Friday, 2 June 2023

Best Life Insurance Product is Great Term Guard from OCBC

5 min read

  • The winning life insurance protection plan covers policyholders up to 65 years of age and guarantees a refund if no claim is made upon maturity.
  • The product is also designed to simplify the traditional and lengthy underwriting procedure for policyholders. The bank shortened the product application process where customers only had to respond to zero to two questions in the health-scoring step that previously had 40 questions.
  • About 86% of policyholders bought this product as their first protection plan by the bank. The bank also has four other protection plans on its digital shelf, but this product contributes 70% of the total premiums collected through digital channel for bancassurance products.  The product attracts five times more customers in the ‘new-to-work-force’ segment compared to other bancassurance products at the same bank.
  • For its purely digital-enabled distribution channel, simple underwriting process and customer reception, the Best Life Insurance Product is Great Term Guard from OCBC.
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