Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and Managing General Agents (MGAs), has formed a strategic partnership with Gain Life, a company that leverages behavioral economics and artificial intelligence (AI) to enhance claims communication processes. This collaboration marks a significant development in the insurance technology sector, making Insurity the first major claims system to provide a fully integrated claims communication platform that offers automated, 24/7 guidance and support to claimants and policyholders. The solution is designed to significantly enhance operational efficiencies and reduce costs for insurers, addressing some of the industry’s most critical challenges.

The integration of Gain Life’s platform into Insurity’s ecosystem aims to tackle high administrative burdens associated with claims processing and the limited time claims professionals have to support clients effectively. Insurity, well-regarded for its robust cloud-based insurance solutions, saw this partnership as an opportunity to bring advanced, AI-driven communication technology into its claims system. This move aligns with Insurity’s goal of empowering insurers to modernize their operations, optimize customer interactions, and improve policyholder experiences.

The newly integrated platform enables insurers to automate many of the repetitive and manual processes involved in claims handling. By incorporating AI and behavioral economics, the platform proactively guides claimants through the claims process, identifying potential delays and suggesting interventions to expedite resolutions. This approach reduces the workload on claims adjusters by providing them with necessary documents and insights more quickly, allowing them to focus more on client engagement rather than administrative tasks. According to Insurity, the platform can save claims professionals more than four hours per week and can lead to an average cost saving of 25% on medical-only claims and over $18,000 per complex lost-time claim.

The impact of this partnership is expected to be profound for insurance companies, especially in terms of customer satisfaction and operational efficiency. Gain Life’s claims communication platform has already demonstrated its effectiveness, boasting an 8 out of 10 satisfaction rating from claimants and policyholders and achieving engagement rates ten times higher than traditional claims portals. Moreover, the platform’s ease of implementation is a significant advantage, with new customers typically going live within four weeks of kickoff. This rapid deployment capability is crucial for insurers looking to stay competitive in a rapidly evolving digital landscape.

Chris Lafond, Chief Executive Officer of Insurity, expressed enthusiasm for the partnership, stating that integrating Gain Life’s innovative communication technology into Insurity’s system allows them to provide an unparalleled claims experience. Lafond emphasized that the collaboration helps them better serve existing customers and positions Insurity as a leader in the insurance technology market. Sean Eldridge, Co-founder and CEO of Gain Life, also highlighted the strategic importance of this partnership. He noted that being part of Insurity’s partner marketplace would make it easier for both existing and future customers to benefit from Gain Life’s platform, leveraging AI and behavioral economics to improve the claims process.

The collaboration between Insurity and Gain Life is reflective of a broader trend in the insurance technology sector towards more integrated, data-driven solutions that address multiple pain points across the insurance value chain. As insurers continue to invest in digital transformation to meet rising customer expectations and comply with regulatory demands, partnerships like this one will be critical in driving innovation and maintaining competitiveness.

This partnership not only represents a significant step forward for both Insurity and Gain Life but also sets a new standard for claims management technology. By combining advanced AI and behavioral science with a powerful cloud-based claims management platform, the solution offers a comprehensive approach to modernizing claims processes. The integrated platform is likely to become a model for other insurers looking to leverage technology to streamline their operations, reduce costs, and enhance customer experience.

  AI in insurance, behavioral economics, claims communication platform, Gain Life, Insurance Technology, Insurity