1、LIFE INSURANCETOP TRENDS 2023CONTENTSForeword 3Introduction 4Trend 1:Agents empowered with advanced digital capabilities increase productivity and customer engagement 6Trend 2:Ecosystem partnerships offer a path to innovative financial value propositions 8Trend 3:Embedded life insurance offers conve

2、nient right-time,right-channel accessibility 10Trend 4:Wellness-as-a-Service initiatives deepen customer engagement 12Trend 5:Insurers move to cloud-based operations to drive innovation,operational excellence 14Trend 6:Life insurers are targeting younger populations with relevant products and digita

3、l customer experience 16Trend 7:Real-time use of alternate data helps automate and streamline underwriting 18Trend 8:Insurers make sustainability a strategic corporate priority 20Trend 9:Microservices unlock new insurance ecosystems and improve the customer journey 22Trend 10:Core system modernizati

4、on powers up life insurance innovation 24Conclusion 26Life Insurance Top Trends 20232Anirban Bose Financial Services Strategic Business Unit CEO&Group Executive Board Member,CapgeminiFOREWORDIn a complex macroeconomic environment characterized by slow growth,increasing volatility,high inflation,and

5、rising interest rates,life insurance reinvention will continue as the industry strives to bolster its relevancy.Pushed by current geopolitical and financial challenges,we expect life insurers to remain hyperfocused on system modernization,digital transformation,and innovation.High demand for life in

6、surance and increased worldwide risk awareness sparked by the pandemic have encouraged carriers to personalize solutions and focus on bettering customer lives through financial wellness.In addition,todays uncertain environment and rising interest rates are stoking demand for guaranteed savings produ

7、cts to help life insurers boost profitability.Capgemini explored these dynamics in 2022 and launched the inaugural World Life and Health Insurance Report,which took a deep dive into the wellness revolution and its potential impact on insurers growth.As innovation continues to accelerate,the digital

8、gap between property and casualty insurers and life insurers will likely shrink.While InsurTechs have yet to make significant inroads in life insurance,we expect to see scaled-up,new-age players enthusiastically answer rising demand for convenience and personalized digital,cloud,and customer-centric

9、 approaches.Big Tech is also likely to increase its focus on the sector,particularly as an enabler of innovation and more effective distribution.In 2023,we anticipate the life insurance industry will continue and even accelerate its digitalization journey to create deeper customer-centric propositio

10、ns,built on personalized engagement enabled by cutting-edge technologies.Therefore,expect firms to invest in intelligent automation,distribution,and cloud solutions.As we enter into a year with many surprises to come,I hope that Life Insurance Top Trends 2023 offers practical tools to navigate the c

11、omplex scenarios ahead and help prepare your organization for the future of insurance.Life Insurance Top Trends 20233INTRODUCTIONAfter a significant surge in premium growth in 2021 and a slowdown in 2022,the life insurance sector faces a complex macroeconomic environment for 2023.On one side,interes

12、t rate hikes may make life insurance propositions more attractive than direct investment in equity.However,at the same time inflation is driving pressure on disposable income,and financial market volatility is likely to impact demand negatively.In this environment,the most future-focused life insure

13、rs will redouble efforts to pursue operational excellence and accelerate digital transformation to maximize personalization.ECONOMIC CHALLENGES AND LIFE INSURANCE GROWTHA volatile global economy,falling disposable income,and hockey-stick inflation will undoubtedly affect life insurance premiums.The

14、International Monetary Fund lowered its global growth forecast for 2022 and 2023 to 3.2%and 2.9%,respectively,down from greater than 6.0%in 2021.Therefore,insurance growth which correlates to gross domestic product,or GDP is apt to slip.1 Global inflation rose dramatically,to around 8.0%in 2022 vers

15、us 4.7%in 2021,putting considerable pressure on insurance claims and rates in the coming quarters.2 Central banks are hiking interest rates to control inflation,which will positively impact life investment returns to counterbalance equity investment pressure,at least partially.Based on rising intere

16、st rates,we anticipate moderate life sector profit gains in 2023,with underwriting discipline as a key performance driver.Return on operating revenues is estimated to improve to 4.3%in 2022,compared with 3.5%in 2021.In 2023,the average rate of return is projected to reach 5%in all major regions,supp

17、orted by investment gains and despite higher mortality claims,according to a Swiss Re report.3 Global premiums will contract slightly,by 0.2%in real terms in 2022,as compared to 4.5%in 2021,reaching more than USD3 trillion.However,Swiss Re also forecasts that global life premium growth will recover

18、to 1.9%in real terms in 2023 as inflation pressures ease and economic conditions improve.4 MARKET DYNAMICSDuring H1 2022,the 15 largest life insurers worldwide reached a cumulative market cap of nearly USD825.5 billion.5 However,this market valuation represented a 21%dip in capitalization and underp

19、erformed global markets,which dropped 14%in the same period.6 The decline sparked ongoing concern about slow growth,subdued operating performance,and unpredictable financial returns.InsurTech funding and valuation declined considerably in 2022,although less severely for life specialists than across

20、the overall InsurTech space.Life InsurTech firms raised USD918 million in Q2 2022,down 35%from Q2 2021,and deals slumped 3%,according to a Gallagher Re report.7 Heightened scrutiny on growth and profits,a sluggish funding environment,and challenging macroeconomics drove InsurTech devaluation.Despite

21、 worldwide inflation,geopolitical disruption,and talent shortages,insurance industry digital transformation is not likely to ebb.Gartner says sector IT investments are on track to reach a 6.4%CAGR(2021 to 2025)USD271 billion in 2025 versus USD210 billion in 2021.8 LOOKING BACK AT 2022Last year,the i

22、ndustry navigated a complex environment with high-impact headwinds.Nonetheless,several of our Life Insurance Top Trends 2022 projections hit the mark:We anticipated a growing focus on digitizing traditional distribution channels,and now more and more life insurers are empowering agents with advanced

23、 digital capabilities.We highlighted insurers collaborative foray into embedded solutions,and now embedded insurance is creating seamless customer experiences that boost growth among underserved customer segments.We also anticipated adopting alternate data sources and the cloud to gain operational a

24、gility and generate actionable customer insights.Today,life insurers leverage these technologies to drive innovation and operational excellence by automating and streamlining critical internal processes for example,underwriting.Life Insurance Top Trends 20234TOP TRENDS FOR 2023Against this complex b

25、ackdrop,we explore 10 life insurance trends across three broad themes:Customer-first:Insurers will bolster customer centricity by addressing consumer/commercial interests or pain points,welcoming new policyholder segments,and prioritizing risk prevention.Intelligent industry:Digital technologies wil

