Great Eastern wins Digital Award for life insurance in SBR's first Technology Excellence Awards

Great Eastern received the Digital Award for life insurance during Singapore Business Review’s recently concluded Technology Excellence Awards.

Great Eastern has been a market leader and forerunner in Asia’s insurance industry, providing financial security and peace of mind to over a million customers for over a century.

Its Great Digital Advantage (GDA) is a result of the company’s digital strategy that seeks to challenge customers’ perspectives on insurance by turning it into an enjoyable everyday experience. With the changing of times and evolving needs of consumers Great Eastern has redesigned the customer journey, with exciting initiatives such as GDA to provide financial representatives with avant-garde technology to deliver innovative customer experience and make insurance an engaging and meaningful experience.

The GDA platform consists of a suite of mobile applications, namely, GreatAdvice, GreatPlanner and GreatPortfolio. It also has a micro learning tool and a chatbot named GERICA.

Created with the ultimate goal of helping clients identify financial gaps and implementing insurance solutions in a seamless manner, GreatAdvice boasts usability as well as engaging and empowering qualities that make it an interactive point-of-sale tool.

With GreatAdvice, complex calculations are made simple with built-in algorithms. Customers and financial representatives are able to co-create a financial life plan through a Life Storyboard, thereby cutting down tedious form-filling. GreatAdvice is able to simulate different life events and their potential impact towards customers’ financial cash flow, enabling financial representatives to dive into a deeper conversation with the customers and helping them to make more informed decisions regarding their financial planning.

Meanwhile, the GreatPlanner app provides financial representatives information at the tip of their fingers, allowing them to have quick access to their sales performance and to view their activities at a glance.

GreatPlanner’s centerpiece is a customisable dashboard showing key activities and critical information within the app’s main screen. This function is crucial in increasing efficiency and improving the professionalism of financial representatives.

Much like GreatAdvice, GreatPlanner also prides itself on usability and convenience, which helps financial representatives to actively monitor their prospective sales and closely track their sales performance. Both benefits contribute to increased agency efficiency, productivity and professionalism.

On the other hand, GreatPortfolio allows financial representatives to build customers’ insurance portfolios by individually consolidating and summarising clients’ existing financial policies for easy viewing.

Customers will be presented with a sound summary of their insurance portfolio, which allows both parties to identify gaps in insurance coverage, thereby leading to in-depth conversations that address their needs. They are also able to take away and update the status of their insurance portfolio.

Besides these useful apps, the GDA also possesses a micro learning tool that challenges the limitation of classroom-based learning. As financial representatives are often out of office to meet and interact with their clients, it is inconvenient and at times impossible for them to physically attend trainings that can sharpen and enrich their knowledge. 

The micro learning tool solves this predicament by providing financial representatives bite-sized learnings anytime and anywhere.

Lastly, to aid financial representatives with inquiries, Great Eastern introduced GERICA, an intelligent chatbot that is available round-the-clock and instantly responds to queries from financial representatives.

Since GDA’s launch in January, Great Eastern has received positive responses from both financial representatives and customers.

Overall, GDA has empowered representatives with digital capabilities with minimal training, as the apps are intuitive. Because of these capabilities, customers have received the best insurance experience, therefore increasing customer and user satisfaction.

Recognising Singapore’s leading companies in technology innovation, the Technology Excellence Awards lauds outstanding companies that have pioneered groundbreaking IT products and solutions as well as avant-garde technology initiatives that have made an impact in their business.

The Technology Excellence Awards, presented by Singapore Business Review, was held on 30 May 2019 at the Conrad Centennial Singapore.

This year’s nominations were judged by a panel consisting of Cheang Wai Keat, Head of Advisory, Ernst & Young LLP; Darwin Thio, Director, Cybersecurity & Technology Services, Nexia TS; Daryl Pereira, Head of Cybersecurity, KPMG; Evelyn Lim, Executive Director, Tax Advisory, BDO LLP; and Jonathan Kok, Co-Head of Technology, Media & Communications Industry Group, RHTLaw Taylor Wessing LLP.

Check out the event photos during the awards night here.

If you would like to join the 2020 awards and be acclaimed for your company’s exceptional technology innovations, please email Julie Anne Nuñez at [email protected]