Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Top Trends in Life Insurance: 2020

102 views

Published on

Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.

Published in: Technology
  • Be the first to comment

  • Be the first to like this

Top Trends in Life Insurance: 2020

  1. 1. Top Trends in Life Insurance: 2020 November 2019 Link: https://www.capgemini.com/top- trends-in-2020/
  2. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.

×