FAQ: Insurance for 21st Century (IC21)

1. What is this platform?

This is a technology platform and business strategy for the Insurance Company of the 21st century.

It uses technology and a new approach to offer insurance to large numbers of customers at low cost and achieve a high quality of service.

This platform is expected to be ready by 1 October 2007.

2. Is it just a computer system?

The core is a robust and low-cost computer system that is able to handle all the work involved in administering the insurance business and claims.

It is integrated with the business strategy, comprising of the product design, marketing, efficient processing, customer service, accounting and other operations.

3. How is it different from other computer systems?

It is integrated with the business strategy. It offers a complete solution that covers most aspects of the operation.

If you implement this platform, you have the tools to develop and grow your business rapidly. It offers you a competitive advantage against other players in the market.

4. What insurance products can be handled?

It can handle all types of life, general and health insurance products.

The products are kept simple in design and explained through FAQ (frequently asked questions) that are posted in the website. They can be printed or sent by e-mail to customers.

The premium can be paid through monthly installments in a centralised premium account.

Savings and investment products are sold in separate contracts, with low charges, giving a good return to the customer.

5. How are the products marketed?

The products can be marketed through various channels:

- by insurance adviser (agent)
- by advertisement, directed to the call center
- by telemarketing to existing customers
- by introduction through existing customers

They sales are submitted through the same internet-based system. This allows efficient and prompt processing of the business.

6. Do customers get a better price?

The agents or telemarketers are paid a modest upfront commission for the sale of the product. The selling process is made easy to increase the productivity.

Due to the low selling cost, the customer can enjoy a significant saving on the premium.

Compared to similar products offered in the market, we expect the premium to be 5% to 15% lower.

7. Where are the cost savings?

The new platform allow the insurance company to have cost savings in the following ways:

- lower selling cost
- lower administration cost
- efficient use of money transfers

Internet-savvy customers can enjoy further savings by accessing the website to get information and mails. They will get a rebate on the policy fee.

8. Who uses this platform?

We will offer this platform for an existing or new insurance company operating outside of Singapore.

A new insurance company can start its operation and grow its busines rapidly. It has a cost advantage compared to existing players who has to handle old ways of doing business.

An existing insurance company can set up a new division to offer new products to be sold through this platform.

9. How do I get more information?

You can register your interest by sending an e-mail to kinlian@gmail.com.