Using technology as an enabler for better human interactions

By FMI (a Division of Bidvest Life Ltd)

At FMI, we believe that technology should be used to support an adviser’s advice and servicing processes, not compete with it.

Many insurance providers use digital platforms as a way to disintermediate. This is not our approach. Advisers have always been, and will continue to be, an integral part of our business. No matter how the times change or what technology is introduced; trusted advice can only be earned through human interaction – because trust needs real people to flourish. According to the Beyond Life Global Consumer Study 2019 – 2020, trust is still the number one factor when it comes to buying life insurance, no matter one’s age or generation. Almost half (47%) of the respondents said they always prefer human interaction, and this figure varied very little across the different age groups. Only 7.6% South Africans said they’d prefer to do life insurance online first.

When it comes to choosing insurance products, customers continue to prioritise advice from family, friends and financial advisers. Whilst tech advances facilitate operations and service delivery, it’s not at the forefront for generating new leads. Therefore, the future of insurance is still going to be largely bought and sold through an intermediary, and advice is still an important part of the process. We at FMI are using technology to support that process, rather than compete with it.

We’re focusing on you, the adviser, and what matters to you most – the ease of doing business. Our latest developments in improving underwriting and operational efficiencies promises to deliver exceptional customer experiences. The digitisation of new policy applications and servicing processes, for example, is the result of two years of investment, planning and development in technology to produce a platform designed to facilitate advances in service delivery by helping you streamline and improve operations, saving you time and allowing you to focus on building meaningful client relationships rather than getting bogged down in administrative tasks.

Digital forms, electronic signatures, intuitive and reflexive questionnaires, automated data entry, and reminder notifications all have a massive impact on the speed and efficiency on the application process – which translates into a better customer experience and ultimately a better return on investment for your business.

As our Chief Technology Officer, Gareth Quin, says, ‘We have always been a product first life insurer but we realise the immense benefits that come with leveraging technology at every layer of our operation. It’s simply not enough to just be great at designing insurance benefits. We have to innovate across every aspect of our operation, to deliver a level of engagement and experience that both advisers and our policyholders recognise as a key value differentiator.’