Optimizing customer experience is a big part of FinTech and as insurance companies enter the digital age, we’re seeing a lot of them upgrade and streamline the user experience. More people will complete an application if it’s easier to get through.
According to The Globe and Mail, Sun Life Financial is the latest insurer to introduce major changes to simplify processes and cut expenses. In this case, most life insurance applicants will no longer need to provide saliva, blood, or urine samples. The new health risk evaluation speed up the process as well as save the customer the discomfort of a needle or swab. It’ll also save the company money on hiring staff to deliver and handle the samples.
With the exception older applicants, those seeking high insurance amounts, and those with certain pre-existing medical conditions, applicants will simply need to complete the application form.
In order to keep growth strong in Canada’s life insurance market, companies will need to rethink their approach to the product. The Canadian Life and Health Insurance Association reported that 22 million Canadians had $4.3-trillion of life insurance coverage at the end of 2015. With such a saturated market, companies need to do all they can to provide the best product they can.
Earlier this year Manulife made changes to its application requirements and became the first company to offer life insurance to Canadians with HIV.