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LIFE INSURANCE:
TOP TRENDS
2022
SLIDESHARE DECK
RESEARCH
INSTITUTE
2
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
A FOCUS ON HIGH-IMPACT BUSINESS TRENDS CAN ENABLE LIFE
INSURERS TO BECOME FRONTRUNNERS OF THE FUTURE
 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.
 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
The factors above will vary by insurer depending on business priorities, geographic location, and several other factors. For specific requirements, contact insurance@capgemini.com.
• Highly-competitive environment and increased focus on
customer centricity due to new-age players
• Emerging consumer preferences.
Source: Capgemini Financial Services Analysis, 2021.
Top Trends in Life Insurance for 2022 by Capgemini
Adoption
priority
(2022)
Medium
High
Significant
Business impact (2022)
Medium High Significant
10
4
5 1
2
7
9
3 8 6
Customer centricity
1
Insurers are increasingly digitalizing distribution channels to provide enhanced Convenience,
Advice, and Reach (CARE)
2 Insurers are revisiting their product strategy to target under-protected segments
3 Promoting health and wellbeing is becoming mainstream
Intelligent enterprises
4 Novel insurance business models are enabling more efficient go-to-market strategies
5
Shortening application development cycles becomes a priority to achieve
go-to-market agility
6
Insurers are leveraging alternate data sources and AI technologies to
generate actionable customer insights
Business resilience
7 More life insurers are adopting cloud platforms to gain operational agility
8
Life insurers are embedding sustainability and ESG (Environmental, Social and Governance) goals
in their strategy.
Collaboration-at-scale
9 Insurers are experimenting with embedded insurance to extend their reach
10 Insurers are offering value added services via close collaboration with ecosystem partners
3
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE INCREASINGLY DIGITALIZING DISTRIBUTION CHANNELS
TO PROVIDE ENHANCED CONVENIENCE, ADVICE, AND REACH (CARE)
Digitally empowered distribution channels deliver benefits
Providing
seamless
purchase
experience
Minimizing
customer
acquisition
costs
Enhancing
up-sell and
cross-sell
opportunities
Enabling
meetings
on demand
Fostering
experience-led
engagement
Top Trends in Life Insurance for 2022 by Capgemini
And they are empowering agents and brokers with advanced tools that boost the ability to engage with policyholders and sell more effectively.
They are also augmenting direct-to-customer connections through digital channels
4
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE REVISITING THE PRODUCT STRATEGY TO TARGET
UNDER-PROTECTED SEGMENTS
Gaining
access to
new revenue
streams
Securing a
first-mover
advantage for a
larger insurance
market
Increasing
insurance
adoption
among low-
income
segments
Catering to under-protected segments – key benefits
Top Trends in Life Insurance for 2022 by Capgemini
Life insurers are exploring
new market opportunities by
coming up with new offerings
to cater to under-protected
segments such as low-income
customer group and gig
economy workers
5
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
PROMOTING HEALTH AND WELLBEING IS BECOMING MAINSTREAM
Wellness benefits for the insured
Fitness tracking
and management
Health tips
Incentivizing
healthy behavior
Community
connection
Top Trends in Life Insurance for 2022 by Capgemini
More and more life
insurers will offer
wellness initiatives and
digital content to
promote customer health
to bridge customer
disconnects and improve
policyholder stickiness
6
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
NOVEL INSURANCE BUSINESS MODELS ARE ENABLING
MORE EFFICIENT GO-TO-MARKET STRATEGIES
BENEFITS
Pay-per-use models Blockchain technology
Encouraging healthy behavior
Hyper-perzoanlized offerings
Increased customer loyalty
Faster processing time
Efficient fraud detection
Data transparency
and security
Key benefits of pay-per-use models and blockchain technology
Top Trends in Life Insurance for 2022 by Capgemini
Life insurers are exploring pay-as-you-go business models and experimenting with blockchain to
enhance customer experience and improve profitability
7
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
SHORTENING APPLICATION DEVELOPMENT CYCLES BECOMES A
PRIORITY
TO ACHIEVE GO-TO-MARKET AGILITY
Why life insurers are using low-code and no-code platforms
Top Trends in Life Insurance for 2022 by Capgemini
Agility
Easily
extendable
Ease of use
Low
maintenance
Future-proof
Low
coding
Low cost
Life insurers and tech
specialists that provide
no-code/low-code open
platforms are
collaborating to boost
efficiency across the
insurance value chain
8
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE LEVERAGING ALTERNATE DATA SOURCES
AND AI TECHNOLOGIES TO GENERATE ACTIONABLE CUSTOMER
INSIGHTS
Better
customer
insight
Reduced
underwriting
time
Enhanced
customer
experience
Comprehensive
risk assessment
Diminished
customer
acquisition
cost
Benefits of using alternate data sources and AI technologies
Top Trends in Life Insurance for 2022 by Capgemini
Life insurers are leveraging
alternate data sources and
innovative solutions based on
AI to make processes across
the value chain more efficient
9
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
MORE LIFE INSURERS ARE ADOPTING CLOUD PLATFORMS
TO GAIN OPERATIONAL AGILITY
Benefits of adopting cloud platforms
