Tokio Marine Singapore enhances chatbot with calculator feature

Users can now see for themselves the gap between their income and insurance coverage.

Tokio Marine Life Insurance Singapore added a calculator feature to its self-learning chatbot, TOMI, which enables users to generate a report detailing the gap between their income and present insurance coverage.

Users need only provide information on their monthly income and insurance policy comprising Mortality and Critical Illness to see whether they fall on the risky zone as well as recommended coverage. This is made possible through a metric called protection gap pioneered by the Singapore Life Insurance Association.

The protection gap estimates that the protection needs of an average working adult is approximately nine to ten times their annual income in case of death and 3.9 times in case of critical illness.

Also read: Singapore battered by massive $669.97b mortality and critical illness gap

“The launch of this capability makes TMLS the first insurer in the industry to introduce a Chatbot-based calculator, and we believe it aptly demonstrates our commitment towards empowering our customers and accelerating the larger industry mission of improving financial literacy and narrowing Singapore’s protection gap,” said James Tan, CEO of TMLS.

The latest update enhances the advisor-prospect process as users who opt to request for further information can be connected to a human TLS advisor who can provide advice in under two hours.

The chatbot is available on Tokio Marine Singapore’s Facebook Messenger.