Product Trends

STREAMLINING PROCESS

HCF the First Fund to Pilot QR Code Claiming for Extras Services. Press release, June 2, 2023.

HCF Members will soon be able to make on-the-spot claims for extras services using a QR code on their mobile phones. The contactless QR code claims are currently being tested in a pilot by HCF staff and NAB corporate members.

Nationwide is Using Digital Technologies to Make it Easier to Buy Term Life Insurance. Press Release, June 27, 2023.

Nationwide Life Essentials provides an instant quote and a detailed offer in minutes.

Policygenius and Labyrinth Financial Services Announce Partnership to Optimize Term Life Insurance Fulfilment and Improve Client Experience. PR Newswire, June 6, 2023.

The term life fulfilment platform Policygenius Pro streamlines term life insurance for LFS partners through a simplified applications process. The platform guides applicants through the process, from finalizing policy selection to completing the application, gathering underwriting requirements, and placing coverage in force.

Sapiens Joins Forces with Microsoft to Leverage Generative AI for Insurers. PR Newswire, June 2, 2023.

Sapiens will integrate Microsoft Azure OpenAI and Azure Power Virtual Agents to provide generative AI solutions for insurance companies. This will allow customers to easily navigate complex documents such as policies.

Simplifai Launches AI Tool for Insurers. Blog, June 1, 2023.

The custom-built AI GPT tool for insurers offers ChatGPT-like enhanced decision making for automated claims management. InsuranceGPT is platform-based and plugs into third-party services such as Salesforce and HubSpot.

Atidot Launches AI Platform for Life Insurance Analysis. Life Insurance International, May 30, 2023.

Insurtech Atidot has announced the launch of its AI-based platform. The platform can predict the behaviour of a wide range of policyholders, including whole life, universal life, and term life in real-time. The platform utilizes integrated APIs to link to external CRM systems that help insurers launch marketing campaigns directly from the platform.

Swiss Re Reinsurance Solutions Forms Strategic Partnership with Benekiva to Create an End-to-End Digital Claims Management Solution . Press release, April 25, 2023.

Swiss Re and Benekiva have formed a strategic partnership to develop an Integrated Claims Management Platform that combines Benekiva's state-of-the-art claims administration system with Swiss Re's Claims Automated Rules Engine and deep expertise in risk management.