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Transformation trends for disability and absence management



Note: This is the fifth in a series of blogs on distribution management and insurance conversion by Majesco and PwC. Today’s blog contains a dialogue between Denise Garth, Chief Strategy Officer at Majesco, and Luke Suczewski and Haley Wellener from PwC’s Insurance Transformation practice.

Denise Garth: Welcome back to our “Two-Minute Q&A Chat” which explores distribution management, where we ask the difficult questions of how to get the most out of your transformation. In our previous discussions, we introduced the DM maturation curve and discussed how carriers can define their current location on the curve, as well as some deeper dives into specific parts of the curve. Today we are joined by Luke Suczewski and Haley Wellener, both members of PwC̵

7;s Insurance Transformation internship. We look forward to taking a closer look at changing trends in the field of disability and absence management!

Q1 (Denise): We’ve been talking about digital transformation for probably the last 3-5 years. What do you both see differently today, than five years ago, and why is this digital transformation such a mandate for growth and competitive dominance for insurance companies?

Haley Wellener: Even before the pandemic, carriers have modernized technology stacks and pushed for transformation to some extent, but with COVID bringing us into this virtual “new standard”, as well as employee and employer demand for new products and services, and the demand for seamless digital experiences, All of these factors really force carriers to accelerate investment in digital transformations more than they were five years ago. In order to gain market share and meet customer requirements, carriers must now drive these conversions across the entire value chain. The increasingly digital and developing world is indeed accelerating this imperative for digital transformation, otherwise carriers risk falling behind competitors.

Luke Suczewski: I agree with Haley, and one area in particular where we see this is disability and absence. In disability and absence, the race for dominance is accelerating faster than ever. Carriers and competitors compete to win the market and position themselves for continued success. The pandemic is really changing customers’ needs and expectations.

Q2: I think it’s interesting, the combination of the large retirement and the large adjustment of the workforce, combined with regulation and technology and experience of the pandemic, have come together to refine the strategic focus for the insurance companies. Why does integrated disability and absence management become so much of a priority for insurance companies to really consider? And why is it becoming so customer-focused?

Luke: A major change over the past five years is the centering of the event in working life. More than ever before, those who win in space look at the employees’ life event and take an empathetic approach to the difficult moment, and do so while giving the employee a good, effective experience. Haley has fantastic examples of how we see it play out with our customers.

Haley: On older platforms, multiple records must be created to handle a life event. Each of these individual records triggers individual correspondence sent to the plaintiff, which can be very confusing and stressful for the employee. Suppliers now want to take that complexity out of the customer experience and offer a more empathetic experience by using event-based solutions. With event-based solutions, the system is smart enough to recognize that all of these items are associated with an employee’s life event.

Q3: We’ve talked about some of the most important changes we’ve seen in the last three to five years, but looking ahead, what do you predict are the biggest changes we’ll see in the next three to five?

Luke: I think some of the trends we will see over the next three to five years are continued product expansion, especially in the area of ​​voluntary benefits and the overall group picture. I believe that emphasis will be placed on self-service and self-service capabilities, where employees have new digital tools to be able to manage their policies, claims and absences. Finally, I believe that there will be an increase in third-party integrations. Haley, curious to hear your perspective on this as well.

Haley: I agree with everything that Luke shared, and I believe that digital transformation at a higher level will force these group and benefit providers to operate outside their traditional norm, force them to think big but start small, be willing to test and learn , and fails quickly. Some of the suppliers that are undergoing successful transformations will change and become technology companies. This will be a big shift in how we see traditional insurance companies acting in the future.

Q4: If you could choose a word or phrase to describe the future of insurance, what would you choose and why?

Haley: My word is ‘digital’. I think, as we have talked about, that we will start to see more insurance companies act as technology companies when this “Digital First” mentality starts to hold. I think we will start to see more digitally focused companies start to be at the forefront of the traditional insurance companies.

Luke: I would say “fast”. I believe today that the accelerating pace of competition, the digital transformation, of the megatrends in the industry is moving fast and accelerating faster than every year before.


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