First AI-Enabled Claim Assessment – Resolution Life

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Resolution Life Australasia has announced it has launched an AI-enabled claims management capability and completed the first AI-enabled claim assessment.

In a wide-ranging announcement highlighting “significant milestones positioning the platform for future growth” CEO Megan Beer, says the company will continue to adapt its business and invest in contemporary digital offerings, data and artificial intelligence capabilities that benefit its customers:

“We will continue to lead by example like we have in lifting professional standards for the industry, using AI technology for claims assessment and being one of the first life insurers in Australasia to establish a cloud only strategy which we are in the final stages of executing.”

Megan Beer…Resolution Life Australasia has been focused on establishing its Australasian platform and transforming the business to become more data driven, digital and customer focused…

The company also announced completion of the acquisition of AMP’s remaining 19.13% equity interest in Resolution Life Australasia, initially announced on 3 November 2021.

It says this milestone coincides with Resolution Life Australasia entering the last stage of full separation from AMP and the cessation of all transitional service agreements:

“Since acquiring the majority interest in AMP in 2020, Resolution Life Australasia has been focused on establishing its Australasian platform and transforming the business to become more data driven, digital and customer focused.”

It says that during this time – in addition to launching an AI-enabled claims management capability and completing its first AI-enabled claim assessment,  Resolution Life Australasia has also:

  • Strengthened its leadership team with the appointments of John Lucey, Chief Investment Officer, Paul Tarlinton, Chief Customer and Operating Officer and Amy Greenaway, Chief Human Resources Officer and Chief of Staff
  • Strengthened its investment manager arrangements through the appointment of Macquarie Asset Management, Queensland Investment Corporation and J.P. Morgan to manage key asset strategies that generate strong returns for policyholders
  • Focused on growth through strategic acquisitions – AIA Australia’s Superannuation and Investments business
  • Launched Resolution Life Australasia’s new customer and advisor portals
  • Substantively executed a cloud only technology strategy
  • Led the way in raising life insurance professional standards through supporting its claims and underwriting employees in undertaking ANZIIF’s Certification IV in Life Insurance
  • Attained solid financial strength ratings from S&P (A-), Moody’s (A3) and Fitch (A-/A) all with stable outlook reflecting a strong capitalisation, financial performance and earnings

Beer said these “…significant developments mean we have full ownership and control of our future and are also in a strong financial position to pursue our growth ambitions.”

She says the company’s ambition is to be the leading in-force specialist life insurer in Australasia. “We are well on our way to achieving that.”