Insurtech Eye — Insurance Technology News

Best Insurance Launches WhatsApp Apply and Buy Service

By Dominic Sow · 29 October 2024

Best Insurance
Best Insurance customers can now buy insurance via WhatsApp thanks to the launch of a brand new AI-led service.  This innovative new offering allows customers to manage their insurance journey at their own pace, with no pressure or lengthy phone calls. Users can get quotes, ask questions, and complete their purchase—all within WhatsApp. ASU (Accident, Sickness, Unemployment) insurance will be the first product available via WhatsApp, with plans to expand to other lines, including life and critical illness, as well as general insurance products such as pet and gadget insurance. Kesh Thukaram, co-founder of Best Insurance, says today’s customers, especially younger people, expect a seamless and flexible experience when purchasing products and services, and insurance is no different. This is why Best Insurance is expanding its service offering. Mr Thukaram said: “We’ve seen a shift in how customers want to interact with us. They are looking for more control and flexibility, especially when dealing with the sensitive information needed for a protection quote. By launching this WhatsApp service, we are meeting those expectations and making the process easier and more convenient.” Key Benefits of the New WhatsApp Service:
  • Flexibility: Customers can dip in and out of the journey, with a full record of all interactions.
  • Convenience: Customers already have WhatsApp on their phone, so there's no need to download additional software or sign up for online portals.
  • Privacy: WhatsApp provides privacy and control, making it an ideal platform to handle sensitive information like salaries and medical conditions.
  • Scalability: The platform can handle thousands of users simultaneously, reducing servicing costs, improving efficiency, and ensuring customers get a real-time response.
So far, 30% of customers have chosen to engage over WhatsApp rather than by phone, and 50% of those who had started their journey online then switched to WhatsApp.  Mr Thukaram added: “People don’t want to have long phone calls discussing sensitive topics like salaries or medical conditions—especially if they are in open workspaces—and often don’t have all the information at hand. The same is true for online forms: when customers reach a question they don’t have the answer to, they stop the process and often don’t come back. “In fact, after an initial expression of interest in a product, less than 20% of customers respond when contacted, and the rate is even lower for those under 35. “But on a platform like WhatsApp, they can control the pace of the conversation, review answers, take their time, and aren’t pressured to make decisions instantly. Two thirds (65%) of the WhatsApp preferred journey were within normal working hours, confirming our view that customers would prefer to buy personal policies such as unemployment insurance privately on their mobiles rather than work laptops or big screens.  “By launching this service, which will run alongside our more traditional channels—phone, website—our customers can choose how they want to communicate with us, and when.”

Companies in this story: Best Insurance

People in this story: Kesh Thukaram

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