Better agility Improved scalability
Increased flexibility
Lower application
development cost
Top Trends in Life Insurance for 2022 by Capgemini
Cloud technology enables digital agility − accelerates innovation and seamless collaboration with ecosystem partners
10
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE EMBEDDING SUSTAINABILITY AND ESG
(ENVIRONMENTAL, SOCIAL AND GOVERNANCE) GOALS IN THEIR
STRATEGY
Benefits of incorporating ESG Standards
Positive
brand image
Better
financial
performance
Risk
reduction
Increases
customers’ trust
Positive signal
to investors
lower cost
of capital
Top Trends in Life Insurance for 2022 by Capgemini
Insurers are finding ways to
contribute to a healthier,
sustainable, financially resilient, and
environmentally secure globe by
including ESG guidelines within
organizational processes
11
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
Aligning
with customers’
preferences and
personalizing
offerings
INSURERS ARE EXPERIMENTING WITH EMBEDDED INSURANCE
TO EXTEND THEIR REACH
Key benefits of embedded insurance
Reaching
customers at
the right time
via the right
channels
Accessing
new markets
and a large
customer base
Top Trends in Life Insurance for 2022 by Capgemini
Carriers are embedding life
insurance within customer’s
day-to-day lives via third-
party ecosystems by offering
coverage at the point of sale
and/or point of service
12
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE OFFERING VALUE ADDED SERVICES VIA
CLOSE COLLABORATION WITH ECOSYSTEM PARTNERS
Key benefits offered by insurers by collaborating with ecosystem players
Create innovative value-
added services
Provide
compelling
customer
experiences
Monetize
relationships by
offering third-
party services
Accelerate the
journey towards
“providing
protection”
Top Trends in Life Insurance for 2022 by Capgemini
Open APIs offer ecosystem
partners access to new
competencies and the ability to
co-create innovative products
and service offerings,
enhancing customer value
This presentation contains information that may be privileged or confidential and is
the property of the Capgemini Group.
Copyright © 2021 Capgemini. All rights reserved.
Capgemini is a global leader in partnering with companies to transform and manage their
business by harnessing the power of technology. The Group is guided everyday by its
purpose of unleashing human energy through technology for an inclusive and sustainable
future. It is a responsible and diverse organization of 270,000 team members in nearly 50
countries. With its strong 50 year heritage and deep industry expertise, Capgemini is
trusted by its clients to address the entire breadth of their business needs, from strategy
and design to operations, fuelled by the fast evolving and innovative world of cloud, data,
AI, connectivity, software, digital engineering and platforms. The Group reported in 2020
global revenues of €16 billion.
About Capgemini
Get the Future You Want | www.capgemini.com

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Top Life Insurance Trends 2022

  • 2. 2 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 A FOCUS ON HIGH-IMPACT BUSINESS TRENDS CAN ENABLE LIFE INSURERS TO BECOME FRONTRUNNERS OF THE FUTURE  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.  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 The factors above will vary by insurer depending on business priorities, geographic location, and several other factors. For specific requirements, contact insurance@capgemini.com. • Highly-competitive environment and increased focus on customer centricity due to new-age players • Emerging consumer preferences. Source: Capgemini Financial Services Analysis, 2021. Top Trends in Life Insurance for 2022 by Capgemini Adoption priority (2022) Medium High Significant Business impact (2022) Medium High Significant 10 4 5 1 2 7 9 3 8 6 Customer centricity 1 Insurers are increasingly digitalizing distribution channels to provide enhanced Convenience, Advice, and Reach (CARE) 2 Insurers are revisiting their product strategy to target under-protected segments 3 Promoting health and wellbeing is becoming mainstream Intelligent enterprises 4 Novel insurance business models are enabling more efficient go-to-market strategies 5 Shortening application development cycles becomes a priority to achieve go-to-market agility 6 Insurers are leveraging alternate data sources and AI technologies to generate actionable customer insights Business resilience 7 More life insurers are adopting cloud platforms to gain operational agility 8 Life insurers are embedding sustainability and ESG (Environmental, Social and Governance) goals in their strategy. Collaboration-at-scale 9 Insurers are experimenting with embedded insurance to extend their reach 10 Insurers are offering value added services via close collaboration with ecosystem partners
  • 3. 3 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE INCREASINGLY DIGITALIZING DISTRIBUTION CHANNELS TO PROVIDE ENHANCED CONVENIENCE, ADVICE, AND REACH (CARE) Digitally empowered distribution channels deliver benefits Providing seamless purchase experience Minimizing customer acquisition costs Enhancing up-sell and cross-sell opportunities Enabling meetings on demand Fostering experience-led engagement Top Trends in Life Insurance for 2022 by Capgemini And they are empowering agents and brokers with advanced tools that boost the ability to engage with policyholders and sell more effectively. They are also augmenting direct-to-customer connections through digital channels
