An LTC insurance veteran has ideas about how to get policyholders and their families out of a paperwork maze.
By Peter Goldstein | February 17, 2021
Over the past decade, life insurers and financial services firms have begun investing in a variety of capabilities meant to improve their customers’ experience. These include mobile apps and self-service portals designed to help people manage their policies and assets.
Yet the long-term care insurance (LTC) insurance industry has been slow to make the same investments for a variety of reasons. Many LTC insurers lack sophisticated electronic claims processing systems, which are needed to collect and house the data required to support online portals and self-service tools. Conventional wisdom also perpetuated the belief that older LTC insurance policyholders were not technologically savvy and would have neither the aptitude nor the equipment to utilize these new technologies.
But with the number of claims per active policies on the rise, and the constant drumbeat of rate increases being foisted on their LTC blocks, interactions between LTC insurers and policyholders are much more frequent today. Both rate increase and claims calls involve more complex interactions than those typical for a policy not on claim or impacted by a rate action. Given this changing dynamic, most major LTC insurers now have a strong desire to improve communications with their customers. This also ties into larger customer experience initiatives across their other product lines outside of LTC insurance.
Read the full article here.