Shenton Brokers Launches Commission-Free Insurance Portal
SINGAPORE, Aug. 23, 2019 /PRNewswire/ -- Shenton Brokers, licensed by the Monetary Authority of Singapore (MAS) to sell general insurance products, announced the launch of its online portal to provide a fast and convenient way for individuals and SMEs to get customized service, compare and buy commission-free insurance products online. The online portal could democratize the insurance industry, where commissions are paid to intermediaries.
Shenton Brokers learns about the customer's needs and matches coverage with insurer's appetite for the best price; all with just a few taps at no extra cost. This attracts millennials who are looking for 24/7 self-serve tools and do not want to pay for the added service of insurance agents. A typical search will display 15 to 30 policies from various insurers. Once a customer comes on board, they can access their policy, request changes and file claims on their own secure Shenton Broker's account. A mobile app for smartphones and tablets is under development, so that customers can view their policy and file claims conveniently anytime.
Using automation and artificial intelligence, Shenton Brokers is playing a leading role in transforming the insurance industry, with proprietary technology that passes cost-savings to the consumer. Robotics process automation (RPA) is applied, together with optical character recognition (OCR) and natural language process (NLP) solutions for manual data extraction, entry and processing tasks. RPA is also used to facilitate connectivity with insurance companies, which was previously hampered by the legacy systems of established insurers and the investment cost that replacing such systems would involve. By automating manual work, digital brokers can reduce the effort and time spent on non-value added tasks, and pass the savings to the customer.
"Digital transformation in the insurance industry has been long overdue. Customers are hungry for an online platform that can help them save time and money. We created a business model that simplifies the entire process of buying insurance - from comparing quotes to buying a policy. Using technology, we are able to pass the cost-savings readily to the customer so that they do not need to pay the commissions that the insurance industry is known for," said Dr. Vivien Chua, Chief Technology Officer of Shenton Brokers.
Technology has already democratized publishing, investing, and more industries. Now Shenton Brokers wants to bring the change to the insurance industry.
About Shenton Brokers
Shenton Brokers makes it easy for customers to compare and buy the insurance policies that best fit their needs and circumstances; all at the most competitive price. Licensed by the Monetary Authority of Singapore (MAS), we are the first online insurance broker to introduce technology that brings transparency and savings for the consumer to the insurance industry.
We specially curated a digital platform that generates customized, direct and transparent insurance solutions. Our team of highly experienced industry professionals employ powerful automated algorithms to deliver a quote in under 60 seconds.