  • 4. 4 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE REVISITING THE PRODUCT STRATEGY TO TARGET UNDER-PROTECTED SEGMENTS Gaining access to new revenue streams Securing a first-mover advantage for a larger insurance market Increasing insurance adoption among low- income segments Catering to under-protected segments – key benefits Top Trends in Life Insurance for 2022 by Capgemini Life insurers are exploring new market opportunities by coming up with new offerings to cater to under-protected segments such as low-income customer group and gig economy workers
  • 5. 5 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 PROMOTING HEALTH AND WELLBEING IS BECOMING MAINSTREAM Wellness benefits for the insured Fitness tracking and management Health tips Incentivizing healthy behavior Community connection Top Trends in Life Insurance for 2022 by Capgemini More and more life insurers will offer wellness initiatives and digital content to promote customer health to bridge customer disconnects and improve policyholder stickiness
  • 6. 6 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 NOVEL INSURANCE BUSINESS MODELS ARE ENABLING MORE EFFICIENT GO-TO-MARKET STRATEGIES BENEFITS Pay-per-use models Blockchain technology Encouraging healthy behavior Hyper-perzoanlized offerings Increased customer loyalty Faster processing time Efficient fraud detection Data transparency and security Key benefits of pay-per-use models and blockchain technology Top Trends in Life Insurance for 2022 by Capgemini Life insurers are exploring pay-as-you-go business models and experimenting with blockchain to enhance customer experience and improve profitability
  • 7. 7 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 SHORTENING APPLICATION DEVELOPMENT CYCLES BECOMES A PRIORITY TO ACHIEVE GO-TO-MARKET AGILITY Why life insurers are using low-code and no-code platforms Top Trends in Life Insurance for 2022 by Capgemini Agility Easily extendable Ease of use Low maintenance Future-proof Low coding Low cost Life insurers and tech specialists that provide no-code/low-code open platforms are collaborating to boost efficiency across the insurance value chain
  • 8. 8 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE LEVERAGING ALTERNATE DATA SOURCES AND AI TECHNOLOGIES TO GENERATE ACTIONABLE CUSTOMER INSIGHTS Better customer insight Reduced underwriting time Enhanced customer experience Comprehensive risk assessment Diminished customer acquisition cost Benefits of using alternate data sources and AI technologies Top Trends in Life Insurance for 2022 by Capgemini Life insurers are leveraging alternate data sources and innovative solutions based on AI to make processes across the value chain more efficient
  • 9. 9 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 MORE LIFE INSURERS ARE ADOPTING CLOUD PLATFORMS TO GAIN OPERATIONAL AGILITY Benefits of adopting cloud platforms Better agility Improved scalability Increased flexibility Lower application development cost Top Trends in Life Insurance for 2022 by Capgemini Cloud technology enables digital agility − accelerates innovation and seamless collaboration with ecosystem partners
  • 10. 10 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE EMBEDDING SUSTAINABILITY AND ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE) GOALS IN THEIR STRATEGY Benefits of incorporating ESG Standards Positive brand image Better financial performance Risk reduction Increases customers’ trust Positive signal to investors lower cost of capital Top Trends in Life Insurance for 2022 by Capgemini Insurers are finding ways to contribute to a healthier, sustainable, financially resilient, and environmentally secure globe by including ESG guidelines within organizational processes
  • 11. 11 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 Aligning with customers’ preferences and personalizing offerings INSURERS ARE EXPERIMENTING WITH EMBEDDED INSURANCE TO EXTEND THEIR REACH Key benefits of embedded insurance Reaching customers at the right time via the right channels Accessing new markets and a large customer base Top Trends in Life Insurance for 2022 by Capgemini Carriers are embedding life insurance within customer’s day-to-day lives via third- party ecosystems by offering coverage at the point of sale and/or point of service
  • 12. 12 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE OFFERING VALUE ADDED SERVICES VIA CLOSE COLLABORATION WITH ECOSYSTEM PARTNERS Key benefits offered by insurers by collaborating with ecosystem players Create innovative value- added services Provide compelling customer experiences Monetize relationships by offering third- party services Accelerate the journey towards “providing protection” Top Trends in Life Insurance for 2022 by Capgemini Open APIs offer ecosystem partners access to new competencies and the ability to co-create innovative products and service offerings, enhancing customer value
  • 13. This presentation contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2021 Capgemini. All rights reserved. Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 270,000 team members in nearly 50 countries. With its strong 50 year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fuelled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2020 global revenues of €16 billion. About Capgemini Get the Future You Want | www.capgemini.com