Life firms embracing digitalisation to battle stagnation
Life insurance companies around the world are moving to integrate digital technology more thoroughly into their operations.
These movements are mainly aimed at preventing stagnation and possible flight to players.
In its 2018 Perspectives on Insurance report, Deloitte said that insurance companies are experimenting with advanced connectivity and analysis in an effort to reduce the application process to close from weeks to minutes, reduce the costs of incorporation and reduce the dropout rate. of the consumer.
The insurers, according to the report, are carrying out subscription activities digitally through accelerated metrics.
These metrics are mainly based on digitally available medical data, prescription information on drugs and, potentially, even facial analysis technology.
These steps measure the applicant’s life expectancy and eliminate conventional medical tests.
With subscription digitalization, online distribution capabilities will also be improved