Top 10 trends in life insurance 2018

Top-10 Technology Trends
in Life Insurance: 2018
December, 2017

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

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

Adoption of wearables enables life insurers in
redefining customer engagement metrics
Factors for Growth of
Wearables and
Other Sensor Devices
Advances in
Analytics
Increased
Acceptance
Decreasing Cost
of Devices
Rich Customer Information

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
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

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
Sure
Fabric
BIMA
Targeted
products
for specific
segments
Micro-duration
coverage
Mobile-based
micro-insurance

Life insurers are increasingly automating their core
processes by leveraging techs such as RPA and AI
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

Blockchain based smart contracts have the potential to
disrupt how claims processing is handled traditionally
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

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.

Life insurance industry is likely to increasingly leverage
advanced analytics tools for better fraud detection
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.

InsurTech firms are creating a more streamlined,
integrated, and digitized healthcare ecosystem
Approaches to
Acquire
InsurTech
Capabilities

Life insurers are increasingly leveraging cloud for
better agility and scalability in deploying new offerings
Built for Cloud
Agile Deployment
DevOps Application
Cycle
Features of
Cloud-Native
Applications
Microservices
Architecture

Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.
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Top 10 trends in life insurance 2018

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