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Top Trends in Life
Insurance: 2020
November 2019
Link: https://www.capgemini.com/top-
trends-in-2020/
2© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Life insurers are responding to shifting market dynamics
Enhancing
Operational
Efficiency
Evolving
Customer
Preference
Changing
Business
Environment
Life insurers are exploring a variety of blockchain use cases and long-term benefitsTREND 7
Epigenetics may pave the way for personalized life insurance premiums and more accurate underwritingTREND 8
Insurers enhance underwriting process by leveraging analytics and AITREND 6
Life insurers are exploring digital-only offerings to improve operational efficiencies
Insurers reduce customers’ purchase cycle to improve customer experience
TREND 4
TREND 5
Ecosystem collaboration opens avenues for insurers to serve customers betterTREND 3
Insurers explore wellness initiatives to monitor, manage, and improve policyholders’ healthTREND 1
Life insurers begin to provide flexible offerings to emerging customer segmentsTREND 2
Emerging
Risk
Landscape
Top Trends in Life Insurance for 2020 by Capgemini
3© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
3© Capgemini 2019. All rights reserved |
Payer Preventer
Partner
Customer
Customer data
Value-added
services
As industry players evolve from payer to partner and preventer, life insurance companies
are assuming a greater role in customers’ lives, not just paying claims upon illness or death
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 1: Insurers explore wellness initiatives to monitor, manage, and improve
policyholders’ health
4© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Booming gig
economy
growth
Shifting risk
exposure of the
non-salaried
segment
Tremendous
coverage gap in
life insurance
for millennials
Insurers are exploring ways to cater to underserved populations such as gig economy
workers, millennials, and even much older customers via hybrid and combination products
Trend 2: Life insurers begin to provide flexible
offerings to emerging customer segments
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
4© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
5© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
5© Capgemini 2019. All rights reserved |
Drivers of
expansion
through
collaboration
Strong distribution network of other players
APIs enable direct plug-in with partners
The need to cover underserved segments
Emergence of startups with specialized capabilities
Life insurers are leveraging the competencies and reach of ecosystem partners to create
opportunities and attract more customers
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 3: Ecosystem collaboration opens avenues for insurers to serve customers better
6© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Swift policy issuance
Better operational efficiency
Significant cost savings
Better customer experience
Insurers are launching digital-only products to speed up the quote-to-issue process and
bring in cost efficiencies in customer service
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 4: Life insurers are exploring digital-only offerings to improve operational
efficiencies
7© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Life insurers are leveraging digital platforms and technologies to reduce customer purchase
cycles – drastically, in some cases – to create a relatively hassle-free customer experience
7© Capgemini 2019. All rights reserved |
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 5: Insurers reduce customers’ purchase cycle to improve customer experience
8© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
8© Capgemini 2019. All rights reserved |
Advances in data capturing tools, analytical techniques, and AI algorithms are making
underwriting automation and improvement possible
Customers InsurersAccurate premium
price
Faster and more
convenient policy
acquisition
Better customer
experience
Less expensive
risk assessment
Accelerate
customer
onboarding
Reduction in
manual errors
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 6: Insurers leverage analytics and AI to enhance the underwriting process
9© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
9© Capgemini 2019. All rights reserved |
Blockchain-based systems have the potential to streamline processes, reduce costs,
and improve customer experience
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Trend 7: Life insurers are exploring a variety of blockchain use cases and long-term
benefits
10© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Invasive medical tests,
complicated paperwork
and long questionnaires
Insurers are exploring epigenetics as an alternative data source to enhance product
personalization and improve underwriting
Long waiting periods
associated with
traditional methods
Need for personalized
innovative products
Higher premiums for
instant insurance
without fees
Top Trends in Life Insurance for 2020 by Capgemini Risk
Landscape
Operational
Efficiency
Business
Environment
Customer
Preference
Life Insurance Trends 2020 | November 2019
Trend 8: Epigenetics may pave the way for personalized life insurance premiums and
more accurate underwriting
10© Capgemini 2019. All rights reserved |
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 over 200,000 team members in more than 40 countries. The Group reported
2018 global revenues of EUR 13.2 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© 2019 Capgemini. All rights reserved.
People matter, results count.

