Prudential, John Hancock see life insurance transformation post-COVID

At a time when consumers are hesitant to go out into the world and book appointments in doctors offices and insurance offices, they also want to ensure that their families are taken care of in the event of death. These circumstances have life insurance companies quickly transforming their services and offering digital options in the post-COVID era. "The industry overall has fully embraced digital transformation and we are looking to undertake such an increased focus on analytics, automated underwriting, artificial intelligence, machine learning and to be capitalizing on the rich cache of data that most organizations have," said Kartik Sakthivel, chief information officer at LIMRA. "The general consensus is that covid did not necessarily change projections for the transformation, it has just accelerated a bunch of programs that were already under way." Even before the pandemic, 75% of North American companies had invested in digital, according to a report from LIMRA.