What is the future of group insurance?
The future is evolving around the changing expectations of members, which drive engagement of members. Specifically:
- More robust data is essential for deeper understanding and more meaningful relationships with your members. It allows you to utilize super and non-super assets and various dimensions to empower and educate members to determine the adequacy of insurance protection;
- A further improvement of segmentation models assures that the correct information gets provided at the right time;
- Using machine learning and AI to replace paper-based services in claims and underwriting will speed up the process by automating labor-intensive jobs and repeated procedures. It should be distinct from eliminating the human factor since it is still a business.
The most important thing is integrating all insurance-related parties to share data in real-time and provide one reliable source.
How can insurers deal with member engagement?
The pandemic has highlighted insurance’s importance, especially for those who might not otherwise have insurance other than super. Many people only realize the importance of insurance once in need; therefore, insurers and fund managers need to interact with members to educate them about the benefits they get from insurance. According to our research, members’ interactions with insurance and their affiliation with the super funds they belong to get related.
The people who have altered or increased the amount of insurance they have are more likely to:
- More frequently interact with and check their super;
- Have a better understanding of their excellent insurance coverage;
- Consider their super funds to perform better than others in aspects like the return on communication, customer service, and investment returns;
- Are more loyal to their super funds and will recommend it to others;
- Please discuss with your kids or their parents regarding excellent insurance.
It opens the door for insurers to collaborate with the funds they have to improve communications with members and point out instances when members should be thinking about their protection level.
How significant are simplified digital interactions?
The pandemic has profoundly altered the expectations of consumers and their behavior. Digital, non-contact interactions are now the standard. Customers expect seamless interactions with super funds and complete transparency throughout claiming. For instance, a member should be able to log in and know the exact location of their claim where it is, download and electronically verify documents, and gain access to assistance.
What are the best ways funds and insurers deal with mental health issues?
Ottawa Life Insurance is a firm advocating for mental health reforms, specifically in areas where insurers can take an active part in helping customers. We’d like to see an increase in flexibility of the regulations setting that allows life insurance companies to finance health services, allowing customers to recover faster.
We know that mental health is the third commonly cited reason for disability income-related claims.
What can funds do now to influence members’ opinions on the value of insurance in super?
Funds may begin by going through all marketing and communications collateral and testing the efficacy of insurance benefits across various membership segments to determine their members’ perceptions.
Insurance companies get assessed on their ability to handle claims, which is why it’s crucial to know the challenges that members face in the present. Funds should work together with their insurance company to enhance the experience of insurance through every step:
- Make sure that it’s easy for you to comprehend and written in straightforward English;
- They are making sure that the forms can be easily found and auto-populated. They can be uploaded and electronically signed;
- Ensure members are up-to-date on future steps, timings, updates, and any unavailable information;
- Contact details for the claims manager and encourage members to remain in contact with the claims manager regularly;
- The alternative contact options allow members to select their preferred method of contact.
Customers need to realize that insurance with high prices may mean something other than that it is the best value. It will lead to a greater understanding and belief that super insurance offers financial security. The risk can pool to reduce costs, and coverage will provide to those who cannot pay for insurance. Before making any decisions, you should also consider the applicable product disclosure statement from Ottawa Life Insurance, which is available upon request by calling (613) 454-1424 or emailing info@ottawa-lifeinsurance.ca.
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