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Top Trends in Life Insurance: 2020

  • 1. Top Trends in Life Insurance: 2020 November 2019 Link: https://www.capgemini.com/top- trends-in-2020/
  • 2. 2© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Life insurers are responding to shifting market dynamics Enhancing Operational Efficiency Evolving Customer Preference Changing Business Environment Life insurers are exploring a variety of blockchain use cases and long-term benefitsTREND 7 Epigenetics may pave the way for personalized life insurance premiums and more accurate underwritingTREND 8 Insurers enhance underwriting process by leveraging analytics and AITREND 6 Life insurers are exploring digital-only offerings to improve operational efficiencies Insurers reduce customers’ purchase cycle to improve customer experience TREND 4 TREND 5 Ecosystem collaboration opens avenues for insurers to serve customers betterTREND 3 Insurers explore wellness initiatives to monitor, manage, and improve policyholders’ healthTREND 1 Life insurers begin to provide flexible offerings to emerging customer segmentsTREND 2 Emerging Risk Landscape Top Trends in Life Insurance for 2020 by Capgemini
  • 3. 3© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 3© Capgemini 2019. All rights reserved | Payer Preventer Partner Customer Customer data Value-added services As industry players evolve from payer to partner and preventer, life insurance companies are assuming a greater role in customers’ lives, not just paying claims upon illness or death Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 1: Insurers explore wellness initiatives to monitor, manage, and improve policyholders’ health
  • 4. 4© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Booming gig economy growth Shifting risk exposure of the non-salaried segment Tremendous coverage gap in life insurance for millennials Insurers are exploring ways to cater to underserved populations such as gig economy workers, millennials, and even much older customers via hybrid and combination products Trend 2: Life insurers begin to provide flexible offerings to emerging customer segments Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference 4© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019
  • 5. 5© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 5© Capgemini 2019. All rights reserved | Drivers of expansion through collaboration Strong distribution network of other players APIs enable direct plug-in with partners The need to cover underserved segments Emergence of startups with specialized capabilities Life insurers are leveraging the competencies and reach of ecosystem partners to create opportunities and attract more customers Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 3: Ecosystem collaboration opens avenues for insurers to serve customers better
  • 6. 6© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Swift policy issuance Better operational efficiency Significant cost savings Better customer experience Insurers are launching digital-only products to speed up the quote-to-issue process and bring in cost efficiencies in customer service Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 4: Life insurers are exploring digital-only offerings to improve operational efficiencies
  • 7. 7© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Life insurers are leveraging digital platforms and technologies to reduce customer purchase cycles – drastically, in some cases – to create a relatively hassle-free customer experience 7© Capgemini 2019. All rights reserved | Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 5: Insurers reduce customers’ purchase cycle to improve customer experience
  • 8. 8© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 8© Capgemini 2019. All rights reserved | Advances in data capturing tools, analytical techniques, and AI algorithms are making underwriting automation and improvement possible Customers InsurersAccurate premium price Faster and more convenient policy acquisition Better customer experience Less expensive risk assessment Accelerate customer onboarding Reduction in manual errors Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 6: Insurers leverage analytics and AI to enhance the underwriting process
  • 9. 9© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 9© Capgemini 2019. All rights reserved | Blockchain-based systems have the potential to streamline processes, reduce costs, and improve customer experience Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Trend 7: Life insurers are exploring a variety of blockchain use cases and long-term benefits
  • 10. 10© Capgemini 2019. All rights reserved |Life Insurance Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Invasive medical tests, complicated paperwork and long questionnaires Insurers are exploring epigenetics as an alternative data source to enhance product personalization and improve underwriting Long waiting periods associated with traditional methods Need for personalized innovative products Higher premiums for instant insurance without fees Top Trends in Life Insurance for 2020 by Capgemini Risk Landscape Operational Efficiency Business Environment Customer Preference Life Insurance Trends 2020 | November 2019 Trend 8: Epigenetics may pave the way for personalized life insurance premiums and more accurate underwriting 10© Capgemini 2019. All rights reserved |
  • 11. 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 over 200,000 team members in more than 40 countries. The Group reported 2018 global revenues of EUR 13.2 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© 2019 Capgemini. All rights reserved. People matter, results count.