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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
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
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
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
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
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
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
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
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
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
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
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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Top-10 Technology Trends in Life Insurance: 2019

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