Yahoo Finance Lincoln National (LNC) Improves Claim Experience With AI Tech
Lincoln National Corporation LNC recently expanded its partnership with EvolutionIQ to enhance its offerings in the disability insurance space. LNC had earlier partnered with EvolutionIQ in 2023 to enhance the long-term disability business. Improved satisfaction at an average of 91% led LNC to extend this partnership presently to enhance customer experience in short-term disability.
This move bodes well for LNC as using human-in-the-loop AI technology in their disability claims processes indicates a strategic shift to streamline operations and improve outcomes. Improved disability claims management analytics and claim guidance are expected to assist claimants. The new technology will use AI to study claims data and provide insights. Claims professionals are provided with timely insights, helping them better assist claimants.
This move highlights LNC’s efforts to stay up-to-date and meet customer needs with innovative features. The company believes in investing in capabilities to enhance claim outcomes, and this partnership is part of that strategy. With this technology, claim specialists will be able to focus on the correct claims at the proper time, making the determination process more efficient. This is expected to enhance retention and attract new customers.
More such innovations in the Group Protection business will enhance its revenues in the future. Growing premiums led to a 2.7% year-over-year improvement in the first quarter of 2024. Growth across product and market segments led to a 12.5% sales improvement in the first quarter. Timely support and intervention for claimants will reduce the duration and severity of claims, leading to reduced claim costs and improved profitability.
Shares of Lincoln National have gained 40.3% in the past year compared with the industry’s 25.4% growth. LNC currently carries a Zacks Rank #3 (Hold).
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Lincoln National Corporation (LNC) : Free Stock Analysis Report
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