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Top-10 Technology Trends in Life Insurance: 2019

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Life insurance has been undergoing a prolonged phase of stagnant premium growth. Declining policy ownership combined with quickly-evolving customer expectations create a market paradigm that carriers are seeking to creatively address through invigorated premium sales, better operational efficiency, and delivery of exceptional customer experience.
Emerging technologies such as robotic process automation (RPA), artificial intelligence (AI), connected devices, and advanced analytics are allowing insurers to innovatively develop more profitable products, improve process efficiencies, engage more effectively with customers, and collaboratively integrate with insurance ecosystem partners.
Read Top-10 Technology Trends in Life Insurance: 2019 to understand how carriers can keep pace within today’s dynamic market.

Publicada em: Tecnologia
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Top-10 Technology Trends in Life Insurance: 2019

  1. 1. Top-10 Technology Trends in Life Insurance: 2019 November, 2018
  2. 2. 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
  3. 3. 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 Source: Capgemini Financial Services Analysis, 2018 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
  4. 4. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 4Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are developing tailored, value-added products and services based on customer life events Source: Capgemini Financial Services Analysis, 2018 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
  5. 5. 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 Source: Capgemini Financial Services Analysis, 2018  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
  6. 6. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 66Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are leveraging technology to expand cost effectively into newer, digital channels of distribution Source: Capgemini Financial Services Analysis, 2018 Distribution-focused InsurTech firms Pseudo-direct distribution Retailers, telecom service providers, etc. Traditional insurance channels of agents and brokers
  7. 7. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 777Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are looking to enhance customer experience by delivering services in real-time Source: Capgemini Financial Services Analysis, 2018 Superior Interaction Experience for Customers Better Service Availability and Easier Access Tailored Products and Services Greater Process Efficiency and Accuracy Operational Cost Reduction
  8. 8. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 88Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are enhancing the experience of their channel partners using digital tools Source: Capgemini Financial Services Analysis, 2018 Knowledge Platform Educate, Encourage, and Inspire the Agents Customer Lifecycle Management Platform Empower Agents with Tools to Improve their Efficiency
  9. 9. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 99Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are implementing accelerated underwriting processes using automation solutions Source: Capgemini Financial Services Analysis, 2018 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
  10. 10. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 1010Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are using advanced analytics—including behavioral analytics—to improve user journeys Source: Capgemini Financial Services Analysis, 2018 Intuitive processes Greater process efficiencies Better customer satisfaction and loyalty Enhanced customer lifetime value
  11. 11. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 1111Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurance firms are exploring accelerator programs to stay at the forefront of innovations Source: Capgemini Financial Services Analysis, 2018 Better Opportunities to Identify Synergies in Collaboration Utilizing Complementary Strengths Faster Development of Technological Competencies for Insurers Faster Product Development for InsurTech Firms
  12. 12. Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. 1212Life Insurance Trends 2019 | November 2018 © 2018 Capgemini. All rights reserved. Life insurers are increasing efforts to integrate with ecosystem partners Source: Capgemini Financial Services Analysis, 2018 Breaking Siloes of Information Reducing Process Friction Improving Agility Ability to Reach Customers Seamlessly Addressing Intense Competition Catering to Increasing Customer Expectations Key Benefits
  13. 13. 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. 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 © 2018 Capgemini. All rights reserved. People matter, results count.

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