New Eastbridge report shows growing use of automation technology in voluntary benefits industry

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Jan 23, 2024, 08:00 ET

Application processing interface and artificial intelligence programs are fast-moving trends for voluntary carriers

AVON, Conn., Jan. 23, 2024 /PRNewswire/ -- Virtually every voluntary carrier surveyed in a new Eastbridge Consulting Group study is using application processing interface technology or plans to in the near future.

The "Application Processing Interface and Artificial Intelligence Carrier Practices" Frontline™ Report shows almost two-thirds of carriers support API data exchange. Most carriers not already using this technology plan to have the capability in the next six to 12 months, and several others will add it within two to three years.

"Most voluntary carriers we surveyed say API technology has improved their operational efficiency, from increasing speeds for underwriting, proposal generation and account set-up to improved data accuracy and streamlined enrollments," said Ginger Bates, Eastbridge director of research. "Carriers not adopting or moving toward this technology soon may find themselves missing out on a competitive differentiator."

The "Application Processing Interface and Artificial Intelligence Carrier Practices" Frontline™ Report explores the API and AI practices of carriers in the voluntary/worksite market, including how carriers are using this technology, market differentiators and obstacles carriers experience, and future trends they expect. The data includes responses from 28 carriers collected in October and November 2023.

Other key findings in the report include:

The top uses of APIs are conducting enrollments and checking evidence of insurability, followed by collecting demographic changes and implementing product rules and rates.
Far fewer carriers (43%) are using artificial intelligence than APIs in their voluntary/worksite business. The most common uses are claims, underwriting and customer experience, while none are using AI for enrollment.

The "Application Processing Interface and Artificial Intelligence Carrier Practices" Frontline™ Report is available only to members of Eastbridge's Information Partner™ program and survey participants. Email [email protected] or call (860) 676-9633 to learn more about becoming an Information Partner™.

About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

CONTACT: Ginger Bates
EMAIL: gbates@eastbridge.com

SOURCE Eastbridge Consulting Group