DeltaDigital launched as Singapore’s first online financial lines toolNovember 23 2017 by InsuranceAsia News Staff
Delta Insurance Singapore has launched the city’s first online financial lines platform.
DeltaDigital.sg offers brokers and policy buyers instant quotes for commercial insurance products such as cyber, professional liability, technology professional liability and management liability.
Getting a quote for these types of products has traditionally been a cumbersome process that could take up to several weeks and involved filling out a complicated physical proposal form. But DeltaDigital says that its proprietary technology can generate quotes in a matter of minutes.
“We want to streamline the process from end-to-end and cut through the long manual process,” said Eugene Cheong, managing director of Delta Insurance Singapore. “This will free up time for our users to focus on other important aspects of their business.”
Two types of quotes can be generated through the platform — a firm quote or a non-binding indication (NBI). Quotes require buyers to input a revenue range, policy limit and company details, and answer some basic questions to assess the company’s risk exposure through an online declaration form.
“Despite the vast differences in the level of exposure to risks, buyers from small and large companies across different industries undergo the exact same underwriting process,” said Cheong.
She added that the company’s preference is for buyers to be serviced by a broker, but noted that an increasing number of buyers are adopting a more hands-on approach, and are sometimes coming to underwriters for quotes directly to benchmark against quotes that they have been presented with.
Delta says it will be adding functions such as tax invoice and commission invoice generation, policy issuance and payment, and using artificial intelligence and machine learning in the near future to speed up the process even further.
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