Great Eastern wins Team of the Year Award for Life Insurance

The insurance company is utilising new digital channels to redefine stakeholder relationships.

Great Eastern’s Digital for Business Team (DxB) clinched the Team of the Year Award for Life Insurance at the Singapore Business Review Management Excellence Awards 2019.

In its fifth year, the Singapore Business Review Management Excellence Awards 2019 honours the country’s most outstanding business leaders, including trailblazing teams and individuals whose initiatives have resulted in substantial business gains for their company’s operations.

For the past 111 years, Great Eastern has provided a broad range of insurance solutions. To provide for a convenient and engaging digital experience, and in line with its digital transformation journey, Great Eastern launched Great Digital Advantage, a full suite of state-of-the-art digital and performance management tools to enable financial representatives to have quality engagements with their clients, and to also improve their personal efficiency and productivity.

The Great Digital Advantage is made up of five key pillars.

To help clients determine protection and financial gaps and implement insurance solutions in a seamless manner, Great Eastern launched GreatAdvice, a first-of-its-kind and highly interactive planning tool. Financial representatives and their clients can co-create a financial plan through a Financial Storyboard which simulates various life events and show how they may impact the clients’ financial position. The financial representatives can offer value-added guidance to help customers make well-informed decisions on their future needs. GreatAdvice also raises the financial representatives’ productivity by streamlining the form-filling and application submission process time by 20%.

Meanwhile, the GreatPlanner app empowers financial representatives to better manage their sales activities and monitor their sales performance results using a customisable dashboard that displays key activities and tracking statistics.

Great Eastern also introduced GERICA, an intelligent round-the-clock chatbot that instantly replies to product queries from financial representatives, improving the turnaround time needed to respond to their clients.

Through GreatPortfolio, financial representatives can view their individual clients’ policies in an easy-to-view summary, allowing them to help their clients identify and plug any potential protection gaps.

In a competitive and challenging insurance marketplace, the role of financial representatives will need to evolve. With Micro Learning, they can complete bite-sized lessons through e-learning modules. Accessible on all mobile operating systems 24/7, the financial representatives can fulfill their learning needs on-the-go and at their convenience.

To encourage clients and the community to take charge of their health and wellness, Great Eastern introduced GETGREAT and UPGREAT, two digital platforms that come with industry-first features that give out rewards through gamification and community-building activities.

GETGREAT enables members to join fitness quests and create social groups to motivate and support one another on their own journeys to fitness and wellness. Members can gain XP and STARS by accomplishing activities and quests. These STARS can be used to redeem UPGREAT points, in exchange for rewards such as Robinson shopping vouchers and Shell petrol vouchers.

Since GETGREAT’s re-launch in April 2019, it has received positive response. In the space of four months, its membership base grew by 141%, and sign-ups have seen a dramatic increase of over 50% month-on-month.

In addition, there has been strong customer daily interactions on the platforms, and since its relaunch, the past five months have seen GETGREAT customer interaction rate of two times per customer per day on its platform.

With UPGREAT, clients can enjoy their loyalty benefits and rewards with its very own digital loyalty card. This replaces the traditional card and stamp loyalty programme and makes it convenient for clients to use regularly without having to worry about misplaced cards and bulky wallets.

The Singapore Business Review Management Excellence Awards was held on 26 November 2019 at the Conrad Centennial Singapore.

The 2019 nominees were judged by a panel consisting of Henry Tan, Group CEO and Chief Innovation Officer at NEXIA TS; David Chew, Executive Director, Risk Advisory at Deloitte Southeast Asia; Lim Wei Wei, Partner and Practice Leader, Governance and Risk at Baker Tilly TFW; Yang Eu Jin, Partner and Co Head of Capital Markets Practice at RHTLaw Taylor Wessing LLP; and Pardeep Singh Khosa, Director of Dispute Resolution at Davinder Singh Chambers LLC.

If you would like to join the 2020 awards and be awarded as one of the most outstanding management executives of Singapore, please email [email protected]