Distance is one of the most abiding pain points for life insurers. It is a source of cost, inefficiency, and inconvenience in many life insurance processes, from reaching customers for testing, delivering training to employees and beyond.
ANZ bank's insurance arm OnePath Life Insurance today revealed some early wins for its project with researchers at the University of Technology Sydney (UTS) which uses machine learning models and advanced analytics to improve the insurance underwriting process.
In theory, it is the depersonalization of the consumer experience and process in search of the cheapest and easiest alternative in doing business. Life insurance is unfortunately one of those entities subject to these forces, whether by Amazon or by other methods insurers are now using to amalgamate the process.
Insurance leaders predict what’s ahead for sales and profits, information technology, customer service, human capital—and more.
There is a view that the life insurance business needs to change or to innovate in order to remain relevant and reach new customers; if incumbent players don’t make an environment that appeals to new customers, someone else will step in and do it in their place.
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.
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.
This white paper covers the use of underwriting engines, their provision by reinsurers and how this model is being challenged by changes in customer expectations, technology, adviser engagement and the pan-industry problem of low growth.
The insurance industry has a lot of challenges right now, with pressure on interest rates, profit margins and a constantly changing technology. Change within the industry continues to accelerate. Pressure and expectations for better and faster service are driven from within and outside the industry. Customer service is becoming more important than ever as a strategic differentiator for insurance companies. Achieving great customer service starts with your company’s vision, culture and commitment to getting everyone moving toward the common goal of service excellence.
Ageing is an innate and often emotional process. We generally sense our own ageing in a visceral, illogical way; for example, we could feel rejuvenated by a healthy diet or regular exercise. In fact how we feel could reflect our biological age, which may better indicate our current health status by taking account of improvements and deterioration, than chronological age that increases continually and incrementally.