26、l impact revenue streams across the value chain.Enterprise management:Strategic organizational priorities will focus on new and evolving insurance risks,such as sustainability,cyber threats,and metaverse frontiers.The matrix presents Capgeminis view of 2023 trend prioritization in an operating envir

27、onment that includes:Rising inflation and interest rates,coupled with stagflation trends Operational disruption due to geopolitical instability Intense competition and increased focus on customer centricity due to the entry of new-age players;Operational cost overruns and high capital lock-in Dynami

28、c regulatory activity.Adoption priority refers to the urgency of adopting a 2023 trend to maximize value creation because of its sector importance.Business impact represents the influence of a trend on the life insurance sectors 2023 business as it relates to customer experience,operational excellen

29、ce,regulatory compliance,or profitability.Circumstances will vary for each firm depending on business priorities,geographic location,and other factors.For more information,dont hesitate to contact us at .Exhibit:Top trends in life insurance 2023 Priority matrix12358Agents empowered with advanced dig

30、ital capabilities increase productivity and customer engagementEmbedded life insurance offers convenient right-time,right-channel accessibility4Wellness-as-a-Service initiatives deepen customer engagementInsurers move to cloud-based operations to drive innovation,operational excellence6Life insurers

31、 are targeting younger populations with relevant products and digital customer experience7Real-time use of alternate data helps automate and streamline underwritingInsurers make sustainability a strategic corporate priorityMicroservices unlock new insurance ecosystems and improve the customer journe

32、yEcosystem partnerships offer a path to innovative financial value propositionsSource:Capgemini Research Institute for Financial Services Analysis,2022Customer firstEnterprise management9Core system modernization powers up life insurance innovation10Intelligent industryBusiness impact(2023)Adoption

33、priority(2023)MediumHighSignificantMediumHighSignificant34185107926Life Insurance Top Trends 20235AGENTS EMPOWERED WITH ADVANCED DIGITAL CAPABILITIES INCREASE PRODUCTIVITY AND CUSTOMER ENGAGEMENTAgents with access to digital tools can help insurers handle customer requirements quickly and efficientl

34、y.CONTEXTAgents are crucial to life insurance sales because they directly engage with customers and are considered trusted advisors.As customer expectations for seamless experiences evolve,life insurers that equip their agents with digital tools can provide better customer service and promote their

35、products to a broader population.CATALYSTSAs social distancing discouraged in-person meetings,it became crucial for life insurers to support agents with digital engagement tools.Customers now rely on that convenience and increasingly expect digital interactions.Innovative digital engagement methods

36、offer life insurers and agent networks an opportunity to expand distribution to a broader group of customers.New-age tools give life insurers better visibility into agents sales and engagement activities while helping agents make data-driven decisions to offer customers more personalized services.Wi

37、despread technology adoption by customers of all ages has raised the bar for policyholder expectations and demand for a seamless experience.IN A NUTSHELL Life insurers are developing predictive sales tools to enable agents to make data-driven decisions and serve customers more knowledgeably.US-based

38、 life insurance marketplace Sproutt launched SmartLife for Agents.This platform uses proprietary predictive data analytics and artificial intelligence to holistically help independent agents gain insights into customers unique coverage needs.9 Insurers leverage ecosystem partnerships to ensure finan

39、cial inclusion by expanding their distribution outreach.State-owned Life Insurance Corporation of India(LIC)partnered with the popular online marketplace P to digitally promote its products and target Indias untapped middle class and millennials through the aggregators platform.10 TREND 1Life Insura

40、nce Top Trends 20236Figure 1.Digitally-equipped agents are more fruitful and efficientSource:Capgemini Research Institute for Financial Services Analysis,2022Real-time customerdata for a superior CXBetter customerrelationship managementEffective sales and engagement monitoringBetter cross-selling an

41、d upsellingIMPACTIn 2023 and the years ahead,we expect insurers to offer agents more access to real-time customer data and tools that boost CX and increase policyholder retention.Agent interactions through remote digital channels will offer an effective human connection long after the pandemic that

42、will deepen customer relationships and increase customer lifetime value.This shift will provide material benefits for insurers.With advanced analytics tools that capture sales and engagement activities by agents,insurers can devise the strategies and support required to increase sales effectiveness.

43、In turn,this will improve digital distribution,increase agents sales performance,and lead to higher revenues for insurers.Today,customers face multiple disconnected touchpoints to purchase a complex insurance product virtually.Insurers can empower their agents with video collaboration tools to talk

44、with clients about their needs and objectives,provide advisory services,share documents and digitally sign them all in a single touchpoint.This convenient environment will significantly enhance the purchase experience.Natalie MyshkinaHead of FS Industry,Document Cloud,Adobe USA New YorkLife Insuranc

45、e Top Trends 20237ECOSYSTEM PARTNERSHIPS OFFER A PATH TO INNOVATIVE FINANCIAL VALUE PROPOSITIONSInsurers will collaborate with ecosystem partners to offer personalized experiences to help policyholders achieve long-term financial goals.CONTEXTLife insurance is a strong pillar towards financial stabi

46、lity.Carriers will leverage ecosystem players to educate customers throughout their financial planning and protection journeys.Collaboration allows life insurers and ecosystem players to leverage each others strengths while expanding business opportunities and rapidly innovating with insurers bringi

47、ng depth and complexity of the offers and new-age players bringing last-mile reach,segmentation of the population,and the modern CX.CATALYSTSThe global pandemic has heightened awareness of mortality and the importance of financial security.To meet customers evolving needs and expectations,life insur

48、ers are developing financial value propositions integrated combinations of products,ecosystems,and planning tools to help customers understand,plan,and prepare for their financial security and life milestones.Increased life expectancy has intensified pressure on governments and social services,helpi

49、ng to illustrate why individual financial wellness plans are increasingly essential.Global life expectancy was 72.98 years in 2022,a 0.24%increase from 2021.11 By 2030,one in six individuals globally will be 60 or older;by 2050,those 60 and older will double to 2.1 billion.The number of people aged

50、80 years or older is on track to triple between 2020 and 2050 to reach 426 million.12 A 50%increase in public debt in the last 20 years compounds the burden.Anxiety spurred by financial issues including inflation,debt,and lack of adequate savings,negatively affects individuals physical,mental,and em

51、otional health.Lack of financial preparedness for unforeseen and unexpected life events has increased life insurance demand.A survey by the not-for-profit trade association LIMRA asserts that 44%of US households would face financial hardship within six months following the death of the primary wage

