Thursday, May 24, 2018

Life firms embracing digitalisation to battle stagnation

Life companies around the world are moving to integrate digital technology more thoroughly into their operations.

Such moves are primarily aimed at preventing stagnation and potential leakage to insurtech players.

In its 2018 Insurance Outlook report, Deloitte said insurance companies are experimenting with connectivity and advanced analytics in an effort to cut the life application-to-closing process from weeks to minutes, lower onboarding costs and reduce the consumer dropout rate.

Insurance carriers, according to the report, are conducting underwriting activities digitally through accelerated metrics.

These metrics are largely based on digitally available medical data, drug prescription information, and potentially even facial analytics technology.

Such steps gauge an applicant’s life expectancy and do away with conventional medical tests.

With the digitalisation of underwriting, online distribution capabilities are also enhanced, said the Deloitte report.

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