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‘All-online’ insurance solution launched

The past two years have been an interesting time for digital financial services in South Africa, with the majority of players focusing on getting into the mobile applications space and providing additional polish to their online banking platforms.

Despite the great work that’s been done by all of the ‘big guys’ in the local market, ABSA says, digital channels (at least for the most part) still require customers to get into contact with a service representative, either via the phone or face-to-face, when a difficult issue needs resolution.

Its launch today of a digital insurance product that fits into its existing ‘ABSA Online’ online financial services platform is intended to do away with the need for customers to break out of digital channels and resort to more old-school forms of customer interaction.

The bank claims that the new product provides customers with the ability to seamlessly receive a quote and then apply for insurance (either life insurance, funeral cover, credit life insurance and short term vehicle/home insurance) in a completely digital fashion. Importantly, the bank claims that the customer’s existing details are re-used to pre-populate forms required by the process, to simplify and speed things up.

The solution furthermore allows customers to carry out the entire claims process on both digitally originating insurance policies and older policies that originated through more ‘analogue’ channels.

ABSA’s claim that ‘at no point will a customer need to interact with a service representative over the phone or in a branch’ is a bold one. If it gets this right, it will set the bar pretty high for other players.

The new functionality is live on ABSA online portal and will be available to the 1.3m customers the bank says have begun using the system since June/July last year. If you’re an ABSA customer, it’s probably worth going to take a look – after all, ABSA says the first 20 000 customers to sign up for the new services will get free accidental death cover.

ABSA Online

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