Securing an insurance cover has long been one of life’s most essential yet inconvenient, and as a result perennially under-utilised, processes.
From deciding on the type of cover, poring over the details and eventually agreeing on a premium, to having to go through the arduous process of actually finalised everything, it is little surprise that many Sri Lankans choose to forego insurance cover altogether. Amana Takaful (ATL) Insurance is looking to change all that.
Following the introduction of its All-In-One insurance cover, ATL has seen impressive growth in the uptake of its insurance services in the first six months of 2019. The key to this success has been an exponential increase in the speed of processing new clients, owing to a heightened focus on convenience, customisation and digitalisation.
ATL’s All-In-One insurance cover is also one primarily targeted at small and medium-sized enterprises. Designed with the goal of providing one simple insurance solution for a variety of businesses, it solves one of the core problems many businesses face in a fast and efficient way.
As such, for the first time in Sri Lanka, an insurance company has streamlined and simplified the process of procuring insurance so drastically that a process which had previously taken an average of 10 days can now be completed in under an hour. And it is completely paperless too.
This is because the All-In-One cover can be negotiated completely digitally, with sales representatives equipped with a mobile application which allows unprecedented customisation of the package details and calculations of premiums as and when adjustments on variables to be insured are made.
Indeed, prior to this, discussions with a sales representative would usually see a client unable to receive real-time feedback on how certain changes and options to their insurance package would impact their overall premium. This, in turn, would more often than not see customers opting out of certain options for fear of the premium increasing beyond their budgeted limit.
Many customers also were not enamoured with the time it took to assess and decide on an insurance plan, something which led to many not following through on finalising their insurance cover. It was normal for a sales person to make multiple visits to a potential customer - once to discuss options, another time to return with an updated premium rate and yet another to provide the customer with the finalised coverage - all of which could take at least a week. This process would extend dramatically if the client sought to make changes or was not adequately aware of the available options.
ATL now navigates these problems by providing customers with instant calculations of any changes in their premium within minutes through the app. This allows customers to cycle through the various permutations unique to them, and their desired insurance cover, without the need for days of processing. With the results at hand near instantaneously, customers now, once satisfied, are able to sign off on their new insurance package then and there, all in a single visit.
ATL’s sales staff has been glowing in their assessment of All-In-One’s revolutionary impact, with many reporting that it saves not just time but money, and has made customers more likely to follow through on taking up insurance coverage. Indeed, by removing all of the non-value addition steps, such as the multiple sales visits, the cost savings are considerable. This then has a domino effect, in that it allows ATL to offer extremely competitive premiums.
Continuity of income
Recovering after a setback can be tough, especially if that setback comes at the hands of a natural disaster. While most insurance companies cover such unfortunate incidents, the compensation provided is usually a lump sum payment, the size of which can vary depending on the type of cover and size of the premium. However, this type of insurance cover fails to account for the loss of income incurred by an individual when their business is completely destroyed.
The continuity of income facility seeks to remedy this situation by providing ATL’s customers with a monthly allowance for a maximum of six months. Further to this, All-In-One also covers business loan repayment and the cost of business relocation following a disaster, both of which extend up to six months from a claim being deemed valid. All this ensures that clients are given the utmost opportunity to get back on their feet following a potentially business-crippling disaster.
While the areas covered in the package address issues common to a wide array of industries, there are also unique packages targeted at eight specific business types such as a gift centre, textiles, restaurant, hardware, groceries, electronic items, tiles and bathware and pharmacy. A pharmacy, for example, would be able to get coverage in the event of employee negligence, or theft of money in transit, in addition to all the expected areas of liability, such as Strikes, Riots and Civil Commotion (SRCC) coverage, third party, damage to fixtures and fittings, stock cover, etc. For ATL, the ultimate objective when conceptualising the All-In-One cover was to ensure that the core requirements of a customer were met; in the case of insurance, this is to make sure that a business feels the impact of any loss as little as possible.
As such, over the last year ATL Insurance has sought to change the way insurance is perceived by the public - from an extra to a necessity. The introduction of the All-In-One cover has aided this push in a big way, giving business clients more choice and assurance when it comes to their insurance plan. And all of it through a completely streamlined, digitalised, convenient and easy-to-use platform.