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Dispensation of Insurance products via Telcos

With the growing focus on predicative underwriting, geo-coding, smart devices capturing customer health data and individual preferences, it is only a mater of time that the smart phone manufacturers consider entering into the insurance distribution business.

Lets think about this for a moment and take Apple or Samsung for an example, these guys have the largest global reach, biggest customer base, the existing proposition touches both personal and professional lives of one and all, customers trust the brand and believe that they get great value for their money. It all just sounds too logical that before long companies like these would either consider forming their own insurance company or join hands with one or more of global insurance providers to offer such a proposition.

Imagine the entire customer experience starting from understanding the customers needs, creating a timeline across different life stages, creating financial plan, offering a solution, completing the application process using biometrics with location and time stamping, extracting and uploading health data, linking premium payment with payment portals/using mWallet, offering digitized version of the purchased plan, real time view of customer portfolios and fund performances and switches and redirection requests, processing both financial and non-financial post-sales requests on the click of a button, global mobility, offering loyalty programs, family covers, renewals alerts, tapping into cross-selling and upselling opportunities, real time 24x7 chat sessions to address all customer queries and concerns, registering and processing claims, proactively notifying beneficiaries etc..

Not only will this be a truly Wow customer experience, but it will also result in enhanced reach and increased insurance penetration, couple this with digitization and automation lowering acquisition costs, insurance premiums will also see softening, which in turn will result in better risk management for insurers and last but not least, an enormous revenue stream for the smart phone manufacturing companies.

It will be great to see who takes the lead on such a project - Insurers, Smart Phone manufacturers or Telcos...for obvious reasons, I will love to be a part of the team that decides to seize this opportunity!

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