Lincoln National Corporation ( LNC Quick Quote LNC - Free Report) recently introduced an insurance technology (InsurTech) solution, LincSmart, in a bid to simplify the benefits management process for its employer clients. It can be easily integrated within the existing systems of employers.
LincSmart works by leveraging a safe, real-time data exchange with a host of technology partners to provide an array of InsurTech solutions. These solutions make way for automated transfer of updates from LNC’s system to the enrollment systems of employers.
Real-time updates on claim delivery and leave status, eligibility information of members and the transfer of plan design information are some of the benefits that will be provided by the newly launched tool. Automation of day-to-day administrative chores relieves the burden of employers, saves their time, improves claim processes and minimizes the chances of manual errors.
In addition to being of great use to employers, LincSmart assists employees to better understand the benefits management options and connect them with experts for consultation. This, in turn, helps employees to shield finances and devise a stable financial future.
The recent launch reflects Lincoln National’s endeavor to impart a competitive edge to employers with access to the automated InsurTech solutions and thereby, attract more such clients to opt for the insurer’s workplace benefits offering. LNC remains on a spree to upgrade its workplace benefits offering suite, which boosts the lucrativeness and sales of such offerings.
Last year, LNC integrated three benefits related to newborn care, birth center and affiliated facility benefits within the Hospital Indemnity solution to address the unexpected hospitalization expense problem of Americans and upgrade its workplace benefits offering.
Unveiling a digital tool not only bears testament to Lincoln National’s digital transformation efforts but is a time opportune move as well, considering the growing digitization across every sphere of life. This August, as an effort to advance its workplace benefits offering, it took the help of the onboarding software provider GUIDEcx to unveil a digital platform, which makes the onboarding experience for group benefits employer clients and their employees hassle-free.
Shares of Lincoln National have gained 16.3% in the past six months compared with the
industry’s 12.5% growth. LNC currently carries a Zacks Rank #3 (Hold). Image Source: Zacks Investment Research Stocks to Consider
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