Transforming bancassurance CX: Standard Chartered Bank leads with myInsure’s innovative omnichannel approach

Standard Chartered Bank’s myInsure – a meticulously designed, feature-rich platform – has been at the forefront of revolutionising the bancassurance and the insurance landscape.

myInsure’s seamless omnichannel experience and consistent, high-quality interactions at every touchpoint, reflects Standard Chartered Bank’s unwavering commitment to prioritise its clients’ needs, empowering its frontline staff to offer holistic advice, and helping clients safeguard and augment their wealth as they strive to achieve life’s objectives.

With features ranging from a comprehensive insurance review process, efficient leads management, precise lead identification, versatile transaction capabilities and remote sales and interactions, the platform truly stands out as a complete solution in the market that enhances the bancassurance engagement experience.

Sure enough, with a solution as reliable as myInsure, Standard Chartered Bank earned the top honour for the bancassurance platform, taking home the Outstanding Digital CX – Bancassurance award at the Digital CX Awards 2024, hosted by The Digital Banker, at Marina Bay Sands in Singapore.

Guided by Vision

In order to create a distinctive customer experience, Standard Chartered Bank adopted a strategic approach through the implementation of staggered releases, a method that allows the bank to continuously refine its offerings based on real-world feedback and experiences across diverse markets.

This has allowed the bank to seamlessly integrate various capabilities into the platform and elevate the client experience by making it more accessible, efficient and client centric.

To that effect, in 2023, the bank equipped its frontline staff with advanced tools for comprehensive goal planning, in-depth reviews and a robust multi-channel execution capability. The focus, ultimately, was to minimise technological friction and introduce a single interaction point across client and frontline interfaces to reduce system fatigue.

Gautam Duggal

Global Head, Bancassurance, Group Wealth Management

The team also made use of analytical tools such as Google Analytics and Adobe, to look into customer interactions and improve services while generating actionable leads. Contextual triggers were also developed to address customer needs proactively.

Currently, its ecosystem includes an insurance hub, automated eligibility checks, integrated leads management, assisted and client-initiated insurance portfolio review, transactions, remote sales and reviews, do-it-yourself (DIY) transaction capabilities, notifications and reminders, and cloud-based core platform services.

An Array of Benefits

Implementing these digital customer experience enhancements has been advantageous for Standard Chartered Bank in more ways than one.

The system design ensures ISP agnosticism, meaning compatibility with multiple insurance service providers – offering flexibility and choice in bancassurance services.

Implementing advanced artificial intelligence (AI) tools for processes such as investor checks have helped automate suitability assessments, enhance assisted and self-service channels and allow the frontline staff to focus on value-adding activities. It also helps provide insights and actionable data to refine customer journeys and systematically improve sales processes.

Shifting from multiple applications to one single end-to-end app has helped streamline operations, positioning the platform for future expansion and feature development.

The system seamlessly integrates app and web-based platforms to provide a consistent experience across all channels, and by aligning with the overall vision of becoming a data-driven digital bank, the project has managed to enhance personalisation and operational efficiency, ultimately leading to a superior customer journey.

Overall, Standard Chartered Bank says that the strategy forms part of its broader vision to deliver a personalised, omnichannel experience across its bancassurance services, enhancing customer interactions and consolidating engagement within a regulatory-compliant framework.

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