Top-10 Technology Trends in Life Insurance: 2019

Top-10 Technology
Trends in Life Insurance:
2019
November, 2018

Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved.Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 2
Top 10 technology trends in life insurance in 2019
Life insurance trends are shaping up a digitally integrated ecosystem of the future
DigitalIntegrationwithEcosystemPartnersrequires
DataDrivenCompliance
Intermediaries (such as Banks, Agents, Brokers), Third Party Service Providers, and Collaborators (such as Accelerators and InsurTech firms)
Deep
Customer
Open
Insurer
Intelligent
Insurer
Customers
Real-Time Customer
Data through IoT
Real-Time Interaction with
Customer using Digital Tools
Insurance
Company
Accelerated
Underwriting Process
Improving Customer
Journeys Using
Analytics
Accelerator Program
for Innovations
Enhance Experience
of Channel Partners
Expanding into New
Distribution Channels
Delivering Services in
Real-Time Using AI
Customer’s Health
and Lifecycle Coach
Dynamic and Flexible
Product Offerings
Services Based on
Customer Life Events
Seamless Sharing of
Information in Real-Time
using Digital Tools
Source: Capgemini Financial Services Analysis, 2018

Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 3Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved.
Life insurance firms are offering broad and flexible
products leveraging digital technologies
On-demand
products
Hybrid products
Products for
untapped segments
Life insurers need to explore unconventional products and distribution of those
products in order to grow revenue and profitability in a stagnant environment

Life insurers are developing tailored, value-added
products and services based on customer life events
Quick access to
accurate customer
data
Robust predictive
analytics tools for
anticipating the
needs of a
customer
accurately
Ability to reach the
customers with an
appropriate
offering via an
omnichannel
approach
Prerequisites for offering life event-based products

Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved.Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 5
Life insurers are offering proactive risk control services
to become customers' health and lifestyle coach
 Greater customer insights
 Reduction in claims costs due to a shift
in mortality table
 Improved underwriting profitability
 Better customer engagement and
experience
For Insurer
 Better health and lifestyle by
preventing/controlling risks
 Convenient and personalized services
 Rewards such as discount in premiums
and/or recognition among peers
For Insured
Key Benefits

Life insurers are leveraging technology to expand cost
effectively into newer, digital channels of distribution
Distribution-focused
InsurTech firms
Pseudo-direct distribution
Retailers, telecom service
providers, etc.
Traditional
insurance channels
of agents and
brokers

Life insurers are looking to enhance customer
experience by delivering services in real-time
Superior Interaction
Experience for Customers
Better Service Availability
and Easier Access
Tailored Products and
Services
Greater Process Efficiency
and Accuracy
Operational Cost Reduction

Life insurers are enhancing the experience of their
channel partners using digital tools
Knowledge
Platform
Educate,
Encourage, and
Inspire the Agents
Customer
Lifecycle
Management
Platform
Empower Agents
with Tools to
Improve their
Efficiency

Life insurers are implementing accelerated
underwriting processes using automation solutions
Collaborate with data providers
to pre-fill customer data
Generate accurate risk profile of
customer using third party data
Reduce the number of
questions
Replace medical test
requirements with innovative
risk assessment techniques
1
2 3
4

Life insurers are using advanced analytics—including
behavioral analytics—to improve user journeys
Intuitive processes
Greater process efficiencies
Better customer satisfaction
and loyalty
Enhanced customer lifetime
value

Life insurance firms are exploring accelerator
programs to stay at the forefront of innovations
Better Opportunities to
Identify Synergies in
Collaboration
Utilizing Complementary
Strengths
Faster Development of
Technological Competencies
for Insurers
Faster Product Development
for InsurTech Firms

Life insurers are increasing efforts to integrate with
ecosystem partners
Breaking Siloes
of Information
Reducing
Process Friction
Improving
Agility
Ability to Reach
Customers
Seamlessly
Addressing Intense
Competition
Catering to
Increasing
Customer
Expectations
Key Benefits

Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. 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 200,000 team members in over 40 countries. The Group reported 2017 global
revenues of EUR 12.8 billion.
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Top-10 Technology Trends in Life Insurance: 2019

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Top-10 Technology Trends in Life Insurance: 2019