TECHNOLOGY to it will have a lasting impact . Just look at how we have moved en masse to contactless and cashless payments , whether you measure that in terms of the increase in the payments themselves or the rise of digital banking , or even the drop in ATM withdrawals . Let ’ s face it – when did you last hold a cheque in your hands ?”
Donnelly says the insurance industry is no different . In fact , it ’ s front and centre in this move to the digital world . The pandemic has brought a renewed focus among insurers to progress their plans for implementing digital solutions , and we have seen a significant leap forward .
Adoption of automation is accelerating Automation is now not only widespread , but is in fact what makes access to life insurance
“ Automation can speed up interactions between the insurer and the insured , making sure that nothing is missed or delayed ”
PAUL DONNELLY EXECUTIVE VP EMEA , MUNICH RE possible for many , according to Donnelly – “ whether that be on the application or enrollment side , with automated underwriting in Europe , or on the benefits side when accessing Paid Family & Medical Leave ( PFML ), Paid Family Leave ( PFL ), or short-term temporary Disability Insurance ( DI ) in the US , or Personal Accident Insurance in Australia , as examples .”
He believes automation lends itself most naturally to customer facing data collection processes . “ The application and onboarding process – with its attendant collection and management of structured data concerning the applicant , the onboarding and distribution paths followed , and the underwriting philosophy applied – naturally lends itself as the first point of adoption . But , there is a sense of ‘ start as you mean to go on …’, in which I see the data collected by the insurer at the beginning of the consumer ' s journey with them being used to automate , speed up and clarify the insured ’ s later interactions as they make adjustments or claim to access benefits .”
BRIAN MULLINS , CEO AND FOUNDER , THE MIND FOUNDRY
MEGAN BINGHAM-WALKER , CO-FOUNDER AND CEO ,
ANANSI TECHNOLOGY
PAUL DONNELLY , EXECUTIVE VP EMEA , MUNICH RE
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