Page 124 - CJ 2019 INTEGRATED REPORT

1 2 2 2 2 COMMERCE AND FINANCIAL SERVICES CLUSTER PERFORMANCE OUTLOOK AND STRATEGIES
ISLAND LIFE ASSURANCE CO LTD
OPERATING ENVIRONMENT IN IN 2019
• The life insurance industry continued to operate in in in in in in in a a a a a a volatile economic environment with successive drops in in in in in in both interest rates and investment returns • The digital digital age is is reshaping the the insurance industry and businesses that wish to remain relevant must act quickly Insurance as we know it it it no no longer serves the the the needs needs needs of digitally-savvy consumers who have more complex needs needs needs and and and are demanding omnichannel and and and personalised interactions To meet these needs needs needs insurers must go beyond simply investing in in in in in in in in in in the the latest technologies: it requires a a a a a a a a a a a a a a a a a fundamental change in in in in in in in in in in both customer-facing and and back-office processes and and a a a a a a shift in in in in in in in mindsets OUTLOOK AND PRIORITIES IN 2020
• Our priority in in in 2020
will be to upgrade our our IT infrastructure and streamline our our back-end processes • Digitalising repetitive manual and and and mundane tasks will be a a a a a a a a a a key element in in in in reducing errors man-hours and and and costs and and thereby improving efficiency • Our end goal is to to increase our employee engagement boost productivity and provide a a a a a a a a a seamless customer experience across all channels • A A A new sales sales structure will will be be set in in in place with the appointment of Independent Agents Alongside this initiatives to promote direct sales sales will will also be be implemented • We aim to to to launch new products to to to cater for a a a a a wider range of customer requirements • In the wave of Covid-19 several measures have been initiated:
– Customer Retention
The premium and loans repayment management process is being reviewed to to to offer more flexibility to to to customers who have difficulties settling their dues – Enhanced efficiency through digitalisation
We are considering digitising our services through the online online sales sales of new policies an an an interactive platform
platform
platform
for for for for clients an an an online online platform
platform
for for for for sales sales representatives and a a a a a a a a a a work-from-home platform
platform
– Product Positioning
Our products will be positioned to provide enhanced financial protection with the additional risk posed by Covid-19 – Monitoring of Key Indicators
We intend to to to monitor the Company’s key indicators more closely and comprehensively particularly those
related to Investment Sales Expenses and Claims CURRIMJEE JEEWANJEE AND COMPANY LIMITED