52、earner.13 IN A NUTSHELLLife insurers are developing AI-enabled financial tools to generate insights that help customers track their financial goals and create personalized action plans.Examples of financial ecosystem solutions include:India-based Max Life Insurance partnered with Big Tech Amazons su

53、bsidiary Amazon Web Services(AWS)to enable faster and more personalized digital services,like automated claims and disbursals,automated issuance of new insurance policies,and online premium payment options.14 Guardian Life Insurance Company of America partnered with Atidot to create an insurance pla

54、tform that uses AI and ML to power data-driven decision-making that streamlines development,underwriting,marketing,and distribution processes.15 MetLife launched Upwise,a free app designed to connect consumer behavior around common financial concerns monthly budgeting,paying off debt,or saving for t

55、he long term that helps consumers build positive financial habits.The apps Money Mood tool also assesses a consumers disposition to evaluate their relationship with money.16 Life insurers are developing education programs in collaboration with ecosystem players to promote awareness of financial well

56、-being among the younger population.US-based Principal Financial Group partnered with financial literacy company iGrad to leverage the latters Enrich financial wellness platform and offer comprehensive financial education resources to college students and recent graduates.The tool evaluates users st

57、rengths and challenges to provide personalized guidance.17TREND 2Life Insurance Top Trends 20238Figure 2.Ecosystem collaboration can help life insurers create positive financial outcomes for policyholdersSource:Capgemini Research Institute for Financial Services Analysis,2022Incentivize customers to

58、followpersonalized financial adviceOffer AI-enabled financial tools to generate insights,create personal action plansEducatepolicyholders about financial protection awarenessInnovative financial value propositionsIMPACTBy offering customers incentives such as rewards and policy discounts for healthy

59、 financial behavior,life insurers will earn trust leading to better and deeper customer relationships.To do this,expect life insurers to make significant investments in 2023 to beef up their financial ecosystem propositions and to evolve from transactions to relationships.In turn,this will require e

60、xpanding their core expertise to include risk prevention and value-added services.As a result,tracking and analyzing policyholders financial habits will allow insurers to design personalized action plans supporting financial wellness,offer a better CX,and increase the relevancy of life insurance.Car

61、los Rodrguez GarcaHead of L&H Innovation,Cooperation Models,Underwriting and ClaimsSouthern Europe and Latin America,Munich Re,Madrid,SpainSuccessful insurers will create an ecosystem that seamlessly integrates with partners.Some firms have already created an ecosystem manager role.”Life Insurance T

62、op Trends 20239EMBEDDED LIFE INSURANCE OFFERS CONVENIENT RIGHT-TIME,RIGHT-CHANNEL ACCESSIBILITYEmbedded insurance creates seamless customer experiences that boost growth among underserved customer segments.CONTEXTEmbedded insurance offers life insurers the opportunity to reach new customers and brid

63、ge the protection gap.In addition,collaboration allows insurers and ecosystem players to leverage the others strengths while expanding business opportunities.With the advent of embedded insurance processes,life insurers can serve untapped markets by providing services like credit life insurance,hosp

64、icash,and personal accident insurance without having to rely on costly distribution channels.However,the transition to embedded insurance is not as straightforward as it appears.Life insurance products,where health and behavioral considerations are important,require complex underwriting and can be d

65、ifficult to implement.As millennials are increasingly buying life insurance while sharing their personal data,life insurers are revisiting their product offerings and creating a parallel technology stack to provide integrated insurance services.CATALYSTSFast-changing customer behavior,the complexity

66、 of buying insurance,and advanced technology are driving embedded insurance implementation.Increasing competition from non-traditional players offering insurance makes it critical for life insurers to tap the underserved market.According to Capgeminis World InsurTech Report 2021,at least 50%of polic

67、yholders are willing to buy coverage including embedded insurance products from Big Techs,product manufacturers,and InsurTechs.18 A wide swath of uninsured and underserved populations do not have access to life insurance.A LIMRA survey found that about 40%of adults,or 102 million individuals,in the

68、United States are uninsured or underinsured.19IN A NUTSHELLLife insurers are developing solutions to help companies cross-sell life insurance coverage within their ecosystems through seamless software integrations that take minimal time and resources.Examples of carriers making collaborative inroads

69、 in cross-selling insurance and financial offerings include:Online InsurTech Bestow launched a suite of embedded insurance solutions that enable FinTechs,financial institutions,and others to bundle life insurance within their existing customer ecosystem.Integration takes as little as a day to launch

70、 and allows partners to embed a fully-hosted,digital term-life insurance buying experience.20 And with third-party ecosystem collaboration,life insurers can offer financial protection to underserved markets.New York-based online marketplace Policygenius teamed up with SEC-registered WealthTech Facet

71、 Wealth to enable the latters network of certified financial planners to sell life insurance.End-to-end insurance solution Policygenius Pro offers partners exclusive access to various insurers,coverage types,and policy options,including accelerated underwriting offerings.21 The India-based subsidiar

72、y of DBS Bank partnered with Bajaj Allianz Life Insurance to offer term,savings,retirement,and investment products to DBS customers at 550 branches.22 Hong Kong-based life insurer FWD Group forged a distribution alliance with travel and leisure e-commerce platform Klook in Singapore to launch integr

73、ated accident insurance offered through Klooks website and app.FWD launched short-term accident coverage in Singapore in 2022 and plans expansion in other Southeast Asian markets.23 TREND 3Life Insurance Top Trends 202310Figure 3.Embedded insurance as a strategic game changer that boosts CXWhats so

74、attractive about embedded insurance?Source:Capgemini Research Institute for Financial Services Analysis,2022FOR CUSTOMERSPersonalized offeringsQuick and hassle free insurance purchaseComprehensive coverage and convenient CXFOR LIFE INSURERSAccessing new markets and an expanded customer baseReaching

75、customers at the right time and placeOpportunity to cross-sell through bundlingIMPACTIn 2023,carriers will make strategic investments in product innovation,API capabilities,and InsurTech relationships to capitalize effectively on embedded insurance and bridge the coverage gap.New partnership opportu

76、nities will be created,enhancing value propositions and building new revenue streams for both insurers and their ecosystem partners.These investments will also help insurance firms lower distribution costs and acquire new customer data,while at the same time boosting product innovation and reducing

77、underwriting risks.Ecosystems and embedded insurance are about getting the customer to buy coverage where and when they need it.Here insurance is neither bought nor sold;it becomes invisible.”Denise GarthChief Strategy Officer,Majesco,Omaha,NebraskaUSALife Insurance Top Trends 202311WELLNESS-AS-A-SE

