InLife launches contactless platform for insurance offerings, policy payments

Insular Life Assurance Co. Ltd. (InLife) has launched a platform which will allow its advisers to complete insurance offerings without physical interactions with the client, amid the coronavirus pandemic.

In a statement, InLife announced its Virtual Business Enabler (ViBE), which will enable clients to sign policies electronically and pay dues online.

According to the company, regular insurance sales cycles are conducted face-to-face as physical signatures are needed, and payment dues are collected in person.

"The common means of transacting via credit or debit card for insurance policies is having to physically swipe the card in a machine," said InLife first vice president and Insurance Operations head Diana Rose Tagra.

"InLife brings this convenience further by allowing the policyholder to key in his own card details through a secured link sent to the client," she added.

With ViBE, payments are made online, with an acknowledgment sent to the client via SMS or email after every transaction. The policy is then delivered to the policyholder via the Customer Portal.

In the same statement, InLife also rolled out its Prime Care service, which gives a lump sum amount and pays a monthly cash allowance for 30 months if the insured is diagnosed with any of the covered critical illnesses.

It will also give an additional lump sum in case of total and permanent disability, while all benefits are given to the beneficiary should the insurer pass away.

"Prime Care is unique compared to the usual term life plans in the market because of its practicality," said InLife president and chief executive officer Mona Lisa de la Cruz.

"This is because once a client is diagnosed with a covered critical illness, he will immediately receive a lumpsum amount that he can use to pay for the cost of his treatment," she added.

The Philippines on Wednesday reported 1,594 additional infections of the coronavirus disease 2019, bringing the total to 72,269. This includes 23,623 recoveries and 1,834 deaths. — Jon Viktor D. Cabuenas/BM, GMA News