Hitachi Launches My Page Service to Enhance Digital Touchpoints for Insurance Companies
In a significant move towards improving digital communication between life insurance companies and their policyholders, Hitachi has officially announced the launch of its new 'Application My Page Service' as of December 19. This innovative service aims to provide a seamless connection during the application process by integrating the information registered at the time of application with the contract management within the policyholder's My Page. Traditionally, after the insurance contract was finalized, policyholders were required to undergo separate steps to access their My Page, creating unnecessary friction in the process.
The newly released service addresses this issue by facilitating the establishment of a policyholder My Page shortly after the contract is finalized. With this, secure digital interactions can be maintained between insurance providers and policyholders, enhancing overall service quality. Moreover, the service enables electronic distribution of various documents that were previously provided in paper form at the time of application, thus transforming document management into a digital format.
This shift to digital not only streamlines procedures that were historically reliant on paper and mailing systems but also significantly reduces the workload for insurance companies and agencies. By accomplishing these transformations, Hitachi aims to bolster operational efficiency in the industry. Furthermore, the increased utilization of My Pages opens doors for tailored, timely information to be provided to policyholders based on their individual life plans and needs, thus enriching the after-sales service and overall customer experience.
The first user to adopt this service is known as First Frontier Life Insurance Co., which began its operations on December 21. Through the widespread implementation of this service across various life insurance firms, Hitachi will support the digitalization efforts in enhancing the connections with policyholders. This support will significantly contribute to improving the quality of customer service in the insurance domain, making it possible for companies to meet the diverse needs arising in a rapidly evolving marketplace.
In recent years, the life insurance industry has faced the challenge of responding to a growing variety of needs from policyholders. The incorporation of digital technology into business operations has become crucial. According to the principles established by the Financial Services Agency (FSA), life insurance companies are expected to provide essential information about their products and services transparently and to offer relevant suggestions catering to policyholders’ life plans even after a contract has been made. However, while companies have endeavored to promote the use of My Pages digitally, they have encountered challenges in increasing registration and utilization rates.
Hitachi has leveraged its know-how from addressing digital transformations within the financial sector to develop this service. By connecting the application processes directly to the post-contract digital experience, it hopes to eliminate barriers to entry for policyholders, making their journey smoother from the beginning.
The My Page service boasts several key features designed to facilitate a more efficient system for both policyholders and insurance companies:
1. Expanding the Realm of Paperless Operations: To further reduce reliance on paper-based documentation, the service allows policyholders to access application materials, brochures, and copies of important documentation at any time via their My Page. As paperless initiatives gain traction, life insurance companies will save on costs related to paper, printing, and mailing while also alleviating the administrative burden typically associated with document management. This is expected to contribute significantly to reducing environmental impact by lowering greenhouse gas emissions associated with paper production and transport.
2. Strengthening Digital Connections: By verifying contact information at the time of application, previously optional, the service links policyholders directly to their accounts, thereby solidifying the connection between them and the insurance companies. This linkage allows for more personalized follow-ups and tailored messaging, ensuring that policyholders receive the right information and product suggestions based on their specific circumstances.
Looking ahead, Hitachi is committed to expanding this My Page service across multiple life insurance companies. Additionally, the company aims to create a web solutions platform that fundamentally enhances digital touchpoints and streamlines processes within the insurance industry. This initiative will extend beyond just life insurance, targeting various sectors that require fortified digital connections with customers. Future expansions may also leverage AI capabilities to enhance the value proposition provided by Hitachi’s Lumada platform, contributing to sustainable value creation within the insurance landscape.
For further information, you can visit Hitachi’s dedicated site for the New My Page Service: here. As Hitachi continues to innovate in the insurance sector, it remains dedicated to creating a harmonious society where digital solutions play a crucial role in shaping the future of customer engagement and support.
The newly released service addresses this issue by facilitating the establishment of a policyholder My Page shortly after the contract is finalized. With this, secure digital interactions can be maintained between insurance providers and policyholders, enhancing overall service quality. Moreover, the service enables electronic distribution of various documents that were previously provided in paper form at the time of application, thus transforming document management into a digital format.
This shift to digital not only streamlines procedures that were historically reliant on paper and mailing systems but also significantly reduces the workload for insurance companies and agencies. By accomplishing these transformations, Hitachi aims to bolster operational efficiency in the industry. Furthermore, the increased utilization of My Pages opens doors for tailored, timely information to be provided to policyholders based on their individual life plans and needs, thus enriching the after-sales service and overall customer experience.
The first user to adopt this service is known as First Frontier Life Insurance Co., which began its operations on December 21. Through the widespread implementation of this service across various life insurance firms, Hitachi will support the digitalization efforts in enhancing the connections with policyholders. This support will significantly contribute to improving the quality of customer service in the insurance domain, making it possible for companies to meet the diverse needs arising in a rapidly evolving marketplace.
Background of the Service
In recent years, the life insurance industry has faced the challenge of responding to a growing variety of needs from policyholders. The incorporation of digital technology into business operations has become crucial. According to the principles established by the Financial Services Agency (FSA), life insurance companies are expected to provide essential information about their products and services transparently and to offer relevant suggestions catering to policyholders’ life plans even after a contract has been made. However, while companies have endeavored to promote the use of My Pages digitally, they have encountered challenges in increasing registration and utilization rates.
Hitachi has leveraged its know-how from addressing digital transformations within the financial sector to develop this service. By connecting the application processes directly to the post-contract digital experience, it hopes to eliminate barriers to entry for policyholders, making their journey smoother from the beginning.
Features of the Service
The My Page service boasts several key features designed to facilitate a more efficient system for both policyholders and insurance companies:
1. Expanding the Realm of Paperless Operations: To further reduce reliance on paper-based documentation, the service allows policyholders to access application materials, brochures, and copies of important documentation at any time via their My Page. As paperless initiatives gain traction, life insurance companies will save on costs related to paper, printing, and mailing while also alleviating the administrative burden typically associated with document management. This is expected to contribute significantly to reducing environmental impact by lowering greenhouse gas emissions associated with paper production and transport.
2. Strengthening Digital Connections: By verifying contact information at the time of application, previously optional, the service links policyholders directly to their accounts, thereby solidifying the connection between them and the insurance companies. This linkage allows for more personalized follow-ups and tailored messaging, ensuring that policyholders receive the right information and product suggestions based on their specific circumstances.
Future Developments
Looking ahead, Hitachi is committed to expanding this My Page service across multiple life insurance companies. Additionally, the company aims to create a web solutions platform that fundamentally enhances digital touchpoints and streamlines processes within the insurance industry. This initiative will extend beyond just life insurance, targeting various sectors that require fortified digital connections with customers. Future expansions may also leverage AI capabilities to enhance the value proposition provided by Hitachi’s Lumada platform, contributing to sustainable value creation within the insurance landscape.
For further information, you can visit Hitachi’s dedicated site for the New My Page Service: here. As Hitachi continues to innovate in the insurance sector, it remains dedicated to creating a harmonious society where digital solutions play a crucial role in shaping the future of customer engagement and support.
Topics Business Technology）
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