{"id":3960,"date":"2024-06-03T20:05:26","date_gmt":"2024-06-04T00:05:26","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=3960"},"modified":"2024-06-04T13:29:03","modified_gmt":"2024-06-04T17:29:03","slug":"how-life-insurers-are-leveraging-customer-trust-and-transparency","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/how-life-insurers-are-leveraging-customer-trust-and-transparency\/","title":{"rendered":"How Life Insurers Are Leveraging Customer Trust and Transparency"},"content":{"rendered":"
\"Building<\/figure>\n

A recent EY Global Insurance Outlook found that building trust and transparency were key to an insurer\u2019s performance and growth. The need was fueled in part by what we have been experiencing over the past several years. That is economic volatility, a global pandemic, supply chain disruptions, and wars with considerable ramifications. By increasing their transparency and building greater trust with customers, life insurers can secure a better future for their organizations.<\/p>\n

Building Trust<\/h2>\n

Insurers are building customer trust by providing more market-responsive products \u2013 those that meet the needs of a multi-generational population and workforce, as well as making more convenient distribution channels available for accessing these products. An emphasis on personalized customer service is highly valued and is a method to better engage with customers, drive increased loyalty, and product sales.<\/p>\n

Transparency Achieved with Advanced Technologies<\/h2>\n

Building trust is as important as exhibiting transparency. Customers value the ability to access product and related price information through digital platforms and mobile apps. Applying Artificial Intelligence (AI) and Machine Learning (ML), insurers can leverage algorithms that enable greater data capture that empowers insurers to deliver higher-quality personalization in their product offerings and make more informed decisions. Generative AI (GenAI) apps are especially helpful to insurers in affirming that underwriting, coverage, and claims decisions are not biased against single customer and\/or groups of customers.<\/p>\n

Taking Action<\/h2>\n

The EY Global Insurance Outlook report suggested insurers take specific actions to build trust and transparency to better secure their company\u2019s future. Among those actions cited were:<\/p>\n