Digital technology is everywhere. Consumers are growing increasingly accustomed to carrying smartphones, tracking activity on wearable devices, and communicating via chat when seeking an online service. As the insurance industry strives to adapt to the evolving needs of today’s consumer, examples of these technologies are becoming more common.
Yet, there is little evidence to suggest these innovations are widely used to facilitate the life claims process.
To get a better understanding of how life insurers are integrating technology into the claims process, RGA surveyed insurers from around the world.
The results were eye-opening: Out of 107 respondents, 52% offered multichannel policyholder access including mobile applications. Only 35% of respondents made digital claims functionality available to policyholders.
When it came to decision making and risk management, technology adoption among claims personnel lagged behind that of their underwriting counterparts, with just 26% employing an expert claims system.
Only 3% added an element of artificial intelligence or machine learning, and all of these companies were located in Asia.
Another interesting finding: Most of the companies with expert claims systems suggested that the technology was ineffective, despite 70% of these systems having been developed in-house.