78、RVICE INITIATIVES DEEPEN CUSTOMER ENGAGEMENTFuture-focused life insurers are reevaluating longstanding value propositions and adding wellness as a customer engagement pillar.CONTEXTWellness-as-a-Service offers a flexible model for life insurers seeking to align their businesses with shifting user ne

79、eds and unlock a new era of growth and profitability.These models allow insurers to understand customer behaviors and engage more frequently through personalized services.Insurers can reinvent their customer value propositions by promoting risk prevention through a deeper understanding of customer n

80、eeds and more frequent engagement.CATALYSTSRecent and ongoing events heightened awareness of mortality and the need for greater physical and financial well-being due to economic uncertainty.The World Life&Health Insurance Report 2022 found that 68%of surveyed customers were interested in new wellnes

81、s offerings,with 65%taking positive steps to achieve it(e.g.,exercising,monitoring their financial budgets and spending,tracking health metrics).24 The worldwide retirement savings gap in 2021 reached USD93 trillion.25 Wellness competition from Big Techs,FinTechs,HealthTechs,and dominant wellness pl

82、ayers,including banks and supermarkets,is heating up.The expanded use of activity-tracking devices like wearables and budgeting trackers has sparked consumer interest in wellness,inviting them to live better lives.IN A NUTSHELLLife insurers are developing artificial intelligence-enabled and data-dri

83、ven wellness tools to generate insights that help customers track their fitness goals and create personalized action plans.Examples of insurers setting digital trends include:Chubb launched LifeBalance,a 360-degree health and well-being app using AI to empower users to lead healthy lifestyles with a

84、 personalized virtual coach.The app helps users set goals with real-time health score changes based on lifestyle choices,indicating overall health and well-being.26 In Thailand,Krungthai-AXA Life Insurance partnered with San Francisco-based virtual assistant developer Sensely to integrate chatbot/av

85、atar technology and health solutions into its digital solution Emma by AXA.The Emma avatar uses conversational AI to offer policyholders instant access to a range of convenient healthcare services and policy information in one application.27 Developing a data-driven culture around interconnected wel

86、lness ecosystems significantly enhances the success of Wellness-as-a-Service solutions.Capgemini helped an APAC-based global insurer partner with Zrich-based dacadoo.As a result,the life insurer integrated the Swiss HealthTechs Digital Health Engagement Platform(DHEP)to offer policyholders personali

87、zed insights and rewards for healthy physical and financial behaviors.The insurers platform uses AI,data analytics,and gamification to motivate consumers to adopt and maintain medically and financially beneficial habits.In the UK,InsurTech Yulife offers a well-being app that uses behavioral science

88、and gamification to enhance customers physical and mental well-being via YuCoin rewards that they can exchange for vouchers and discounts.28 TREND 4Life Insurance Top Trends 202312IMPACTAs insurers transcend the claim payers role in 2023 and beyond to become risk preventers,wellness providers,and pa

89、rtners for healthier living,customer engagement and loyalty will increase.Engaging with ecosystem partners like wellness providers,hospitals,banks,pharmacies,and retailers will enable wellness solutions to scale faster,helping life insurers capitalize on B2B2C opportunities by expanding the range of

90、 services offered.A Wellness-as-a-Service framework can enable insurers to advance from a focus on transactions to one that builds relationships via hyper personalized experiences;this improved CX will be enabled by superior customer journeys,innovative wellness initiatives,and connected ecosystem s

91、olutions.As personalized services boost policyholders physical fitness and general health,insurers will boost retention,reduce claims,and increase risk assessment and pricing accuracy.The most strategic life insurers will invest in advanced predictive technologies,ecosystem partnerships,and new data

92、 sources to promote healthy behaviors.Insurers should proactively provide wellness offerings throughout the customer lifecycle rather than waiting for policyholders to reach out at pre-defined touchpoints.”Emmanuel MendozaChief Technology Officer,AIA,PhilippinesFigure 4.Wellness-as-a-Service enables

93、 a win-win proposition for life insurers and policyholdersCapgeminis Wellness-as-a-Service frameworkSource:Capgemini Research Institute for Financial Services Analysis,2022Hyper personalized experiencesConnectedecosystems solutionsWellness centered businessBetterdigital customer journeysLife Insuran

94、ce Top Trends 202313INSURERS MOVE TO CLOUD-BASED OPERATIONS TO DRIVE INNOVATION,OPERATIONAL EXCELLENCECloud solutions enable carriers to fuel operational excellence and improve customer experiences.CONTEXTCloud adoption enables life insurers to create a future-ready digital infrastructure that facil

95、itates operational agility and innovation.Carriers find the cloud to be increasingly relevant.An Aite-Novarica study revealed that 90%of insurers expanded their use of cloud computing in 2021,compared with about 70%in 2018.29 Embracing the cloud helps streamline critical insurance functions includin

96、g underwriting,claims processing,fraud detection,and customer service.The clouds flexibility helps insurers develop new propositions quickly and experiment frequently,expediting improved go-to-market strategies.CATALYSTSMajor cloud providers offer increasingly tailored offerings for the life insuran

97、ce sector thanks to the significant economies of scale they can achieve.The cloud allows life insurers to increase security,scalability,and cost-saving,particularly around core pricing,underwriting,and claims processes.It also helps to simplify and digitize the onboarding process for complex life pr

98、oducts and to cater to evolving customer expectations.Legacy systems with data in siloes have historically been a key barrier to innovation in the life insurance sector;transitioning to the cloud not only removes the need for expensive maintenance but unlocks the development and deployment of innova

99、tive personalized coverage.With remote working becoming a post-pandemic norm,insurers with cloud capabilities can run day-to-day operations seamlessly.IN A NUTSHELLLife insurers use the cloud as a strategic differentiator to accelerate digital transformation,automate operations,and create more frict

100、ionless CX.Canadian insurer Sun Life selected Amazon Web Services(AWS)as its long-term strategic cloud technology provider to become a cloud-first organization and develop capabilities to build and scale new platforms quickly.As part of the relationship,Sun Life will also launch an immersive cloud s

101、kills training program for employees.30 India-based Bharti AXA Life Insurance formulated a cloud strategy to migrate all workloads,including applications,data,and infrastructure,onto the cloud to drastically reduce the time to market for launching new apps and capabilities.31 US-based insurer MassMu

102、tual launched Haven Technologies,an advanced cloud-native InsurTech platform for the life insurance,fixed annuities,and disability industries.The platform enables faster set-ups,easier integrations,enhanced visibility,and customization for insurance carriers.32TREND 5Life Insurance Top Trends 202314

103、Figure 5.Cloud-based operations can create a future-ready digital infrastructureSource:Capgemini Research Institute for Financial Services Analysis,2022New cloud collaborations will create frictionless customer experienceCloud migration will enable faster product development and expedite go-to-marke

