Choices Online Store (COS)

Allows insurers and takaful operators to provide direct purchase of products online. Can integrate with Multi-lingual Chatbot for Financial Insurance & Takaful (FITbot) robo-advisor services as well as referrals via Referral Management & Marketing Automation (ReMMA).

What is COS?

The Choices Online Store (COS) allows insurer and takaful operators to leverage a mix of technological innovations from the Enterprise Digital Framework. The Choices Online Store allows carriers to configure their online products through the Enterprise Product Configurator (EPC) and offer directly to consumers via WebPortal Solution (WebPoS). It allows businesses to setup a product catalogue, via customizable product page templates, for categorized and convenient research on multiple product comparisons to enhance the selection process. Online buyers are allowed benefit and cost comparison, quotations generation, online purchase and e-payment for convenient purchase process. The sales are guided with needs analysis based on client’s financial needs and lifestyle, so clients make informed decisions. If clients need hands-on advice FITbot can help them guide through the process or get connected with e-advisors online. The e-advisor can be registered with the chat service which can help track KPIs and referrals for performance management.

Why COS?

The high adoption rate of new technologies in the financial sector has paved its way towards development of new distribution channels in the online space. As use of internet becomes more integrated with different business processes and within the lives of customers, insurers and takaful operators have a chance to reap benefits from end-to-end activities like product development, marketing, sales to customer retention. The rise in internet usage has also restructured the research and purchasing process of customers.

Today a customer will prefer to collect information from various platforms of multiple insurers and seek feedback from existing clients before committing to an insurer. While product offering is the prime factor for online purchase other attractive technology implementation such as chatbots, budget and financial calculators, product comparators, transparency of product details and needs analysis can help give the extra push for purchase. The choices online store is not restricted to selling online but a combination of different services, all of which are well-integrated with our Enterprise Digital Framework (EDF) allowing insurers and takaful operator to leverage from these enhanced capabilities and prepare for the future.

The Choices Online Store can also configure personalized campaigns to bring consumers to the store via social media, messaging and email. Campaign visits are tracked to analyze drop-off points, which enables the marketers to minimize drop-off ratios utilizing A/B and multi-variate testing, to verify the best customer journeys.

Features of COS

Setup various products on the Choices Store based on the business requirement through Enterprise Product Configurator (EPC).

Comparing of different insurance products of a single insurance provider or multiple. Additionally, supports comparison of products within the same category to allow users to view product benefits and pricing.

Engine to support dynamic configuration of premium calculations and calculation of premium amounts that are pushed to the store. The quotations are interactive where users can enter different input parameters and view the changes in premium amount in a matter of seconds.

Allows user to engage in the analysis of their individual financial needs such as protection, savings and child education based on which Choices Online Store can recommend the most suitable product. Additionally, users have the option to pursue their needs based on their life stage. The Choices store offers group products for based on singles, married or married with kids.

The Choices Online Store can recommend the most suitable product for a user based on their needs or lifestyle.

Product Disclosure Sheet, Policy Issuance and Product Documents can be setup on the store and made available to user based on how far along they are in the sales process.

The store extends the sales process by having auto-underwriting to ease the purchase process. Depending on the product and insurer underwriting requirements, questions can be setup for underwriting checks and capture user information for policy generation.

Constant and consistent support via FITbot and Online chat with live chat recording for audit purpose. If customers request to engage with an actual advisor, the chat can link customer with agents/advisors.

Choices Online Store can be integrated with other Enterprise Digital Framework (EDF) modules. The store can also be integrated with other core back-end systems.

Have proper reporting in place for trackability. Insurers and takaful operators can track store performance with adoption of web analytics methods.

Build personalized campaigns to target users, analyze to minimize drop-off ratios utilizing A/B and multi-variate testing. Enable performance tracking and marketing automation to consistently nurture leads and retain customers.

The store has social media plugins, where users can share their feedback on the sales process.

Easy integration in with the different payment systems such as iPay88, eGHL, ManagePay.

Benefits of COS

Learn how it works

  • Assess customers’ needs based on the finances and lifestyle.
  • Recommend products that are suitable and meets customer needs.
  • Explore and compare products.
  • Provide support through FITbot and Online Chat with advisors.
  • Generate quotation for customer to view and push through the sales process.
  • Auto-underwriting to assess the risk of customers.
  • Generate documents required with purchase process.
  • Pay premium through the ePayment Gateway.
  • Perform web analytics to analyze the data gathered.


Choices Online Store

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