7 Ways to Accelerate Insurance Innovation with Sapiens and Binah.ai’s Joint Solution

In the face of escalating inflation and tightening regulations, the insurance sector in mature markets is grappling with a notable slowdown in protection revenue growth, anticipating only modest gains in the next few years. A recent Deloitte report predicts that growth in life insurance is likely to be driven by increasing demand among younger, tech-savvy consumers, while a growing middle class in emerging markets is likely to power growth as well. This evolution in market dynamics is compelling insurers to reassess their strategies to remain competitive.

One strategy emerging as key for insurers is the creation of a more customer-centric insurance journey, positioning themselves as firms that are easy to engage with. This shift demands the adoption of advanced technology to reduce siloed interactions and facilitate more innovative and seamless underwriting and claims processes. Additionally, it involves the development of more engaging wellness programs and the digital transformation of the customer experience, ensuring it aligns with the expectations of today’s digital-savvy customers.

Sapiens and Binah.ai’s Joint Solution: Powering Innovation and Digital Transformation

Sapiens International Corporation has recently partnered with Binah.ai to enhance its cloud-based SaaS insurance platform. This collaboration offers insurers a powerful tool to become digital, innovative and agile. In addition to helping insurers digitally transform operations like underwriting and claims, the platform now incorporates Binah.ai’s technology, which enables remote measurement of vital signs, stress levels and even blood tests through a simple 40-second selfie or continuous checks using a Polar Verity Sense™ optical heart rate sensor. The joint solution opens up unprecedented opportunities for insurers to innovate and set their services apart.

How can Sapiens and Binah.ai’s joint solution offer insurers a strategic advantage in a saturated market?

1. Streamlined Onboarding and Underwriting Journeys

The traditional processes of applicant onboarding and underwriting can be lengthy and cumbersome, presenting a prime opportunity for insurance innovation and differentiation. By leveraging remote, real-time health and wellness checks from smartphones, insurers can expedite these processes, facilitating faster coverage acquisition for customers and enhancing risk assessment. These checks can be incorporated into digital applications created and customized to suit insurers’ needs by Sapiens. This approach not only increases customer satisfaction but also aids in enhancing the profitability of insurers. (To watch a full demo of what these applications can look like, watch our recent webinar here.)

2. Simplified Claims Processing

The efficiency and accuracy of claims processing are becoming pivotal for insurers looking to differentiate themselves. To simplify processes and improve their speed and accuracy, insurers can use real–time health data shared by end users to corroborate claims and improve the speed and accuracy of claims processing. Using Sapiens’ platform insurers can build a more automated and user-friendly experience.

3. More Engaging Wellness Programs

A significant innovation with potential to drive growth is the integration of underwriting processes and health data shared by policyholders with wellness programs. Using Sapiens and Binah.ai’s joint solution, insurers can integrate health and wellness checks into wellness apps and programs, allowing policyholders to regularly check their health and wellness levels and share their health data with insurers in return for personalized suggestions, rewards, and even reduced premiums. Binah.ai’s wellness score can be used to enhance gamification, while offering policyholders immediate, transparent insights into the impact of their health behaviors can help keep them engaged and motivated to improve their wellbeing. This data-driven approach, while boosting engagement and efficacy of programs, can simultaneously improve risk assessment and underwriting precision.

4. Coverage Expansion to Younger Generations and Emerging Markets

Emerging markets and younger generations represent a significant opportunity for growth in protection revenue in the years ahead. The collaborative solution from Sapiens and Binah.ai grants insurers a strategic advantage by streamlining access, lowering costs, and overcoming geographical challenges in emerging markets. By enabling clients to measure and share real-time health data using their smartphones and utilizing digital underwriting tools developed by Sapiens, insurers can offer coverage to underserved populations, thereby minimizing the dependence on in-person medical assessments.

This approach not only enhances insurance accessibility in regions with limited healthcare infrastructure but also resonates with younger demographics, who prefer the convenience and efficiency of digital interactions. By adapting to these technological trends, insurers can expand their reach and make insurance more inclusive, catering to the digital-first preferences of the next generation.

5. Enhanced Operational Efficiency

With stagnating growth from protection revenue and advancing technological capabilities, boosting operational efficiency is essential for insurers to cut costs and boost profitability. By reducing reliance on traditional medical assessments, insurers can accelerate their decision-making and coverage processes. Furthermore, increased access to quality, real-time health data can empower insurers to automate processes, streamline operations and enhance their bottom line. 

6. Smoother Customer Experience and More Holistic Product Offerings

There is widespread agreement that improving customer experience is a top priority for insurers. A recent McKinsey survey highlights the critical importance of customer experience in the insurance sector, noting that “for insurance carriers, CX matters now more than ever. Customers have come to expect personalized advice, omnichannel experiences, and seamless end-to-end journeys, shaped by their interactions with digital natives both within and outside the industry” and that “customer experience is a strong predictor and driver of financial and organizational outcomes.” Additionally, Deloitte predicts that “2024 is poised to be a tipping point for the sector as the world becomes increasingly digitized and customer and agent expectations for more relevant and holistic product offerings and ease of doing business continue to escalate.”

By harnessing Sapiens and Binah.ai’s joint solution, insurers can reduce the friction associated with insurance applications and claims processes, making the entire insurance journey accessible to applicants and policyholders right from their mobile devices. 

7. Smarter Market Insights

By integrating health and wellness check capabilities into wellness programs and insurance processes, insurers can encourage policyholders to check themselves on a regular basis. This can help insurers better understand policyholders’ needs, identify trends across different demographics, and offer more personalized services. The insights derived from this data not only facilitate more accurate risk assessments but also inform strategic decisions, driving product innovation and helping insurers adapt to evolving market demands efficiently.

To watch a full demo and learn more about how Sapiens’ and Binah.ai’s joint solution is powering insurance innovation, watch our recent joint webinar here.