Insurance is one of those necessary, but dull, topics. It is often an add-on after purchasing something expensive or a way to protect the value of a precious item. Taking out an insurance policy is considered ponderous and time-consuming, but for something so mundane, it can be unnecessarily complicated. And it really doesn’t need to be…either time-consuming, or complicated.
At KoverNow, we are making an art out of simple, but effective, insurance. We are a mobile-first digital insurance provider, and there are multiple ways in which we have streamlined the process of insuring items, so the customer experience is never complicated, and always satisfactory. Here are just a few.
Traditional insurance typically comes with intermediaries and paperwork. Independent advisors can provide customers with unbiased advice, but it often involves phone calls and lengthy form-filling, which should be reserved for complex risk solutions. When all you want to do is insure one or two items at the correct value and pay a transparent premium, this is more rapidly achieved digitally, and even better, with a mobile app.
Bedroom-rated or sum insured policy – what’s that?
Most insurance policies do not offer single item cover. They are usually based on the number of rooms in the house and are called bedroom rated policies. The alternative is insurance based on the total value of contents and possessions, hence sum-insured. Singaporeans are more concerned to protect the value of one or two luxury or much loved items, which is why our insurance policies are targeted for single items.
Lengthy policy periods
Standard insurance policies run for 12 months. Some are more flexible and can be taken out for three, six or nine months. Many of our customers take out a policy to cover their goods while they are on vacation. That could be as little as a week, or as much as a year, but it is cover designed only for when it is needed and it can be switched off in an instant.
The reassurance of contact
The ability to provide customer service is not restricted to traditional insurance. We understand that being able to get answers to questions is important, so we include an email chat that connects directly with us if customers have any queries about their insurance policy or level of cover.
Time consuming? Not us
Who hasn’t spent hours completing forms for receiving an insurance quotation? Getting the details right is important, of course, but it doesn’t need to take long. Our customers enter the information about their items to be insured into our app. This provides an immediate market value and executable premium. They just click to put their insurance in place.
In the same way that our customers can download, access and manage their policy easily on their smartphone, they can also submit a claim without fuss. The claim form is available in the app and can be quickly completed and filed to set the claim in motion.
The ‘value’ of traditional insurance
If your insurance needs are complex, the help of an agent or broker will be useful. But for the vast majority of customers, an interpersonal relationship is not necessary to purchase and manage insurance cover, and in fact, it can be a deterrent to taking out a policy. Simple, effective insurance that eliminates onerous paperwork and can be completed and managed on a smartphone is efficient and meets the needs of today’s customers.
Aren’t digital insurance apps a gimmick?
We know that our audience is smart and digitally-savvy. They are accustomed to using apps for everything in their lives from running their finances to monitoring their health, and access to insurance policies should be no different. Insurance apps are growing in popularity every year and the sophisticated real-time policy management they offer belies their ease of use. These digital services are here to stay.
The KoverNow app offers the same levels of insurance as any traditional policy, the way it is managed and accessed is entirely modern and neatly designed to fit the every-day needs of customers. Instead of inexplicable cover options, we offer single item cover; instead of worrying about whether they are under, or over-insured, our customers know their cover is spot-on. And even more importantly, our insurance can be in place in a matter of minutes.