Breaking the Mold: Redefining Insurance with Data and Technology

In this comprehensive interview with the leadership team at Elevate, we delve into the company’s pioneering approach to revolutionising the insurance industry through data, technology, and innovative thinking. Judith Ndaba, Matan Abraham, and Zane Heyl discuss the numerous challenges they have faced in optimising the insurance process, from integrating disparate healthcare data systems to reshaping traditional underwriting methods. They explain how the industry's entrenched practices have often been a roadblock, yet they’ve worked to find new ways to automate and streamline operations for the benefit of both clients and advisors.

Judith highlights the complexity of accessing and verifying healthcare data, a critical factor in efficient underwriting, while Matan emphasises the ongoing effort to challenge conventional processes and create a more human-centric journey for customers. Zane, on the other hand, provides insight into how pricing models are continuously adjusted in real-time to reflect the company’s experience and operational efficiencies, ensuring they remain competitive and sustainable.

A recurring theme throughout the discussion is the role of automation in improving decision-making and reducing costs. By focusing on minimizing unnecessary interactions, the Elevate team has been able to significantly improve customer satisfaction while reducing underwriting and servicing costs. The company’s dedication to continuous refinement, customer wellness, and advisor engagement shines through as a key component of their long-term vision for success in the insurance industry. With the evolving landscape of technology, Elevate is poised to lead the way in creating a truly modern insurance experience.

Key Points

• Data Integration Challenges: Accessing and verifying healthcare data is critical for efficient underwriting, but it remains a complex challenge due to system discrepancies and data fragmentation.

• Innovation in Underwriting: Elevate is working to streamline and modernise traditional underwriting processes, moving away from rigid models and embracing automation to enhance operational efficiency.

• Real-Time Pricing Adjustments: The team is focused on continuously refining their pricing models, using real-time data to make adjustments that keep them competitive and aligned with operational improvements.

• Empowering Advisors: Elevate Life emphasises the importance of keeping advisors in the loop, ensuring they remain engaged and have a seamless experience while providing feedback that helps refine the service.

• Automation for Efficiency: A key strategy for Elevate has been reducing unnecessary customer interactions and using automation to make faster decisions, which has improved both customer satisfaction and reduced operational costs.

• Human-Centric Focus: Despite the reliance on technology and data, the team is committed to creating a human-centric insurance journey that prioritises the wellbeing of clients and simplifies the process for everyone involved.