New Normal Changes in Life Insurance: Improving Accessibility and Protection 2022

Two things discovered

As the pandemic went on, AXA identified two major challenges that needed to be addressed to ensure Filipinos could access the protection they needed.

The Shift Away from Face-to-Face Interactions

The first challenge was the shift away from traditional face-to-face interactions. With safety concerns at an all-time high, in-person consultations, policy sign-ups, and claims processing became difficult. The insurance industry had long relied on physical meetings to build trust, explain policies, and guide clients through the process. However, the pandemic forced an immediate transition to digital platforms, requiring both insurers and customers to adapt quickly.

To address this, we significantly expanded our digital presence and capabilities. Recognizing that Filipinos are highly engaged in the digital space—whether for social interactions, entertainment, or financial transactions—we prioritized making insurance more accessible online. This is the transformation ensured that people could learn about policies, purchase insurance, and file claims from the safety of their homes.

Beyond accessibility, we focused on enhancing the user experience to make digital interactions as seamless as possible. We introduced user-friendly mobile applications, chat support, and virtual consultations to guide customers through the insurance process. Additionally, we implemented AI-driven tools to provide personalized policy recommendations, helping Filipinos find the right coverage based on their needs and budget without requiring an in-person consultation.

Moreover, we recognized that trust remains a crucial factor in the insurance industry, even in a digital-first world. To address this, we strengthened our cybersecurity measures to protect customer data and transactions. By implementing multi-factor authentication, encryption protocols, and fraud detection systems, we ensured that Filipinos could confidently engage in online insurance transactions without fear of security breaches. This commitment to security and convenience has paved the way for a more inclusive and resilient insurance landscape in the new normal.

To further build customer confidence in digital transactions, we also introduced hybrid service models that combine online accessibility with human interaction. Policyholders can easily schedule virtual meetings with financial advisors or visit designated service centers when face-to-face assistance is needed. This blended approach provides the best of both worlds—offering the convenience of digital solutions while still ensuring that expert guidance is available when required.

Additionally, we have continuously worked on simplifying insurance policies and making terms and conditions easier to understand. Through interactive online resources, explainer videos, and digital policy summaries, we are empowering Filipinos to make informed decisions about their coverage. By removing the complexity traditionally associated with insurance, we aim to increase awareness and encourage more individuals to secure protection for themselves and their families.

Limited Understanding of Insurance

The second challenge was the general lack of insurance awareness among Filipinos. Many people only associate insurance with life insurance, believing that one must pass away for their beneficiaries to receive financial benefits. This misconception prevents individuals from exploring other essential products, such as health, accident, and investment-linked plans, which can provide protection and financial stability throughout different life stages.

To bridge this knowledge gap, AXA launched educational campaigns to raise awareness about the broader benefits of insurance. Through social media, online seminars, and informative content, we continue to empower Filipinos with the knowledge they need to make informed decisions about securing their future. By helping them understand that insurance is not just about death benefits but also about financial security in times of illness, accidents, and emergencies, we hope to shift perceptions and increase adoption.

In addition to digital education efforts, we have also partnered with financial advisors who offer personalized consultations to explain the importance of insurance in various aspects of life. By providing real-life examples and scenarios, we help Filipinos see the practical value of having coverage beyond just life insurance. These advisors guide individuals in choosing the right plans tailored to their needs, ensuring they make confident and well-informed financial decisions.

Moreover, we continuously enhance our digital tools, such as the Emma by AXA PH app, to simplify the experience. The app provides users with instant access to policy information, claims processing, telemedicine services, and financial planning resources. By integrating technology with financial literacy initiatives, we aim to make it more approachable, understandable, and beneficial to every Filipino, ultimately fostering a more financially secure population.

To further strengthen financial literacy, we have also launched collaborations with schools, universities, and businesses to introduce insurance concepts at an earlier stage. By incorporating basic financial planning and risk management education into workshops and training sessions, we equip individuals with the knowledge needed to make proactive decisions about their future. This long-term approach ensures that financial awareness becomes an integral part of personal development rather than a last-minute necessity.

Additionally, we are making insurance more accessible by introducing flexible and affordable policy options, including microinsurance plans for those with limited budgets. These smaller, low-cost plans provide immediate protection against unexpected events, helping individuals experience the benefits of coverage without significant financial strain. By making insurance more inclusive and adaptable to different income levels, we hope to eliminate barriers that prevent Filipinos from securing the financial protection they deserve.

Digital Innovation: A Game Changer in Insurance

One of the key solutions to both challenges is Emma by AXA PH, our award-winning app. Emma provides clients with personalized advice, policy management tools, telemedicine access, emergency services, and hassle-free claims processing—all in one convenient platform. By making it more accessible and user-friendly, Emma is paving the way for more Filipinos to secure the protection they need.

Beyond digital accessibility, affordability is another crucial factor. To ensure that insurance is within reach for all income levels, AXA has introduced flexible payment options and microinsurance policies tailored to different financial capacities. With customizable coverage, we are breaking down the barriers that have traditionally kept people from securing insurance.

Furthermore, AXA is continuously enhancing customer support through AI-powered chatbots, 24/7 assistance, and dedicated financial advisors who can provide expert guidance. By leveraging technology and a customer-first approach, we are making the insurance process more seamless and efficient for everyone.

To further drive digital transformation, we are also exploring innovations such as blockchain for secure transactions and data protection, as well as big data analytics to provide more personalized policy recommendations. These advancements ensure that customers receive tailored insurance solutions that fit their unique needs, enhancing both trust and satisfaction in the process.

In addition to digital advancements, AXA is focusing on expanding partnerships with local businesses and fintech companies to provide more integrated financial solutions. By collaborating with payment platforms and e-commerce providers, we are making insurance more accessible through familiar and widely used digital ecosystems. This allows individuals to conveniently purchase and manage their policies within platforms they already use daily.

As we move forward in the new normal, AXA remains committed to digital transformation, financial literacy, and innovative insurance solutions. Our goal is not just to sell policies but to build a culture of financial preparedness, ensuring that every Filipino has the opportunity to protect themselves and their loved ones against life’s uncertainties. By continuously adapting to the evolving needs of our customers, we strive to make insurance a valuable and indispensable part of every Filipino’s financial journey.

Conclusion

The evolving landscape of the insurance industry has underscored the importance of digital transformation, financial literacy, and accessibility in ensuring that more Filipinos can secure their future. By embracing technology, AXA has not only adapted to the challenges posed by the shift away from face-to-face interactions but has also redefined how insurance is perceived and utilized. Through innovative digital tools like Emma by AXA PH, enhanced cybersecurity measures, and AI-driven customer support, we have made insurance more convenient, transparent, and trustworthy. These efforts, combined with educational initiatives and flexible policy options, have helped bridge the gap between financial security and public awareness, empowering individuals to make informed decisions about their protection.

Looking ahead, AXA remains committed to furthering these advancements and fostering a culture of financial preparedness in the Philippines. As we continue to expand our partnerships, refine our digital solutions, and introduce more tailored insurance products, our goal is to make financial protection an essential and accessible part of everyday life. By continuously adapting to the evolving needs of our customers, we aim to build a more inclusive, resilient, and financially secure future—where every Filipino has the opportunity to safeguard what matters most to them.

It is good to have something on which we may rely confidently throughout these difficult circumstances.

 

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