Here's Why We Must Demand For Better Insurance And NOT Settle For 'One Size Fits All'
Why should we all settle for one plan when we're all unique individuals?
Mention insurance and what comes to mind for most people is a mound of paperwork, row after endless rows of numbers, and confusing terms that might as well be Dothraki. And then, there’s the (often unfounded) fear of buying more insurance than you need, (or downright buying the wrong product, or insurance that is simply not needed) and the implied waste of money.
Couple the above with the long-term nature of many policies, and the reason for Singaporeans’ apathy towards insurance products becomes quite clear.
In a city known for being a leading financial hub, Singaporeans should be cognisant of the need to obtain an appropriate level of protection. Yet, Singaporeans maintain a worrisome coolness; life insurance penetration remains relatively low at 4%, according to a recent report by research firm Morgan McKinley.
We think better insurance is needed, and with technology now being widespread and sophisticated enough, now is the time to deliver.
How Insurance Can be Better
Better insurance isn’t a matter of rock-bottom premiums and sky-high benefits. After all, how comfortable would you be buying a policy that is suspiciously cheap?
No. Instead, better insurance should demystify the subject for consumers, helping Singaporeans to see how and why life insurance is a natural fit in a high-powered, sophisticated society like ours.
Better insurance is one that provides complete clarity at every stage of the way. It is insurance that is easy to understand at a glance, and where purchasing a policy can be done entirely at your own time, pace and convenience.
Better insurance is insurance that is easily and fully customisable to your needs.
It doesn’t make you wade through a list of multiple add-ons, freeing you to get the level of insurance that is appropriate to your unique circumstances. It eliminates the guesswork and fills in all the gaps, so you feel confident about your policy, and can trust it to do its job.
Once purchased, better insurance is one that is easily accessed at the snap of your fingers. Imagine having your policy details available literally at your fingertips, as long as you have an Internet connection. No more digging through the bottom drawer, or rifling through a dusty stack of policy papers.
Using Technology For Better Insurance
Better insurance comes when a company like Singapore Life harnesses technology to create value and provide an improved experience for all. It is their mission to get every Singaporean properly insured, and they rely on the power and possibilities of today’s connected world to enlighten and empower individuals to choose the protection and benefits they need.
The key to delivering this lies in the completely digitised underwriting process, which enables a dynamic, robust online platform that delivers customised quotes in real time. This means that as you make your application online, your policy is being designed and built for you at the same
This is different from legacy methods, which provide you perhaps two or three options to choose from. If you want something else, your insurer will probably need to come back to you with another quote. Instead, SingLife’s digital platform allows you to fully customise your policy, and gives you the results instantly.
Further paring down the process, you can forget about those multiple questionnaires and intrusive inquiries. The underwriting is sophisticated enough that loading and exclusions are determined right away for most cases. This also translates into another benefit for the vast majority of customers – no need for medical tests and checkups, and the stress and hassle they can sometimes involve.
Given Singaporeans’ busy lifestyle and high demand for transparency and trustworthiness, it is time for better insurance to take the stage.
This native editorial was first published by Singapore Life.
Do you agree that all insurance providers should strive to offer better insurance to all its customers?
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