Advertisement
Canada markets closed
  • S&P/TSX

    21,554.86
    -26.49 (-0.12%)
     
  • S&P 500

    5,464.62
    -8.55 (-0.16%)
     
  • DOW

    39,150.33
    +15.57 (+0.04%)
     
  • CAD/USD

    0.7302
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    80.59
    -0.70 (-0.86%)
     
  • Bitcoin CAD

    88,041.08
    +12.66 (+0.01%)
     
  • CMC Crypto 200

    1,325.49
    -34.84 (-2.56%)
     
  • GOLD FUTURES

    2,334.70
    -34.30 (-1.45%)
     
  • RUSSELL 2000

    2,022.03
    +4.64 (+0.23%)
     
  • 10-Yr Bond

    4.2570
    +0.0030 (+0.07%)
     
  • NASDAQ

    17,689.36
    -32.23 (-0.18%)
     
  • VOLATILITY

    13.20
    -0.08 (-0.60%)
     
  • FTSE

    8,237.72
    -34.74 (-0.42%)
     
  • NIKKEI 225

    38,596.47
    -36.55 (-0.09%)
     
  • CAD/EUR

    0.6826
    +0.0005 (+0.07%)
     

Aflac (AFL), Nayya Team Up to Ease Clients' Claim Experience

Aflac Incorporated AFL recently collaborated with the leading benefits experience platform, Nayya, in a bid to provide an enhanced claims experience for its supplemental health plan clients.

Under the partnership, Aflac will reap the benefits from the utilization of the medical claims integration solution of Nayya. The medical claims integration process requires mapping of medical claims data to supplemental health policies, which involves analyzing and aligning medical claims information with the specific coverage provided by supplemental health insurance policies.

This is followed by an automated notification to the policyholders about their eligibility to file for a claim in case of medical emergencies. An integrated system enhances the accuracy of claims processing, which, in turn, minimizes the chances of errors or rejected claims.

The Nayya solution, Nayya Claims, makes use of industry expertise, algorithms, sophisticated analytic methodologies, Artificial Intelligence and data science to automate claims processes for supplemental health policies. This solution can be availed by some specific employers, who form part of Aflac's group benefits business.

ADVERTISEMENT

The recent move bears testament to Aflac’s sincere efforts in bringing the increased utilization of supplemental health benefits and lowering the financial burden of plan clients in case of a qualifying medical event. A simplified claims processing procedure may also result in a higher degree of customer satisfaction and improved account retention rates. As a result of the extensive benefits offered by the Nayya solution, more people may opt for AFL’s supplemental health plans, which will fetch higher premiums to the insurer.

The latest partnership also seems to be a time opportune one since around 50% of employees cannot afford more than $1,000 in out-of-pocket costs for unanticipated medical events, per the 2023-2024 Aflac WorkForces Report. Escalating medical costs, higher deductibles and challenging economic conditions further aggravate the financial burden on consumers, and the Nayya solution seems to provide the perfect ground for Aflac to capitalize by infusing a greater peace of mind among employees.

Teaming up with a digital platform also reflects Aflac’s endeavor to be in sync with the ongoing trend of digitization across every sphere of life. AFL has undertaken significant digital investments to transition to digital sales methods and enable hassle-free rendering of services. The facility of filing and managing claims online is also provided by Aflac through the MyAflac mobile app and web portal.

Shares of Aflac have gained 34.3% in the past year compared with the industry’s 28.8% growth. AFL currently carries a Zacks Rank #3 (Hold).

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Stocks to Consider

Some better-ranked stocks in the insurance space are The Allstate Corporation ALL, Old Republic International Corporation ORI and NMI Holdings, Inc. NMIH. While Allstate sports a Zacks Rank #1 (Strong Buy), Old Republic and NMI carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Allstate’s earnings surpassed estimates in three of the last four quarters and missed the mark once, the average surprise being 41.88%. The Zacks Consensus Estimate for ALL’s 2024 earnings is pegged at $15.15 per share, which indicates a nearly 16-fold increase from the year-ago reported figure. The consensus mark for revenues suggests growth of 11% from the year-ago figure. The consensus mark for ALL’s 2024 earnings has moved 1.1% north in the past seven days.

The bottom line of Old Republic outpaced earnings estimates in three of the last four quarters and missed the mark once, the average surprise being 6.61%. The Zacks Consensus Estimate for ORI’s 2024 earnings suggests an improvement of 3.8% from the year-ago reported figure, while the same for revenues suggests growth of 6.8%. The consensus mark for ORI’s 2024 earnings has moved 1.1% north in the past 30 days.

NMI’s earnings surpassed estimates in each of the last four quarters, the average surprise being 8.60%. The Zacks Consensus Estimate for NMIH’s 2024 earnings suggests an improvement of 10.4% from the year-ago reported figure, while the same for revenues suggests growth of 10.5%. The consensus mark for NMIH’s 2024 earnings has moved 1.2% north in the past seven days.

Shares of Allstate, Old Republic and NMI have gained 48%, 27.2% and 33.7%, respectively, in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Aflac Incorporated (AFL) : Free Stock Analysis Report

The Allstate Corporation (ALL) : Free Stock Analysis Report

Old Republic International Corporation (ORI) : Free Stock Analysis Report

NMI Holdings Inc (NMIH) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research