Security and peace of mind are things often taken for granted. Only during uncertain times such as these do they reveal their true value, which is part of the reason why the life insurance sector has remained robust despite a nationwide recession in 2020.
In fact, based on data submitted by 31 life insurance companies, the Insurance Commission found that variable life insurance premiums last year reached P183.24 billion, 7.7% up from P170.13 billion in 2019. Single premiums and renewal premiums meanwhile rose by 19.72% and 13.58%.
To reach more people with quality life insurance and ease the burden of the pandemic, Cocolife, the biggest Filipino-owned stock life insurance company and the first ISO-certified Filipino life insurance company, is stepping up its digital efforts — starting off with a new mobile app.
Melanio De Vicente, Jr., Cocolife’s Digital Sales Department AVP
Melanio De Vicente, Jr., AVP Digital Sales Department at Cocolife, told BusinessWorld that their new app serves as the starting point for its direction towards digitalization.
“We at Cocolife, under the leadership of our President and CEO, Atty. Martin Loon, are constantly thinking of ways to positively affect the lives of our customers and fellow Filipinos. Digitalization has been part of Atty. Loon’s vision from the very beginning, and it is his firm direction that guided us to make sure that we serve our customers well,” Mr. De Vicente shared.
David Padin, Cocolife’s head of Corporate Strategy, added that the current pandemic created a fertile ground for industry incumbents and disruptors to provide solutions to gaps in how the industry has operated for the past decades.
David Padin, Cocolife’s Corporate Strategy head
“The limited mobility brought about by the pandemic further fast-tracked the need to provide solutions that will enable on-demand product and service delivery to our clients through digital means,” Mr. Padin said.
“On-demand digital service is an increasing trend even before the pandemic and since a mobile first strategy is currently the best way to provide the best possible customer journey, we decided to create our own app,” Mr. De Vicente added.
The new mobile app will include key features that will make it easy for old and new customers alike to avail of any of Cocolife’s quality life insurance products, settle and reallocate funds and investments, or manage their accounts via 24/7 access to policy details and information.
Mr. De Vicente also added that a digital claims feature will be added soon to streamline the experience of filing for benefits with access to chat facilities or live help for any of their customer service concerns.
Cocolife customers will have complete control of their own profiles and product portfolios within the app, as it was designed to provide all possible options for maximum ease of use. Profile creation within the app will be made easy with Facebook and Google credentials integration. Analytics and dashboard reporting will also be used to receive customer feedback that should be key to continuously improve this service that was created specifically for clients. For the Company’s loyalty program, members can have a convenient, digital platform to view the points and benefits tied to their account. Other customer centric digitalization projects are still being discussed and outlined.
The mobile app is set to launch early 2022, to be made available for all Android and Apple smartphone users.
“Our ambitious goal is for our app to be the end-to-end digital solution that will provide the best possible customer journey for all consumers,” Mr. De Vicente said.
As this new app kickstarts Cocolife’s digital efforts, Mr. Padin added, more innovations are in store. “We will also soon be launching the first phase of our digital solutions for our healthcare business that would support mobile requests for physician and hospital consultations and location-specific identification of nearby accredited doctors, clinics, and hospitals,” he said.