Hanwha Life Insurance Co. has been working on a plan to create a smart business environment that will allow it to carry on with its operation anytime and anywhere in this age of IT.
The life insurance firm wants to mix IT with its insurance business to not only strengthen the designers’ (consultants or insurance salesmen) capacities, but also help customers to have easy and comfortable access in the areas of service.
Hanwha Life introduced the electronics contract system for the sale of its life insurance products for the first time in the life insurance industry in May 2012, allowing customers to use the internet to apply for life insurance products and buy them all through a one-stop service system.
The life insurance firm continued to work hard and began to upgrade its operation system to boost the uses of electronic machines to subscribe to new life insurance products, which made its services faster and heightened effectiveness with the service and designs of the life insurance products that are targeted at what the customers want from their life insurance products.
In the electronic contract system, the company installed a function that will tell if a signature is missing to make sure that no signatures on documents are missing. A result is that the company’s share of online life insurance product contracts expanded to 30 percent in February from 5 percent a year ago.
The life insurance company will continue to plan intensively to boost the electronic contract share to 50 percent of all life insurance contracts made annually. The company opened the “Smart Planner” in March to upgrade the electronic life insurance contract system to help push the company plan to boost the share of life insurance contracts signed with the electronic contract system.
Drawing the most attention has been the “Smart Document” function, which stores customers’ information and data in photographs. The new function will take photos of various papers and certificates with tablet PC cameras that are needed for the life insurance contracts and the encrypted photos are sent to the head office. The financial planners or salesmen don’t have to bring them to the head office in person.
Also installed in the new system is a “Smart Underwriting Function,” so that information on customers that is needed before signing contracts can be known during the process of financial planning through an electronic system. The information includes medical bills and other information on the customers that is needed before deciding to sign contracts to buy life insurance products.
The life insurance firm also plans to introduce the Smart Navi System, a new concept for showing information on positions and big data in the second half of this year. The projected system connects financial planners’ positions with their customers’ information to enable the marketing activities to take place in real time.
For example, the system provides a list of customers living in the Yeouido District in Seoul when financial planners are in the area to call on their customers so they can meet them to discuss new businesses or problems, if any, in real time. This way, financial planners can carry out effective marketing activities and provide tailor-made services.
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