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Top 10 trends in life insurance 2018

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Like other sectors, life insurance is navigating its way through a wave of new digital technologies. The rapid evolution of InsurTech capabilities is pressuring traditional life insurance firms to adapt to a quickly-changing market that values agility. What is driving these changes? Intensifying competition, margin pressures, advances in technology, and evolving customer preferences. Not to mention, customer engagement metrics are shifting as consumers seek digital touchpoints, hassle-free convenience, and personalization. This report explores critical technology trends to be considered by strategic life insurance executives aiming to future-proof their firms.

Published in: Economy & Finance
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Top 10 trends in life insurance 2018

  1. 1. Top-10 Technology Trends in Life Insurance: 2018 December, 2017
  2. 2. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 2 Top 10 technology trends in life insurance in 2018
  3. 3. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 3 Gamification gains traction as a customer engagement tool to raise brand awareness and create new products Source: Capgemini Financial Services Analysis, 2017 Components and Benefits of Gamification Information dissemination and educating consumers Motivates users by giving rewards as they reach various levels of goals in the game Better understanding of the products leads to informed decision making for consumers Encourages consumers to share their achievements on social networks High popularity for life insurers if the program goes viral
  4. 4. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 4 Adoption of wearables enables life insurers in redefining customer engagement metrics Source: Capgemini Financial Services Analysis, 2017 Factors for Growth of Wearables and Other Sensor Devices Advances in Analytics Increased Acceptance Decreasing Cost of Devices Rich Customer Information
  5. 5. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. ‹#› Life insurers are exploring the use of robo advisors for greater convenience and insightful recommendations Source: Capgemini Financial Services Analysis, 2017 Error free processing Personalized service Real-Time data processing Increased customer satisfaction Availability and scalability Reduction in manual labor Key Benefits of Robo Advisors for Life Insurers
  6. 6. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 6© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 InsurTech capabilities are enabling life insurers to explore new revenue streams and reach new markets Source: Capgemini Financial Services Analysis, 2017 Sure Fabric BIMA Targeted products for specific segments Micro-duration coverage Mobile-based micro-insurance
  7. 7. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 77© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 Life insurers are increasingly automating their core processes by leveraging techs such as RPA and AI Source: Capgemini Financial Services Analysis, 2017 1 2 3 45 6 Availability of Huge Volumes of Data Demand for Personalized Service Demand for Quicker Processing Time Need for Eliminating Fraud Need for Cost Optimization Need for Process Streamlining
  8. 8. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 8© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 Blockchain based smart contracts have the potential to disrupt how claims processing is handled traditionally Source: Capgemini Financial Services Analysis, 2017 Elimination of Fraudulent Claims With lot of benefits to offer, smart contracts can have a considerable impact across the value chain (even more in claims processing) in the life insurance industry Elimination of Third-Parties Quicker Claims Processing
  9. 9. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 9© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 Predictive and behavioral analytics enable better risk mitigation, fraud detection, and customer insights Source: Capgemini Financial Services Analysis, 2017; Tap into third-party data sources to derive insight on a customer’s life changes Verify and compare whether the customer (insured) has appropriate coverage Use models to determine the refined risk and develop personalized offerings The use of predictive analytics to identify customer needs will drive satisfaction and increase customer experience.
  10. 10. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 10© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 Life insurance industry is likely to increasingly leverage advanced analytics tools for better fraud detection Source: Capgemini Financial Services Analysis, 2017 Underwriting ClaimsFront Office Value Chain Stage Increase in Overall Profitability Benefits Improved distribution network Reduced underwriting risks Reduced claims payout Approach  KYC  Behavioral analytics  Anomaly detection  Pattern identification  Predictive analytics with AI and ML Life insurers with advanced fraud analytics supported by AI systems will not only face reduced legal risks, but also have increased profitability due to better risk selection.
  11. 11. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 11© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 InsurTech firms are creating a more streamlined, integrated, and digitized healthcare ecosystem Source: Capgemini Financial Services Analysis, 2017 Approaches to Acquire InsurTech Capabilities
  12. 12. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 12© 2017 Capgemini. All rights reserved. ‹#›Life Insurance Trends 2018 | December 2017 Life insurers are increasingly leveraging cloud for better agility and scalability in deploying new offerings Source: Capgemini Financial Services Analysis, 2017 Built for Cloud Agile Deployment DevOps Application Cycle Features of Cloud-Native Applications Microservices Architecture
  13. 13. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. With more than 190,000 people, Capgemini is present in over 40 countries and celebrates its 50th Anniversary year in 2017. A global leader in consulting, technology and outsourcing services, the Group reported 2016 global revenues of EUR 12.5 billion. Together with its clients, Capgemini creates and delivers business, technology and digital solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model. 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 © 2017 Capgemini. All rights reserved. Rightshore® is a trademark belonging to Capgemini. This message is intended only for the person to whom it is addressed. If you are not the intended recipient, you are not authorized to read, print, retain, copy, disseminate, distribute, or use this message or any part thereof. If you receive this message in error, please notify the sender immediately and delete all copies of this message.

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