Life insurance companies undertake to increase the efficiency of the issue guarantee and improved risk assessment by collecting more data and investing in new digital processes.
A new Accenture Research survey of more than 500 insurers found that insurers prioritize data usage while introducing robotic process automation (RPA) and modern policy guarantee platforms. These systems use a variety of data sources – some unconventional, such as social media and health and health apps – to complement conventional ones to provide deeper and more actionable insights.
By working together, these new technologies can not only improve the efficiency of the issue but also create new opportunities by extracting greater value from a deeper data pool. This is good news for insurers as it allows them to examine risks more carefully than before.
Need for efficiency
Improving insurance efficiency is an important goal for insurance companies, as our study showed that new technology has actually increased the workload of insurers. They told us that technology has had a positive impact on their insurance performance, but as much as 40 percent of their time is now spent on non-central administrative tasks, such as data entry and data collection.
Our research shows that insurance companies want to improve the effectiveness of guarantees by investing in technologies such as AI and Natural Language Understanding / Processing (NLU / NLP). The resulting new features, such as automatic data extraction from customer or producer documents, will free insurers from these mundane tasks and significantly increase their capacity.
Data if needed
But this data is only as useful as it is available; The information becomes much more valuable and is presented to insurers when they need it most. It is especially useful for insurers to have the necessary data at hand at important decision points throughout the insurance workflow.
My colleague Michael Reilly describes this ability as a “third generation underwriting platform.”; Such a platform improves the workflow and policy system while containing all the data guarantees needed for risk assessment. Once integrated into the issue workflow, these intelligent and automated platforms provide insurers with the data and insights they need, when they need them.
Transformational changes that insurers are looking for
We believe that these platforms can provide the transformative change of guarantees that point solutions have so far not addressed effectively. Having data when needed is the key to ensuring transformation.
Third-generation insurance platforms have the power to eliminate time spent on data management, and can even go beyond insurance guarantees by providing insights into the life insurance value chain. Such insights can, for example, affect product development and distribution by identifying and addressing opportunities in new and / or underserved markets.
We invite you to read our latest White Paper, AI-Driven Insurance: Automated Underwriting – Recreate the Life Insurance Guarantee Experience for Productivity and Profit, to explore new ways to empower your insurers. Contact Michael or me for more information.
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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.