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Life Insurance Top Trends 2021

Capgemini
Capgemini

A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry. At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal. Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem. Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.

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1© Capgemini 2020. All rights reserved |
Life Insurance:
Top Trends 2021
December 2020
Link: https://www.capgemini.com/top-trends-in-2021/
2© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020
Top Trends in Life Insurance for 2021 by Capgemini
COVID-19 has increased customer demand for life insurance by ~10 percentage points compared to pre-COVID levels.
Life insurers find
themselves
grappling with…
Sources: 1 World Health Organization, “Ageing and Health,” Feb 5, 2018; 2 ManpowerGroup, “MILLENNIAL CAREERS: 2020 VISION,” accessed Oct 2020; 3 Capgemini | Efma, World Insurance Report 2020; 4 Ibid;
5 Capgemini | Efma, World Insurance Report 2019; 6 Capgemini | Efma, World InsurTech Report 2020; 7 Swiss Re, “Sigma/No 4 2020,” Jul 2020; Capgemini Financial Services Analysis, 2020.
3© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020
Top Trends in Life Insurance for 2021 by Capgemini
Source: Capgemini Financial Services Analysis, 2020.
4© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020
Top Trends in Life Insurance for 2021 by Capgemini
Source: Capgemini Financial Services Analysis, 2020.
Trend 1: Customer engagement takes center stage
Life insurers are bridging customer disconnects through initiatives such as health and wellness programs
to improve policyholder stickiness.
Enhanced customer engagement sparks positive impact
Reduces
policy lapses
Increases
cross-sell and
up-sell opportunities
Policyholders adopt healthy
lifestyle habits
Better customer
segmentation
5© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020
Top Trends in Life Insurance for 2021 by Capgemini
Source: Capgemini Financial Services Analysis, 2020.
Trend 2: Omnichannel sales and novel ways to interact with customers
Omnichannel gives customers the flexibility to seamlessly switch between modes of interaction,
and innovative digital solutions help insurers enhance communication methods.
Benefits from omnichannel sales and innovative digital solutions
Seamless customer
experience across
multiple channels
Engaging with customers
through the right channel at
the right time
Digital tools enabling
sales agents to process
application faster
Innovative digital solutions
to improve customer
communications
6© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020
Top Trends in Life Insurance for 2021 by Capgemini
Source: Capgemini Financial Services Analysis, 2020.
Trend 3: Providing customers with self-service options
Self-service allows customers to skip traditional agent and broker channels as
per need and convenience.
The percentage of digital channel customer interactions is on the rise, 2020
17
16
18
22
17
22
14
15
14
21
27
20
26
17
21
18
25
30
23
27
20
Before COVID-19 Current preference In the next 6-9 months
Branch Agents
and Brokers
Mobile app Company
website
Call centers
(phone)
Social media Chatbots
Ad

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Life Insurance Top Trends 2021

