LifeStar Insurance Plc is taking a leap into the future and has digitalised its onboarding of clients into a paperless, efficient and sustainable process. Cristina Casingena, CEO LifeStar Insurance plc, said the new system will drastically reduce the printing of client documentation.
“As part of our corporate responsibility strategy, we are introducing more and more sustainable solutions. We are committed to embed in our decision-making process environmental, social and governance factors relevant to our insurance business.”
The launch of a digital front-end system ties in with LifeStar’s recent rollout of an Initial Public Offering (IPO), in line with its strategic vision to be Malta’s most innovative insurance company.
ThLifeStar Insurance plc is a leader in cancer care insurance cover, whole life investment benefits products, as well as retirement plans with innovative tailor-made packages.
Having recently rebranded and undergone a transformation from GlobalCapital, LifeStar Group is now listing its insurance arm — LifeStar Insurance Plc, and its 100 per cent owned subsidiary, LifeStar Health Ltd — while tapping new business models and streamlining its services.
The COVID-19 pandemic has speeded up the company’s decision to go digital and the new front-end system is extremely beneficial for clients as it cuts down the waiting time that comes from the classic paper-related workflow.
“On a paper-based system, the pre-acquisition process normally lasts an average of two to three days, but with this new system it’ll take a mere 40 minutes for a standard case. Plus, there is less face-to-face interaction, in order to fill in questionnaires,” Casingena said.
For those who are not as technologically savvy, LifeStar is equipping its sales team with all the tools it requires to help out potential customers with completing documents and even providing hard copies for those who prefer paper-based documentation.
The three main advantages for customers are: getting all the product-related documents in their inbox in a matter of seconds; being able to sign documents digitally; while maintaining 100 per cent transparency.
And, for LifeStar itself, this innovative system will enable it to tap new business opportunities while being more cost-effective.
“LifeStar’s customer base is growing, our rate of profitability is increasing, and our range of products is expanding. Now is an exciting time to invest in LifeStar Insurance,” Casingena said.
The advantages of going digital
- Zero paper principles and digital signatures, fully automating the sales and administration processes.
- All services will be provided in a very transparent manner, with all the documents being sent instantly to the person’s email, ensuring a smooth completion of internal steps, cutting down the process that would normally take days and several meetings.
- With the help of technology, LifeStar is enhancing its customer centric approach.
- Going digital will free up the team from administrative duties, enabling all the focus to shift to innovation, making LifeStar more accessible to the public while becoming more cost-effective and environmentally friendly.