Insurance embraces digital innovation

Content courtesy of Solutions magazine.

It’s easier than ever to get the protection you need.

For many Canadians, buying insurance might summon unappealing thoughts of invasive medical tests, complicated forms and long wait times for approvals. But protecting your loved ones, and everything you’ve worked hard for in your life, is an important part of your financial plan that shouldn’t be overlooked. Thanks to digital innovations, the process of purchasing insurance to get the protection you need is now easier than ever.

Virtual connections

In a recent study, 68 per cent of insurance buyers said they would prefer to conduct their transactions online.¹ And it seems the insurance industry is listening. Insurance applications have become more straightforward, and many can simply be submitted online with a digital signature. Today, medical intervention may not be required, meaning there could be no need for blood tests or fluid samples, depending on your situation and the coverage you’re applying for.

With simpler and more streamlined processes in place, insurers can approve policy applications – and provide coverage – faster. If you need term insurance, for example, you may be able to secure your coverage in as little as one business day after you apply.

A word about AI

Sophisticated new technology has helped make the underwriting process far more efficient than it used to be. Many providers have embraced artificial intelligence to offer better value to their customers. AI can make decisions in seconds, whereas a human needs time to review every part of an application process. AI systems for life insurance applications are trained using thousands of existing policies that have been processed by human underwriters.

The systems are constantly learning and become more intuitive every step of the way. For example, rather than using a standard 38-page form for everyone from toddlers to seniors, AI technology can quickly refine the application process based on answers provided by the customer.

With artificial intelligence handling the straightforward policies, human underwriters can focus on the more challenging cases. The result is much faster data processing and a better experience for customers.

More options

The right coverage is less expensive than people realize. Whether you’re in the market for life insurance, critical illness insurance or disability insurance, cost-effective solutions exist to provide different levels of coverage for specific lengths of time. Some programs even let you earn rewards and save on premiums based on healthy lifestyle choices, and encourage using wearable technology to help you track your progress.

Making a decision that can safeguard you and your loved ones is a great feeling. Regardless of your situation, easy and affordable options are available for all your needs. You can read more about the options in the article Insurance basics (link). Speak with your advisor about getting the protection that’s right for you.

1 www.the-digital-insurer.com/digital-adoption-in-the-insurance-sector-a-report-by-the-economist-intelligence-unit

© 2020 Manulife. The persons and situations depicted are fictional and their resemblance to anyone living or dead is purely coincidental. This media is for information purposes only and is not intended to provide specific financial, tax, legal, accounting or other advice and should not be relied upon in that regard. Many of the issues discussed will vary by province. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.