RGA’s findings from our 2023 portfolio of surveys can help insurance leaders understand the past and better prepare for 2024.
Topics range from the increased demand for mental health products and enhanced services; the adoption and sales of bancassurance, claims management and automation; and evolving approaches to wellness and eldercare.
2023
6 top trends to watch:
Prepares us for
2024
Understanding
SURVEYS ROUND UP
85% of 137 participants in our Global Mental Health Survey of life and health insurers prioritized mental health in response to additional demand for mental related products or services in the last two years. Results differed by region, in line with healthcare infrastructure and acceptance of mental health issues, post pandemic.
1
Of the respondents:
85%
of 137
participants
In the future, insurers will continue to develop enhanced products with added coverages and remove exclusions for mental health conditions. In addition, more will update their underwriting philosophies and practices, but will continue to face challenges with underwriting and claims management.
To access the full 2023 Global Mental Health Survey, click here.
are planning to enhance, add coverages, or remove exclusions from mental health conditions
23
%
report challenges with underwriting and claims management
55
%
are emphasizing expansion of coverage
49
%
Trend to Watch
Despite increasing demand for mental health related products or services due to reduced stigmatization, 27% reported launching new products or services in the last two years.
2
Though the percentage of new product launches may seem low, the industry will continue to see more enhanced product coverages, Employee Assistance Programs (EAPs), apps, virtual care and mental health specialist supports, internet Cognitive Behavioral Therapy (iCBT) and access to counselling networks, and precision medicine solutions including pharmacogenetics.
To access the summary of the Latin American Bancassurance Survey, click here.
Trend to Watch
90% of respondents in RGA’s Latin American Bancassurance Survey reported that increased digital adoption – or increased online sales – positively impacted bancassurance sales and insurers added increased support of digital tools, enhanced customer journeys, and new sales channels in the evolving distribution channel. However, the bank agents are still considered the most valuable for closing bancassurance sales of key products including life, credit life, and health products.
3
In 2024, we expect to see more product development of wellness-type offerings to enhance policyholder engagement and influence positive health impacts.
Trend to Watch
90%
Respondents
To view the insights from RGA’s South Africa Bancassurance Pulse Survey click here.
In our South Africa Bancassurance Pulse Survey findings we identified that digital apps are table stakes and other digital processes/tools are being commoditized. Some of this stabilization could be due to the easing of COVID-19 restrictions.
4
In 2024, we expect continued focus or growth for online sales, and additional bank branch activity for particular products. We will also see greater efforts to increase sales and straight-through processing (STP) rates via increasing investment in distribution channels and partnerships (e.g., outbound sales channels, retail partners, and fintech and insurtech partnerships) to help diversify offerings and cater to a larger retail base.
Trend to Watch
To access the summary of the SEA Medical Claims Management Survey, click here.
71% of participants in our Southeast Asia (SEA) Medical Claims Management Survey of health insurers have been making progress with claims automation and adjudication to increase efficiencies such as uploading of claims documents and rules-based adjudication. In addition, half the market uses payment processing and claims triaging based on costs or diagnosis. As a best practice, RGA suggests that insurers should focus on straight through processing (STP) rates of more complex claims.
Future looking developments include more investment in e-claims processing capabilities and an increased interest in Optimal Character Recognition (OCR) capabilities which increases efficiencies for extracting data from various sources.
Trend to Watch
5
Additionally, respondents are targeting turnaround times (TATs) of six hours or less for cashless claims, as prompt payments of claims is key to ensure the best possible customer experience and a competitive edge.
71%
of participants
For 2024 and beyond, the top areas for potential growth for ageing and wellness include addressing emotional challenges for caregivers, work-caregiving life balance, physical challenges, and most importantly, affordability of care or services.
U.S. consumers are interested in a caregiver product, to provide care or support for elderly parents or parents in-law. The level of involvement with caregiving depends on a number of factors including the number of family members or siblings sharing responsibility, time spent per week, and proximity to aging parents. In a survey of 500 U.S. consumers, the primary areas of interest for support or care for elderly parents included:
Trend to Watch
6
Nurse and therapy services
25
%
Home modifications and home health care
36
%
Chores and personal services
69
%
Emergency medical equipment
20
%
As RGA develops solutions and value propositions for health, risk management, distribution, underwriting, claims, product development, and many other areas, we conduct surveys to understand trends, challenges, and opportunities. Survey findings can be used to engage and provide potential client solutions as well as opportunities for RGA to validate or inform our own internal strategies. Access the links below to learn more.
Sources
RGA Global Mental Health Survey 2023
Current Trends and the Future of Bancassurance in South Africa
Southeast Asia (SEA) Medical Claims Management Survey Summary
Latin America Bancassurance Survey Summary
Contact
Leigh Allen
Associate Vice President Strategic Survey Research
AUTHOR
Copyright © 2023 RGA Reinsurance Company. All Rights Reserved.
https://experience.rgare.com/2023-surveys-round-up
Trend to Watch