Beacon Insurance’s Digital Revolution

IN a world of constant technological advancement, where artificial intelligence, digital wallets and virtual offices have become commonplace, companies that wish to endure must move with this progress. The reality is that the most tech savvy company can be considered a dinosaur within a 2-3 year span if they don’t move as fast as the technology around them does. The Caribbean region has been a little slower on the draw when it comes to technological advancement but make no mistake, at some point we will be dragged (kicking and screaming if it must be that way) into this ultra-connected and constantly changing digital universe.

Financial services in particular can benefit from digital transformation. They are highly transactional and repetitive and implementing digital solutions can significantly improve efficiencies within their processes, leading to greater customer retentions and reduced lead time for development of new products and services. It is the recognition of this that has led The Beacon Insurance Company Ltd. to begin its digital revolution, using technology to deliver a more efficient and convenient experience to its regional customers.

One of the most recent examples of this is the roll out of an online Customer portal for Beacon’s Employee Benefits portfolio in the St Lucia market. With the introduction of this portal in September 2019, Beacon’s customers will be empowered to monitor and manage their policies and claims at a time and place convenient to them. It will provide 24/7 access to personal insurance information, allowing customers to self-enroll for the Medical plans to which they subscribe, for quicker access to benefits. The portal will also facilitate online claims submissions and tracking and viewing of claims status, both of which create a more efficient and customer-controlled process for settlement. In addition to improved convenience and time management, this new process will facilitate electronic fund transfers, which means that reimbursement monies are transferred directly to the customer’s bank account. Doesn’t sound like much but when compared to the regular process of taking time off work to line up at a bank and deposit/cash a cheque and in some cases wait for the cheque to clear… the idea of receiving immediately accessible funds in your account just seems like a breath of fresh air!

Faster claims settlement, direct fund transfer and self-management of insurance policies – all literally at your fingertips. Why would anyone settle for anything less?

It’s just one of the ways in which Beacon is using digital solutions to drive business. There’s much more to come. Beacon has recognized that the business universe has shifted and continues to advance at warp speed, taking no prisoners. The only decision to be made is whether companies should upgrade to the highest internet speed or log off and Beacon has only just begun browsing…

— Beacon Insurance

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