Delta Insurance Singapore has launched an online financial lines insurance platform for both intermediaries and policy buyers.
The platform, known as DeltaDigital.sg, uses proprietary technology to offer both brokers/advisors and clients instant quotes for commercial insurance products such as cyber, professional liability, and management liability.
Insurance brokers/advisors that use the platform can generate quotes to show to their clients, many of which are small and medium enterprises (SMEs). Clients can avoid going through the tedious process of completing a physical proposal form. According to Delta, they are able to reduce the time it takes to get a quote from several weeks to several minutes.
“We provide value to our users through ongoing product innovation and using technology to simplify processes,” said Eugene Cheong, managing director of Delta Insurance Singapore. “Brokers/advisors and buyers of commercial insurance typically face a lengthy and complicated process to get a quote for complex commercial products. We want to streamline the process from end-to-end and cut through the long manual process of getting a quote; this will free up time for our users to focus on other important aspects of their business.”
Meanwhile, clients can view their portfolio of quotes from various carriers through a built-in dashboard. This allows buyers to find out if they are indeed getting the best deal.
“Despite the vast differences in the level of exposure to risks, buyers from small and large companies across different industries undergo the exact same underwriting process,” Cheong added. “Adding to the number of insurance products in the market, buyers are often not presented the best policy for their needs. Our preference is for buyers to be serviced by a broker/advisor but we see an increasing number of buyers adopting a more hands-on approach – approaching underwriters for quotes directly to benchmark against quotes that they have been presented with.”
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