Lincoln National (LNC) Improves Claim Experience With AI Tech

Core Insights - Lincoln National Corporation (LNC) has expanded its partnership with EvolutionIQ to improve its offerings in the disability insurance sector, particularly focusing on short-term disability after a successful collaboration in long-term disability that achieved an average customer satisfaction of 91% [1][2]. Group Protection Business - The integration of human-in-the-loop AI technology in LNC's disability claims processes signifies a strategic shift aimed at streamlining operations and enhancing outcomes, which is expected to improve claims management analytics and provide timely insights to claims professionals [2][3]. - The company is committed to investing in capabilities that enhance claim outcomes, which is anticipated to improve customer retention and attract new clients [3]. Financial Performance - LNC's Group Protection business has seen a 2.7% year-over-year increase in premiums in the first quarter of 2024, alongside a 12.5% improvement in sales across various product and market segments [4]. - The timely support and intervention for claimants are projected to reduce the duration and severity of claims, leading to lower claim costs and improved profitability [4]. Stock Performance - Over the past year, shares of Lincoln National have increased by 40.3%, outperforming the industry average growth of 25.4% [5].