Life

Digitization has spread to every aspect of our personal and professional lives - including, of course, the insurance industry. It affects all sorts of different areas: from interfaces with end-customers and brokers, to wearables like fitness trackers that are supposed to encourage customers to behave in a more self-aware way.

The long-term prospects of most Life and Health insurers are going to be determined by their ability to transition from a product-based approach to a customer-centric value proposition. But, if they’re going to make that leap, insurers will have to know more about their customers, their behaviors and decision-making processes.

As we look at a world in flux, it’s important to remember that the only constant is change. Technology is a good example, as it has a far-reaching impact on other industries.

Providing an excellent customer experience is more important than ever as a strategic differentiator for insurance companies. Here’s what it takes to provide a customer experience that leads to brand insistence.

Advances in bioelectronic technology – and the resulting influx of data – promise to reshape the underwriting process. Preparing today can help insurers capitalize on the opportunities of tomorrow.

An NAIC task force has proposed an experience reporting update.

To better understand the challenges fraud presents, RGA has reached out to life insurers: We surveyed insurance companies, conducted informational interviews, held discussions at the 2016 RGA Annual Fraud Conference, and conducted our own internal research of claims experience.

“People think the process is too onerous and the product is too expensive.” That, Legal & General Insurance EVP James Galli told Karen Webster in this week’s TopicTBD discussion, is the perception of getting a life insurance policy.

Half of life insurers have some type of automated underwriting solution in place and 41 percent of companies are in the planning process, according to LIMRA research.