Shinhan Life Boosts Competitiveness with New Sales Support System
Shinhan Life Insurance has announced the launch of a new sales support platform on April 14, designed to enhance their competitive edge and support the professional customer service provided by their sales agents. This move signifies Shinhan Life’s dedication to improving efficiency and convenience through high-tech upgrades.
Technological Innovations Empower Shinhan Life Agents
The company has been dedicated to redefining processes such as design, subscription, and customer management to create a user-friendly experience. The significant enhancements have been made over the course of approximately 11 months, with a project that prioritizes user experience (UX).
Introducing ‘Smarti’—A Synergy of AI and Expertise
A standout feature of Shinhan Life’s sales support platform is the integration of generative Artificial Intelligence (AI), marking a first in the life insurance industry. Named ‘Smarti’, a clever amalgamation of ‘SMART’ and ‘AI’, this service utilizes a tailor-made language model to provide customers and agents with personalized risk management and coverage recommendations.
Revolutionary Non-Face-to-Face Subscription Services
Another breakthrough is the implementation of mirroring technology for a ‘visible subscription’ service, a groundbreaking feature that allows the complete process of product explanation to e-signature to be done remotely. This innovation makes it possible for clients, even those who are geographically distant, to experience efficient service remotely.
Optimized Digital Experience Across Devices
The platform also boasts a suite of user-friendly features, including environment optimization for different digital devices, biometric authentication, and simplified digital subscription processes through mobile devices. These improvements ensure that customers can easily navigate digital insurance applications regardless of location.
Expectations for Enhanced Sales Efficiency
Han Sang-wook, the head of Shinhan Life’s DX Group, expressed confidence that the new system, centered around the user experience, will maximize the efficiency of the company’s sales activities. He emphasized their commitment to continually develop AI-based digital services, striving for both stability and innovation in the service of their salesforce and clientele.
Given the topic, some additional facts that may be relevant to Shinhan Life’s launch of an innovative sales support platform include:
– Industry Trends: The insurance industry is increasingly turning to digital solutions to meet the needs of a technologically-savvy customer base. An investment in AI and digital infrastructure is consistent with broader industry trends.
– Data Security: With the implementation of new technology comes the need for robust data security measures. Insurance companies must comply with stringent regulations to protect customer data.
– Accessibility: Digital platforms can help to improve accessibility for customers with disabilities or those living in rural areas where access to sales agents may be limited.
– Training for Agents: The introduction of new technology may require additional training for sales agents to effectively use the new system.
Key Questions and Answers:
– Q: How will Shinhan Life ensure the security of customer data on the new platform?
– A: Shinhan Life would need to incorporate advanced cybersecurity features and comply with relevant regulations, such as the General Data Protection Regulation (GDPR) or local privacy laws, depending on the regions they operate in.
– Q: What kind of training will be provided to Shinhan Life’s sales agents to use the new platform?
– A: Likely, the company will provide comprehensive training modules and support for their agents to become proficient in using the new sales support platform.
Key Challenges and Controversies:
– Adoption: Encouraging customers to adapt to and feel comfortable using non-face-to-face subscription services may pose a challenge.
– Technical Issues: The implementation of AI and advanced technologies may lead to technical glitches or outages, which can affect customer service.
Advantages and Disadvantages:
– Advantages:
– Increased Accessibility: Customers can access services from anywhere, which is particularly beneficial during times when face-to-face contact is limited, such as during a pandemic.
– Enhanced Efficiency: AI-driven recommendations can streamline the insurance selection process, making it more efficient for both customers and agents.
– Cost Savings: Digital platforms can reduce operational costs by minimizing the need for physical office spaces and paper-based processes.
– Disadvantages:
– Challenges with Technology: Not all customers are tech-savvy, and some may prefer traditional methods of purchasing insurance, which could lead to a segment of customers feeling alienated.
– Initial Costs: The upfront investment in developing and implementing a new technological platform can be significant.
Here are some related links that could provide further information about the insurance industry and the integration of technology within it:
– LIMRA – A recognized research, consulting, and professional development organization for the financial services industry, including insurance companies.
– Insurance Information Institute – An organization that provides insights and data on various insurance industries, which might offer perspective on trends such as digital transformation in life insurance.
– ACORD – A global, nonprofit organization serving the insurance industry that may have information on standards and developments related to technological advancements in sales and support systems.
Please note that while the above are suggested relevant links, the exact relevance to Shinhan Life’s new platform should be determined by a thorough investigation into their specific offerings and how they compare and contrast with broader industry practices.