The RGA Knowledge Center offers a world of expertise from across RGA. In each edition of RGActual, we will bring you some of the recent highlights.
How Insurers
Pivoted Since
COVID-19
How Insurers
Pivoted Since
COVID-19
A sudden shift to remote sales, huge increases in demand for underwriting and claims services, and major changes to consumer needs – it’s no surprise that COVID-19 is contributing to the transformation of the life and health insurance sector. RGA surveyed 16 of its offices worldwide to identify several important ways the industry has changed since March 2020.
New products targeted emerging growth opportunities
The pandemic drove increased consumer awareness of the need for insurance protection, which created a short-term and longer-term impact on product innovation. For these emerging growth opportunities, new products were targeted.
Insurers adapted processes to onboard new costumers
Accelerated digital journeys, electronic applications and signatures, and remote sales tools – just some of the ways insurers adapted on-boarding processes due to the disruption of face-to-face sales during lockdowns.
Lead generation initiatives engaged consumers in new ways
New distribution channels and partnerships became crucial for lead generation.
Read more
Insurers fast-tracked digital product offerings
Leveraging e-underwriting tools and insurtech collaborations, digital product development included COVID-19 benefits, hospital benefits, and more affordable coverage.
Read more
Underwriters adjusted to new processes, new guidelines, and new risks
Limited access to traditional underwriting evidence fast-tracked the use of accelerated underwriting solutions featuring e-applications and alternative data sources.
Read more
Claims assessors adjusted to higher volumes and challenges with collection and verification
Increased volume coupled with remote and hybrid work environments made document verification and claims investigation particularly difficult. Insurers continue to seek solutions to these challenges, presenting an opportunity to innovate and leverage technology.
The impact of COVID-19 on pricing remains a key concern for the industry
Agile pricing practices informed by ongoing business monitoring allowed insurers to make premium adjustments and support product sustainability. Pricing remains a key concern.
Have an idea for the next issue? Want to know more about what we do or explore a potential partnership? Or do you have other questions? Please contact us »