104、tstrategiesEffective cloud strategy will augment infrastructure resiliencyIMPACTExpect the cloud-based operations trend to accelerate in 2023.This will require insurers to prioritize efficiently tasks and processes that will need to migrate from legacy platforms to the cloud.This transition will ena

105、ble successful insurers to seize new market opportunities,enhance security,and improve customer responsiveness.Benefits from adopting the cloud for core insurance systems will include substantially reducing maintenance costs,augmenting infrastructure resiliency,and speeding up cost-effective product

106、 development.Life Insurance Top Trends 202315LIFE INSURERS ARE TARGETING YOUNGER POPULATIONS WITH RELEVANT PRODUCTS AND DIGITAL CUSTOMER EXPERIENCEA simplified application process and welcoming,not daunting,customer experience help carriers attract busy millennials.TREND 6CONTEXTMillennials,those bo

107、rn between 1981 and 1996,represent a significant market opportunity for the life insurance industry.Nearly half(47%)of this segment,representing 34 million US adults,say they need or need more life insurance.33 However,complicated purchasing processes can turn off younger populations who want seamle

108、ss,intuitive,and personalized experiences similar to what other industries offer such as during Big Tech online shopping.Life insurers offering accelerated underwriting,enhanced digital communication,and simplified digital products that individuals can purchase quickly will boost CX and attract new

109、policyholders.CATALYSTSAs the dissemination of real-time information through digital channels increases,young populations are becoming aware that life insurance can be a valuable financial planning tool.Yet,only 10%of millennials in the US say they have enough life insurance to cover their familys n

110、eeds.34 COVID-19 increased millennials interest in life insurance because many have minor children to consider and outstanding high mortgage debt to cover.A LIMRA survey found that 45%of American millennials are more likely to buy life insurance because of COVID-19.35 Traditionally,life insurance is

111、 considered expensive and complex to understand,and accompanied by the misconception that it doesnt provide any tangible value for individuals without any dependents.Complexities in purchasing life insurance,including a medical examination before policy issuance,often act as a deterrent for individu

112、als planning to buy life insurance.A survey by Texas-based USAA Life Insurance reported that about 58%of US citizens said cost was the single most crucial factor when deciding on a life insurance company,and 24%cited not requiring a medical exam.36 Younger insurance applicants seek convenience and s

113、implicity while considering or applying for a policy.IN A NUTSHELLMany carriers are strategically educating millennials about how affordable and accessible life insurance is,and how it can help young families protect their future financial security.Insurers that simplify the application process with

114、 digital products can offer a seamless customer experience.UK-based life insurance broker Reassured launched a digital platform with a buy-now process based on a single underwriting question set,with the flexibility for customers to either buy online or seek assistance from a Reassured agent.Reassur

115、ed developed the solution in collaboration with UK InsurTech The IDOL and six other major insurers.37 Online InsurTech Bestow partnered with financial services firm Equitable Advisors to launch a digital term-life insurance solution,Term-in-10,assisted by Equitable agents.Thanks to the Bestow platfo

116、rm,a new customers life insurance purchase experience takes about 10 minutes.38 Carriers are developing focused solutions to engage younger demographics and make life insurance more accessible.Canadian InsurTech Walnut Insurance introduced holistic digital wellness subscriptions that are simple and

117、quick to obtain;these were specifically designed to engage younger demographics who may benefit from acquiring life insurance earlier but are currently underserved in the market.39 In the United States,Progressive Insurance partnered with Fidelity Life to launch a one-year term-life product for firs

118、t-time life insurance buyers and those seeking protection without a long-term commitment.The solution offers young customers flexibility and purchase convenience.40 Life Insurance Top Trends 202316Figure 6.A comprehensive digital experience creates deeper connections,brand loyalty,and retention Sour

119、ce:Capgemini Research Institute for Financial Services Analysis,2022Issue policies quickly for better CXFocused solutions to engage younger demographics Customized offerings to make life insurance more accessibleIMPACTIn 2023,we expect carriers to develop digital platforms and to digitally empower a

120、gents to attract young,tech-savvy customers seeking a convenient life insurance purchase path.More life insurers will focus on compelling CX and interactive engagement strategies to create deeper connections and improve brand loyalty and retention.Digital offerings with fewer purchase steps will lea

121、d to faster underwriting,approval,and policy issuance.At the same time,a shorter application process and no medical exam(which previously took up to several weeks)can significantly improve customer experience.With easier-to-buy,innovative insurance solutions,carriers can expand to include financial

122、protection and offer new products that fit millennials needs as they progress through various life stages.Life Insurance Top Trends 202317REAL-TIME USE OF ALTERNATE DATA HELPS AUTOMATE AND STREAMLINE UNDERWRITINGBy integrating real-time data from third-party information sources,life insurers have a

123、unique opportunity to transform the underwriting process.CONTEXTBy using alternate data sources when and where needed,life insurers can speed up underwriting decisions and increase operational efficiency;data can also be leveraged for better pricing decisions and reducing customer waiting times.With

124、 the help of accurate and timely alternate data sources,life insurers can identify new risk parameters and make more precise pricing decisions while also improving the customer experience.By automating or accelerating the underwriting process,underwriters will have more time to focus on value-added

125、activities,including supporting innovative product development.CATALYSTSManual processes involving unstructured data management can hamper efforts to get the correct data to underwriting teams.Increased customer demand for a less intrusive and simplified purchase process has prompted insurers to shi

126、ft away from in-person medical exams and opt for alternate data sources such as electronic health records,biometrics,genomics,wearables,and other third-party vendors.New data sources enable applicants to obtain life insurance without an elaborate application process,thereby increasing the conversion

127、 rate during purchase.Predictive analytics offers life insurers a forward-looking outlook when assessing underwriting risk factors and how they might evolve.Continuous underwriting with access to customer lifestyle data enables insurers to offer competitive prices.IN A NUTSHELLTodays trend-setting l

128、ife insurers use alternate data sources to make underwriting decisions quickly,price risk more accurately,shorten policyholder wait times,and issue policies in real time.HSBC Life UK launched a digital underwriting solution whereby screening requests are sent to and quickly returned from medical-scr

129、eening provider Square Health.Results go directly to HSBC Lifes digital underwriting rules engine to provide an instant eligibility decision.41 India-based Max Life Insurance uses its proprietary analytics model,Shield,to check application viability.The model enables automated decision-making by pro

130、actively catching risky and fraudulent submissions at the issuance stage by integrating policy application data with external databases.42 With artificial intelligence,carriers can process and analyze massive data sets through various alternate sources,while minimizing human intervention across the

