Cathay Life Insurance Co (國泰人壽) and China Life Insurance Co (中國人壽) have launched virtual platforms that use digital signatures to enable their sales agents to meet with clients and sell products online.
The Financial Supervisory Commission has since last month allowed life insurers’ sales agents to meet with clients and sell products by videoconference, but the commission required sales agents to record the videoconferences and ensure that clients signed documents themselves to prevent fraud.
Cathay Life said that it has sold about 8,000 insurance policies by videoconference over the past three weeks, but some sales agents had trouble uploading the conference records, while clients were not sure whether they needed to print their documents.
As a result, Cathay Life applied to the commission to launch a one-stop platform to solve the problems, the company said, adding that it was approved on Tuesday.
Clients can now consult with their sales agents, purchase products or claim compensation using the platform, Cathay Life said.
Clients can also sign directly on the digital documents and videoconferences would be automatically recorded and sent to the insurer’s database, it said.
All clients need to do is download the app provided by Cathay Life on their smartphone, it added.
China Life also launched a new platform that authenticates a client’s identity based on facial recognition technology and their digital signature to reduce the risk of fraud, the company said last week.
The platform would be incorporated into the insurer’s Web site, it said.
“The new platform would at first allow clients to purchase insurance policies, but it would provide more services such as policy changes or compensation claims later on,” China Life said in a statement.
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