With virtual becoming the new normal in these Covid-19 times, Equisoft, a digital solutions provider for insurance and wealth management industries, is gearing up to help life insurers overcome the social distancing barrier through its integrated digital solutions, a top official said.

This Montreal-headquartered company plans to implement its comprehensive digital offering in APAC region to help make business continuity a much easier and more reliable process for life insurers, Rana Biswas, Sales Director--APAC, Equisoft told BusinessLine .

For the insurance industry in India, work from home (WFH) during the current 21-day lockdown presents a unique and significant challenge.

In India, the reality is much different as the decades-old legacy system is followed by most companies to run many aspects of the business — from claims to billing to underwriting and more. But almost overnight (because of the lockdown), this system has faced severe impediments to conducting business as usual, according to Biswas.

Less face-face interaction, a challenge

With social distancing being the only way to contain Covid-19 spread, advisors can no longer meet face-to-face with clients. Clients can't visit their branches to make a policy change. In India, this presents bigger challenges than in some other countries since more than 90 per cent of insurance sales are being done face-to-face.

Biswas highlighted that social distancing has put the spotlight on the need for insurance companies to reduce spending and maintain margins even more than before.

Less face-to-face interaction puts pressure on revenue. Market volatility affects the investments that underpin many products.

“Equisoft's integrated back-office and front-end solutions can make WFH a more effective and attractive proposition. In an emerging world of virtual transactions, Equisoft's modern, rule-based Policy Administration System, coupled with advanced digital tools like e-Apps and client portals, enables all industry stakeholders to stay connected," Biswas said.

He said the current Covid-19 situation has taken customer expectations for online services to an even higher level. To persevere through difficult times like this, companies should think strategically about investments that will enable automation, increase efficiencies and strengthen customer relationships, he said.

Biswas said integrated digital front-end solutions are required to bridge the social-distance gap. Advisors need to be able to connect with clients remotely and walk through digital financial needs analysis and online illustrations.

Equisoft can help life insurers develop new products, create world-class digital customer experiences, respond quickly to the emerging changes as well as effectively exploit data to generate new business opportunities, Biswas said.

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