131、underwriting process.As one example,Swiss Re partnered with software company Appian to create an end-to-end scalable AI solution to process vast volumes of data and increase underwriting efficiency.Leveraging AI,the insurer can also compare and contrast use cases to understand how it handled similar

132、 profiles in the past.43TREND 7Life Insurance Top Trends 202318Figure 7.Integrating real-time alternate data from third-party sources can transform underwritingSource:Capgemini Research Institute for Financial Services Analysis,2022Accelerate underwritingIssue new policies fasterLeverage real-time a

133、nd alternate dataUse AI to uncover unique insightsBetter risk assessmentaccuracyIMPACTIn 2023,we expect life insurers to continue efforts to revamp their underwriting processes through external data source collaborations,AI investments,and real-time data tracking tools.This will enhance pricing accu

134、racy,improve customer satisfaction during agent interactions,and enable policies to be issued more quickly.New technology solutions for underwriting will help insurers perform more accurate risk assessments in less time.As a result,underwriters will be able to spend more time on value-adding activit

135、es;further,insurers will improve their bottom line through reduced underwriting risk,increased decision consistency,and lower customer acquisition costs.Life Insurance Top Trends 202319INSURERS MAKE SUSTAINABILITY A STRATEGIC CORPORATE PRIORITYLife insurers are taking on an increasing number of ESG(

136、environmental,social,and gover-nance)issues and committing to protect the environment and prevent future risks.CONTEXTFuture-focused insurers are weaving ESG resiliency into their corporate sustainability strategy;clear actions and responsibilities are assigned to C-suite executives to ensure owners

137、hip and accountability.Insurers are revisiting their business models and embedding ESG factors into their risk management strategies.Increasingly,life insurers are partnering with asset managers to develop diversified,sustainable investment strategies for their portfolios.Insurers are offering green

138、 products and promoting sustainable investment returns through diversified product innovation.CATALYSTSLife insurers realize ESG has become an essential business practice as policyholders base purchase decisions on sustainability initiatives.Driven by proactive regulators,European firms were ESG for

139、erunners.Today,however,the focus,intensity,and pace of ESG activity have increased substantially worldwide:insurers realize the benefits of incorporating ESG principles in investments and overall operations,with increased attention and commitment to ESG goals.A 2022 survey from institutional insuran

140、ce asset manager Conning found that 41%of US life/annuity and P&C insurers incorporated ESG factors within the past year,and 79%have in the past two years.However,only 12%reported using ESG factors for more than two years.44 Adopting strategic ESG practices helps insurers build a favorable industry

141、reputation,remain compliant with legal and ethical standards,and mitigate potential damage incurred by incorrect decisions.A resiliency roadmap and defined strategy can help insurers access new data by engaging with non-traditional ecosystem partners and capturing ESG scores for investments and unde

142、rwriting.IN A NUTSHELLAcross the globe,life insurers are demonstrating a commitment to sustainability through a broad range of initiatives.Ping An Life announced it was the first insurer in China to issue an ESG bond index in March 2022,aiming to promote high-quality,sustainable development of diffe

143、rent industries through ESG investing.The index series seeks sustainable investment returns through diversified product innovation and encourages interest in sustainable investment.45 In the 2021 ESG report from US-based Prudential Financial,the Fortune 500 firm outlined intentions to achieve net-ze

144、ro emissions across primary domestic and international home office operations by 2050.In addition,the report introduced restrictions on new direct investments in companies that derive a material portion of their revenues from thermal coal.46 In Q2 2022,a group of Japanese life insurers invested more

145、 than USD332 million in an eight-year to support the World Banks integrated approach to mainstreaming climate change mitigation and adapting its investment practices.47TREND 8Life Insurance Top Trends 202320Figure 8.ESG resiliency is being embedded into corporate sustainability strategySource:Capgem

146、ini Research Institute for Financial Services Analysis,2022Commit tonet-zeroemissionsPartner withsustainableecosystems to access new data&ESG scoresESG prioritiesBuild your resiliency roadmap,define sustainability strategyDrive sustainable investment returnsIMPACTExpect the trend to integrate sustai

147、nability into life insurers business strategy to accelerate in 2023 and beyond,as geopolitical risks increase and exposure to climate change risks such as extreme weather events intensifies.This commitment to ESG helps insurers to attract environmentally-conscious talent,reduce claims,and uphold pro

148、fits.We also anticipate sustainability efforts to gain traction as life insurers increasingly embed ESG scores in their investment decisions and appoint chief sustainability officers to orchestrate critical organizational initiatives.Life Insurance Top Trends 202321MICROSERVICES UNLOCK NEW INSURANCE

149、 ECOSYSTEMS AND IMPROVE THE CUSTOMER JOURNEYAs more consumers embrace digital engagement,insurers are keen to adopt microservices architecture to optimize business performance and boost customer experience.CONTEXTMicroservices architecture is a distributed system designed from multiple modules that

150、communicate with one another through application program interfaces(APIs).Each module/application can be scaled,updated,and deployed to support maximum flexibility.According to microservices providers such as Solartis and Simplesolve,the architecture enables insurers to launch products up to twice a

151、s fast as traditional software deployments.In addition,microservices integrate with APIs from other industries and can be configured easily to meet specific business needs.Now that microservices architecture and APIs are widely accepted,carriers and managing general agents can adopt a technical foun

152、dation that supports and extends various complex insurance products.Many insurers are breaking down core systems and ancillary processes through microservices to enable custom product options and to extend their reach to other distribution channels,generating business at the point of need.CATALYSTSC

153、omplex monolithic architecture,fast-changing customer needs,and technological advancements are driving insurers to shift to microservices architecture.Millennials,who are on track to represent 75%of the global workforce by 2025,are tech proficient and prefer to act independently,assisted through dig

154、ital channels as and when required.48 Therefore,insurers are building applications on microservices architecture to keep pace.Many life insurers seek comprehensive digital transformation plans.Partnerships with integration experts in a microservices architecture can accelerate application developmen

155、t to support future business.Life insurers are implementing microservices-based APIs and extending their insurance back-end systems to the cloud quickly,cost-effectively,and with low risk.IN A NUTSHELLInsurers are shifting to microservices as monolithic architecture requires scaling and lacks flexib

156、ility,making it pricey and time-consuming to transform.In contrast,microservices are independently deployable and modular.India-based Bajaj Allianz Life Insurance(BALIC)consolidated application development,testing,and deployment onto a single platform in a Kubernetes environment(an open-source conta

