AXA Insurance and PolicyPal are pleased to announce the launch of AXA Term Protector on the PolicyPal mobile application. PolicyPal is a digital insurance app that helps consumers organize all their insurance products in one place. With this partnership, consumers will find it easier to purchase AXA life insurance using their smartphones.
“PolicyPal is focused on using technology to enable the insurance industry to better serve the needs of the modern consumer. It is important for individuals to have a better understanding of their coverage needs and have better access to insurance products. We think that PolicyPal is able to solve both problems in a great way.” Said Ms Val Yap, CEO and Co-Founder of PolicyPal.
“As the first insurer to promote a regular term life product via an alternative online channel in Singapore, AXA is proud to work with PolicyPal to deliver more options to our customers, giving them the flexibility on how they want to interact with us. Our partnership with PolicyPal also underscores the importance startups play in our digitalisation journey, providing us with an active sandbox environment to experiment with during this dynamic regulatory environment for online customer experience.” Said Mr Neil Frith, Managing Director, Life Insurance, AXA Insurance.
Currently, significant time is spent understanding and explaining insurance. PolicyPal allows consumers to complete a personalised needs analysis and gain basic understanding about the insurance product, before arranging for any appointments with advisors through the mobile application. This significantly reduces the time spent on purchasing life insurance.
For AXA’s financial advisors, this increases overall efficiency and helps expedite the overall insurance sales process. More time can also be spent on addressing concerns customers may have for the policy they intend to purchase. Ultimately, the collaboration between AXA and PolicyPal allows AXA’s financial advisors to better serve their digitally savvy customers, providing them with insights and advice prior to making their purchase decisions.
The collaboration is also in line with AXA’s focus on leveraging technology to bring customers closer, opening up a 24/7 purchase channel that delivers greater convenience for customers.
AXA and PolicyPal acknowledge the changing insurance landscape and the consumer’s increasing preference to go digital. With this partnership, the industry is one step closer to fulfilling the Monetary Authority of Singapore’s (MAS) plans of establishing of a full suite of life insurance available online.