  • 1. 1© Capgemini 2020. All rights reserved | Life Insurance: Top Trends 2021 December 2020 Link: https://www.capgemini.com/top-trends-in-2021/
  • 2. 2© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini COVID-19 has increased customer demand for life insurance by ~10 percentage points compared to pre-COVID levels. Life insurers find themselves grappling with… Sources: 1 World Health Organization, “Ageing and Health,” Feb 5, 2018; 2 ManpowerGroup, “MILLENNIAL CAREERS: 2020 VISION,” accessed Oct 2020; 3 Capgemini | Efma, World Insurance Report 2020; 4 Ibid; 5 Capgemini | Efma, World Insurance Report 2019; 6 Capgemini | Efma, World InsurTech Report 2020; 7 Swiss Re, “Sigma/No 4 2020,” Jul 2020; Capgemini Financial Services Analysis, 2020.
  • 3. 3© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020.
  • 4. 4© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 1: Customer engagement takes center stage Life insurers are bridging customer disconnects through initiatives such as health and wellness programs to improve policyholder stickiness. Enhanced customer engagement sparks positive impact Reduces policy lapses Increases cross-sell and up-sell opportunities Policyholders adopt healthy lifestyle habits Better customer segmentation
  • 5. 5© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 2: Omnichannel sales and novel ways to interact with customers Omnichannel gives customers the flexibility to seamlessly switch between modes of interaction, and innovative digital solutions help insurers enhance communication methods. Benefits from omnichannel sales and innovative digital solutions Seamless customer experience across multiple channels Engaging with customers through the right channel at the right time Digital tools enabling sales agents to process application faster Innovative digital solutions to improve customer communications
  • 6. 6© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 3: Providing customers with self-service options Self-service allows customers to skip traditional agent and broker channels as per need and convenience. The percentage of digital channel customer interactions is on the rise, 2020 17 16 18 22 17 22 14 15 14 21 27 20 26 17 21 18 25 30 23 27 20 Before COVID-19 Current preference In the next 6-9 months Branch Agents and Brokers Mobile app Company website Call centers (phone) Social media Chatbots
  • 7. 7© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 4: Simple, innovative, and differentiated products for better customer experience Changing demographics and evolving customer preferences are driving life insurers to revisit their portfolios and create innovative products that stand out. What do policyholders want from their life insurance policy? Simple to understand Transparent coverage details Clear eligibility criteria Customized offerings Purchase through digital channels Hybrid features or bundled offerings
  • 8. 8© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 5: Life insurers are adopting intelligent automation Intelligent automation can be a critical success factor in achieving cost efficiency and timely operational processes. How can life insurers get the most from intelligent automation? Intelligent automation Image analytics Underwriting and claims Chatbots and virtual agents Customer insights Data extraction
  • 9. 9© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 6: Life insurers increasingly leverage alternate data sources for underwriting decisions The pandemic is spurring life insurers to switch to alternate data-driven underwriting techniques, use AI models, and shift to virtual medical exams. Benefits of using alternate data for underwriting Better customer insight Reduced underwriting time Enhanced customer experience Comprehensive risk assessment Diminished customer acquisition cost
  • 10. 10© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 7: Life insurers are detecting and preventing fraud through new methods Life insurers are now turning to advanced data analytics, artificial intelligence, and predictive modeling for effective fraud detection and timely prevention. Fraud detection using AI and advanced data analytics Design application process leveraging red flags repository Built red flags repository for fraud detection Combine claims data from other LOBs for red flags Advanced analytics to validate claims data Detect anomalies in applicant behavior Define underwriting rules to predict fraud
  • 11. 11© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 8: Life insurers are transitioning out of legacy platforms Life insurers are adopting modern platforms or migrating existing legacy modules to the cloud to modernize core systems. Why are life insurers modernizing their core systems? Enable STP and reduce business process complexity Free-up funds to focus on sales, service and business initiatives Reduce future integration cost Rationalize number of systems to be managed
  • 12. 12© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Top Trends in Life Insurance for 2021 by Capgemini Source: Capgemini Financial Services Analysis, 2020. Trend 9: Collaborating with ecosystem players speeds up the game Life insurers are closely collaborating with ecosystem players to acquire critical capabilities for business continuity, accelerate their digitization efforts, and differentiate their offerings. Drivers for collaboration with ecosystem players Technology Distribution Differentiation CX
  • 13. 13© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 Awareness of high-impact business trends can enable life insurers to become frontrunners of the future Source: Capgemini Financial Services Analysis, 2020.  Adoption priority refers to the urgency of adopting a particular trend to create maximize value in 2021. Ratings are based on identified trends for insurers operating in the current environment.  Business impact represents the influence of an identified trend on a firm’s 2021 business, including impact on customer experience, operational excellence, regulatory compliance, or profitability. 1 Customer engagement takes center stage 2 Omnichannel sales and novel ways to interact with customers 3 Providing customers with self-service options 4 Simple, innovative, and differentiated products for better customer experience 5 Life insurers are adopting intelligent automation 6 Life insurers increasingly leverage alternate data sources for underwriting decisions 7 Life insurers are detecting and preventing fraud through new methods 8 Life insurers are transitioning out of legacy platforms 9 Collaborating with ecosystem players speeds up the game Adoptionpriority(2021) MediumHighSignificant Business impact (2021) Medium High Significant 3 1 8 7 5 9 6 4 2  This matrix represents the view of Capgemini analysts for an insurer working within the current operating environment. • Low interest rate environment • Operational disruption due to COVID-19 • Uncertain regulatory environment • Highly-competitive environment and increased focus on customer centricity due to new-age players • Emerging consumer preferences. The factors above will vary by insurer depending on business priorities, geographic location, and several other factors. For specific requirements, contact insurance@capgemini.com.
  • 14. 14© Capgemini 2020. All rights reserved |Life Insurance Trends 2021 – December 2020 A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of almost 220,000 team members in more than 40 countries. The Group reported 2019 global revenues of EUR 14.1 billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright© 2020 Capgemini. All rights reserved. People matter, results count.