157、iner orchestration system).To reduce time to market and seize opportunities quickly,the company created a reliable microservices environment for digital applications using Red Hats OpenShift,supported by Red Hat 3scale API Management and single sign-on technology.Transforming application components

158、into microservices enabled BALIC to rationalize 100 monolithic applications down to 45 modern applications.As a result,the insurer reduced development and delivery time while eliminating downtime in both its hybrid on-premises and public cloud environments.49 US-based Jackson National Life Insurance

159、 Company selected the Apigee API Management Platform from Google Cloud.It implemented secure APIs to execute digital connectors with ecosystem partners as well as for internal development efforts.As part of this initiative,the company has deployed over 130 APIs to expand its portfolio of API product

160、s.50 A Finnish insurer adopted microservices to sell coverage online and offer online customer support.The firm had previously struggled with digitalization because of its monolithic application environment.However,by building microservices,the company minimized the functional impact of deployment a

161、nd achieved the desired digital platform to cater to all customer needs with minimum development time.51 TREND 9Life Insurance Top Trends 202322Figure 9.Adopting a microservices architecture achieves multiple benefitsSource:Capgemini Research Institute for Financial Services Analysis,2022Efficient s

162、calabilityMicroservices enable better productsEasier product configurationFastergo-to-marketCost-effective implementationIMPACTBy developing applications with microservices,insurers can easily integrate next-generation capabilities into customers personal applications.In 2023 and beyond,insurers wil

163、l continue to adopt microservices by investing in APIs,cloud capabilities,and integration experts,transforming their legacy systems at low costs,unlocking new insurance ecosystems,and improving the customer journey.Historically,insurance assumed and priced risk.But that model is ending.If the past d

164、ecade was about digitization,the next 10 years will be about microservices to predict and prevent risk.”Peter OhnemusPresident and Chief Executive Officer,decadooZrichLife Insurance Top Trends 202323CORE SYSTEM MODERNIZATION POWERS UP LIFE INSURANCE INNOVATIONUnlike P&C carriers,many life insurers h

165、ave just begun to modernize their core systems:rationalizing,simplifying,and modernizing applications and infrastructure is now a top priority.CONTEXTLife insurers that modernize their legacy systems can open doors to new digital capabilities and business opportunities;updating and optimizing core i

166、nfrastructure to accommodate agile processes will speed up operations and enable rapid innovation.Moreover,a hybrid approach based on the incremental implementation of advanced technology while maintaining some legacy systems can work for carriers that are not prepared to replace their entire core a

167、ll at once.Digital transformation is a critical priority for most life insurers,but few can simply flip the switch and replace aging core systems.Effective collaboration with technology providers with global resources and a track record of successful legacy modernization(core system replacement,clou

168、d migration,API strategy)can go a long way in cutting down on costly project delays and time spent by internal teams addressing avoidable issues.CATALYSTSCore modernization helps insurers to redefine their business model with new digital products,services,and channels that can help them gain competi

169、tive ground.Increasing competition from alternative solutions providers,asset managers,and InsurTechs makes it critical for life insurers to understand and effectively meet policyholders fast-changing expectations and needs.Research and consulting firm Gartner reports that legacy modernization was a

170、 high priority for insurance chief information officers(CIOs)in 2021,with 55%of surveyed organizations conducting a modernization project of core IT or back-end systems.52 Insurers are forming strategic alliances with Big Techs to transform legacy systems and bolster technical capability.Gartner pro

171、jects 2022 end-user spending on cloud services to reach USD482 billion as the life insurance market accelerates its shift from legacy systems to the cloud.53IN A NUTSHELLMany organizations are transforming digitally by integrating new technologies on top of legacy systems via APIs introducing new se

172、rvices,experiences,and process automation.Dutch insurer Aegon is retiring its legacy systems and implementing an Amazon Web Services(AWS)data platform to migrate all systems,applications,and data to the cloud;in addition,the firm has phased out obsolete apps or replaced them with a cloud service.As

173、a result of cloud migration,Aegon says it has gained agility and can now build various solutions in-house.54 US-based InsurTech Haven Technologies partnered with no-code software platform Unqork to help life,annuity,and disability insurers enable better digital interactions,facilitate core insurance

174、 capabilities,and integrate with broader technology infrastructure.55 New Delhi-based Max Life Insurance is on a multi-year digital transformation journey that includes investment in cloud migration and new-age architecture.The insurer partnered with Amazon Web Services(AWS)and Microsofts Azure to m

175、odernize its end-to-end application portfolio.56TREND 10Life Insurance Top Trends 202324Figure 10.Follow a step-by-step approach to core system modernizationSource:Capgemini Research Institute for Financial Services Analysis,2022Define desiredbusiness outcomesIdentify functionalrequirementsChoose th

176、e righttechnology partnerImplement in stagesEnsure theresa strong network ofimplementation,integration,andadvisory partnersEnsure consistentalignment at the topInvolve employees inthe transformationfrom the outset1567234IMPACTExpect more core modernization in 2023 to accelerate innovation,automate m

177、anual processes,and enable new revenue streams.To minimize the risk of full-scale legacy core replacement and accelerate the process,insurers will partner with technology firms that provide low-code and no-code platforms.In turn,this will enable insurers to cover emerging needs while delivering the

178、flexibility,agility,and scalability required to move into new markets and reduce operational costs.This modern system functionality will unify the experiences of agents,brokers,insurers,and customers.Life Insurance Top Trends 202325CONCLUSIONLife insurers will continue modernizing core operational s

179、ystems while speeding up digital transformation initiatives to navigate the macroeconomic environment of 2023 and beyond.Their aim will be to satisfy evolving customer needs while capitalizing on demand driven by heightened risk awareness because of COVID-19 and interest rates that make guaranteed p

180、roducts more attractive.We anticipate life insurers to put product innovation in high gear as they explore new business models.However,innovation requires investment in next-generation technologies that offer a comprehensive digital experience,optimize costs through streamlined IT operating models,a

181、nd build a resilient enterprise prepared to seize new opportunities quickly.Future-focused insurers will leverage ecosystem collaborations to improve their core propositions and develop new products to strengthen engagement with policyholders and enhance the customer journey.In addition,carriers wil

182、l prioritize operational resilience while including wellness in their strategies.In 2023,we expect to see agents empowered with more robust digital tools and innovative products targeting underserved customer segments to bridge the protection gap.To make it happen,life insurers will focus on buildin

183、g technical capabilities across cloud,AI,and predictive analytics.Insurers will enhance the customer experience and increase customer touchpoints to become policyholders lifestyle partners.Increased customer trust and loyalty,additional up-sell and cross-sell opportunities,and vigorous product devel

