Over the past few years, technology has been at the front and center of almost every industry. Likewise, it has taken hold of the insurance industry as well. Presently, the demand for new insurance products is rapidly growing to change the traditional insurance landscape to insure against natural disasters and cyber-attacks. Thus, to keep up with the same market potential, the insurance industry is adopting new technologies faster than ever. Moreover, advantages like retaining customer loyalty and improving customer experience are further fueling the use of technology in the industry. Technology has become the differentiator for insurers who embrace technology to enhance the customer experience.
There is a constant need for cutting-edge technology providers in the insurance industry. AppMan has been complementing this need since its inception. AppMan is a leading technology provider in the life insurance space. It serves top insurers in Thailand and the Asian market by providing its solutions to improve insurance sales experience. The company believes technology can help insurance to be easier to understand, easy to access, and more affordable and is replicating the same through its solutions.
Thanapoom Chareonsiri (Roger) (Co-Founder and CEO of AppMan), along with his fellow co-founders, sought an opportunity of creating apps when Apple released the Appstore. After several trials, they had the first approach with the insurance industry in 2011 as a digital vendor. They caught the opportunity of becoming one of the first technology suppliers for the insurance industry in Thailand.
Comprehensive Mobility Solutions
AppMan has leveraged all its industry expertise to develop AgentMate, an electronic Point of Sale solution that will drive the insured seamlessly throughout the tedious insurance sale. The solution is flexible and matches the insurers’ requirements with quality developments. Moreover, AgentMate has a modular design with which insurers can select the modules they need to complete through a digital roadmap. AppMan provides six independent modules under the name of AgentMate that are helping the insurers in many ways. They are as follows.
- Financial Need Analysis: This module recommends packages to the insurers based on their needs and also provides a clear and neat product comparison.
- E-Quotation: This module helps insurers get quotations instantly, anywhere, anytime. It also personalizes plan and payment mode.
- Unit-Link Simulation: It helps insurers in fund allocation and simulation. Also, the Unit Link benefits illustration.
- E-Application: This module helps insurers in online solutions such as E-Form, E-Signature, Document Capture, and Online Payment.
- Automated Underwriting: This module supports the workflow and also configures the underwriting rules.
- AgentMate on Chat: This module provides AI chat that would lead the sales for different business lines. It is a simple and robust tool that brings the insurer’s customers from the intention to purchase.
Apart from this, AppMan is working on a SaaS Model, an optimized digital face to face and several expansions to other lines of business in the future. This would help more agents improve their sales journey and bring customers an enhanced sales experience.
Excelling the Competition
Like any other industry, competition within the insurance industry is rigorous. AppMan brings quality tools that make it a reliable and trustworthy partner for the insurers and sets itself apart from its competitors. The top-notch technology provided by the company and the robustness within its modules enhance the agent’s workflow. Furthermore, AppMan’s teams and internal processes are structured in a specific way to ensure customer satisfaction throughout all the projects.
The company works hard on its information security standard to control and maintain its security on the service and development of its applications, due to which AppMan has recently obtained the ISO/IEC 27001:2013 certification on information security. In addition to this, the company is in progress of implementing CSA-STAR Level 2 to ensure it has an appropriate system for the type of information it deals with. AppMan aims to meet customer needs with the highest information security standards.
Rising above the COVID-19 Crisis
The COVID-19 pandemic has highly impacted the insurance industry. The industry is facing a disruptive change, and the insurers have experienced unexpected sales drops and an increase in claims that have led to an economic stagnation within the industry. Amongst which the Life insurance, including Linked products, have suffered the most. Furthermore, the regulators in Indonesia and Thailand have also faced the need of adapting their rules and consider digital interaction to support sales during this period. Nevertheless, AppMan has managed to cope with these challenges. The company ensured the safety and protection of the employees and was prepared for work from home. The daily tools utilized by the team for communication within the 4 offices proved to be beneficial as it prepared the team for work from home.
As the CEO of AppMan, Thanapoom has successfully helped the company embrace the COVID-19 challenge. Thanapoom also feels this is an opportunity for the Insurtech industry to innovate and reinvent. “Chaos always has two faces. Some doors close, but some open as well. It is in our hands to always look for improvement and embrace challenges or neglect them and do nothing,” asserts Thanapoom.
He believes that insurance companies that can integrate the top technologies into a lean and logical process supporting the new regulations and the new normal will have a competitive advantage. He further affirms, “The challenge is to come up with innovative solutions that comply with the different countries we are working in. We are confident that the team can bring something new to the table and help insurers to speed up recovery.”
Ensuring Customer Satisfaction
There are 4 areas in AppMan, namely product development, project delivery, research & development, and customer support & maintenance to cover its customer needs and ensure total customer satisfaction. Thanapoom believes that the current products and modules provided by AppMan are robust enough to have their clients satisfied.
The industry is keenly awaiting the digital transformation, thus there will always be an opportunity for improvement. Likewise, AppMan has incorporated Agile Methodology and Continuous Learning as guidelines to back up its products.
