmed that my-insurer is not only the number 1 for their day to day activities but also the only system that focuses on the insurance intermediation.