Life Insurance Research Outlook 2022
2022 RESEARCH THEMES
Life and health insurers are carrying on their digital transformation journey. Over the past decade they have shifted their focus in many domains:
- Customer Experience: The customer is at the center of the life and health insurers’ digitization efforts as they are trying to have more frequent (possibly continuous) interactions with end clients. To achieve this digital objective, life and health insurers need to offer a highly intuitive online experience.
- Value Proposition: Remain passive and wait for an event to trigger a service is over. Life and health insurers need to actively manage a policy life cycle.
- Pricing: Traditional cost-based pricing is not any longer relevant in a market where the granularity of data life and health insurers can leverage allows for a more sophisticated approach to price risks.
- Capabilities: Life and health insurers are offering anticipations beyond their traditional value chain via prevention and other post-sales services. To do so, life and health insurers need to identify where their key and core strengths are and build a relevant ecosystem to optimally serve their clients.
- Orientation: Insurers should think about data and understand that long and human effort-intensive processes are their worst enemy. Life and health insurers desiring to reach the extreme digital stage need to understand that the end goal is to integrate relevant data into their information system instantaneously (data integration leveraging for instance IoT and wearables), turn this data into valuable information to make a core business decision (underwriting, pricing, claims) without human interventions.
Overall, life and health insurers have to rethink the way they conduct business along their traditional value chain:
With these objectives well defined, life and health insurers continue to identify what technology can best support their digital transformation journey. Our view on the key domains and technologies that are valuable to life and health insurers is summarized in five points:
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