Manulife Among the First Wave of Insurers Approved to Launch Virtual Agency Sales Platformby Fintech News Hong Kong June 17, 2020
Manulife Hong Kong today announced the launch of a ‘Virtual Face-to-Face’ agency sales platform for all Manulife individual insurance products in Hong Kong, except investment-linked assurance schemes.
Manulife’s Virtual Face-to-Face sales capability enables customers to buy even the most sophisticated long-term insurance policies through the company’s individual insurance agents. The sales process requires no physical meeting or wet-ink signature,.
With this digital solution, both new and existing customers can virtually meet with Manulife’s agents via highly secure video chat and purchase a wide range of Manulife individual insurance products. The new insurtech solution is approved by the Insurance Authority through its Insurtech Sandbox, which provides a testing ground for authorized insurers’ innovative new technology applications to be applied in business operations.
Manulife’s Virtual Face-to-Face sales solution enables customers and agents to discuss financial needs and product benefits through the use of video conferencing and screen sharing via an encrypted network. To protect the interests of all involved parties, the platform will enable recording in real time for record-keeping, with customers’ consent. E-signatures and document sharing will be conducted securely using an industry-leading e-signature technology tool.
“We’ve continued to see a strong demand for insurance products as people become more health-conscious and think of their protection needs due to the COVID-19 pandemic,”
said Damien Green, Chief Executive Officer of Manulife Hong Kong and Macau.
“The recent facilitative measures and Insurtech Sandbox from the Insurance Authority have created a prime opportunity for us to do the right thing for customers, breaking the short-term constraint on face-to-face meetings with a new insurtech solution. It has the potential to become a meaningful alternative to traditional in-person face-to-face meetings, for customers who want choices and greater ease and convenience.”
Starting from June 15, Manulife’s individual insurance products ranging from life insurance, savings and retirement plans, to critical illness and other medical protection will be available to customers through this insurtech solution.
Manulife’s Virtual Face-to-Face sales solution was developed following the Insurance Authority’s announcement of temporary facilitative measures in response to the COVID-19 pandemic that allow consumers to purchase certain insurance products without attending a physical meeting in person with an insurance agent.