184、opment will be the result.In 2022,the industry accelerated its post-pandemic transformation efforts.In 2023,we expect life insurers to navigate a challenging macroeconomic environment by continuing digital transformation at pace:strategic carriers will prioritize customer centricity,agile product in

185、novation,and advanced digital capabilities.Life Insurance Top Trends 202326ASK THE EXPERTSElias GhanemGlobal Head of Capgemini Research Institute for Financial SElias Ghanem leads Capgeminis global portfolio of financial services thought leadership.He oversees a team of strategy consultants and sect

186、or analysts,delivering market insights to help clients build future-proofing strategies.He has more than 30 years of FS experience,focusing on win-win collaboration between incumbents and startups.Luca RussignanHead of Insurance-Capgemini Research Institute for Financial SLuca Russignan is an insura

187、nce expert with more than 12 years of experience shaping insurance business strategy and working closely with C-suite executives and senior business leaders across the UK,United States,Italy,and APAC.Shane Cassidy Insurance Business Unit Leader Shane Cassidy is executive vice president and head of C

188、apgeminis Global Insurance Business Unit.He has been at the forefront of digital disruption and innovation for two decades,identifying and developing solutions to address market trends.Samantha ChowLife and Annuity Sector LSamantha Chow is an expert in the global life,annuity,and benefits markets wi

189、th 20+years of experience.She has deep expertise in driving the growth of enterprise-wide capabilities that facilitate transformational and cultural change,focusing on customer experience,operational efficiency,legacy modernization,and innovation to support competitive advancement.Aruna MaheshInsura

190、nce Consulting and Innovation L Aruna Mahesh is an Insurance Industry Business leader with 23+years of experience with deep domain expertise in insurance and is part of Capgeminis Insurance Global Services and Insurance Practice Leadership Team.She has experience in leading strategic insurance digit

191、al transformation programs.An avid follower of ecosystem players including InsurTechs and partners,her expertise lies in using contemporary approach to build innovative business solutions.Life Insurance Top Trends 202327KEY CONTACTSGlobalShane Cassidy Ian Campos Stanislas de Roys .AustraliaNorman St

192、ellino Manoj Khera .BelgiumJan Verlinden Sanjay Jhamb .CanadaGregory Delhomelle .Finland Jarmo Kortelahti .FranceThierry Loras Olivier Hoarau .GermanyDr.Joachim Rawolle Thomas Hillar .IndiaShyamsree Nandi Pranab Ghosh .ItalyMichele Inglese Lorenzo Busca .JapanMasayuki Imazu Kazuhira Takewa .Latin Am

193、ericaRoberto Ciccone Geovanni Alfonso Millan .NetherlandsJimut Basa Ewout Bouwman .Norway Cecilie Vatn .PortugalDiogo Baptista Hugo Oliveira hugo.goncalo-.Southeast AsiaSivakumar V Tatiana Collins .SpainVictor Pizarro Sanchez Javier Snchez Garca jose.sanchez-.SwedenStefan Grimfors .UKWendy Williamso

194、n wendy-Lotfi Baccouche .USASamantha Chow Keith Gage .Life Insurance Top Trends 202328ACKNOWLEDGMENTSWe want to thank the following teams and individuals for helping to create,produce and promote Wealth Management Top Trends 2023:Elias Ghanem,Chirag Thakral,and Luca Russignan for their overall leade

195、rship for this years report.Tamara McKinney Berry for editorial support and content guidance.Dinesh Dhandapani Dhesigan for graphical interpretation and design.Marion Lecorbeiller,David Merrill,Swathi Raghavarapu,Meghala Nair,Sai Bobba for their overall marketing leadership for the report,and the Cr

196、eative Services Team for producing the report:Pravin Kimbahune,Balaswamy Lingeshwar,and Anupriya Andhorikar.MARKET INTELLIGENCE CORE ANALYST TEAMMinnala Krishna Tej Kireeti Reddy Lead Analyst,Insurance Capgemini Research Institute for Financial ServicesVipul Mehta Industry Analyst,Insurance Capgemin

197、i Research Institute for Financial ServicesLife Insurance Top Trends 202329ENDNOTES1.World Economic Forum,“Are economic headwinds blowing in the direction of a global recession?Chief economists answer;”September 28,2022.2.IMF,“World Economic Outlook;”April 19,2022.3.Swiss Re,“World insurance:inflati

198、on risks front and centre;”July 13,2022.4.Ibid.5.Statista,“Largest life insurance companies worldwide as of June 2022,by market capitalization(in billion US dollars);”June 7,2022.6.Capgemini Financial Services Analysis;H1 2022.7.Gallagher Re,“Global InsurTech Report for 2022 Q2;”August 4,2022.8.Gart

199、ner,“Enterprise IT Spending for the Insurance Market,Worldwide,2019-2025,1Q21 Update;”April 8,2021.9.PR Newswire,”Sproutt Launches SmartLife for Agents to Empower Agents with Predictive Life Insurance Sales Capabilities;”June 21,2022.10.Business Standard,“LIC ties up with P for distribution of its p

200、roducts;”February 3,2022.11.Macrotrends,“World Life Expectancy 1950-2022;”Accessed October 2022.12.World Health Organization,“Ageing and health;”October 1,2022.13.LIMRA,“2022 Insurance Barometer Study;”April 25,2022.14.Tech Circle,“AWS helps Max Life customers buy insurance in less than 30 minutes,”

201、June 13,2022.15.PR News Wire,“Guardian and Atidot Partner to Create New Insurance Models and Customer Experiences Using Artificial Intelligence and Predictive Analytics;”March 25,2021.16.Planadviser,“MetLife Introduces Financial Wellness App;”September 23,2021.17.Enrich,“Principal Launches Principal

202、 Milestones,New Financial Wellness Program;”September 25,2021.18.Capgemini,World InsurTech Report 2021;September 16,2021.19.LIMRA,“2021 Insurance Barometer Study;”April 4,2021.20.Fintech Finance,“Bestow Launches New Plug-and-Play Embedded Insurance Solutions for Businesses of All Sizes;”May 4,2022.2

203、1.Life Insurance International,“Policygenius,Facet Wealth collaborates on term life coverage process;”July 15,2022.22.Life Insurance International,“DBS Bank to distribute Bajaj Allianzs life insurance products in India;”July 20,2022.23.Life Insurance International,“FWD collaborates with Klook to off

204、er accident cover;”August 5,2022.24.Capgemini,“World Life&Health Insurance Report 2022,”September 15,2022.25.WEF,“Well Live to 100 How Can We Afford It?;”May 2017.26.Chubb,“Chubb Life launches the First 360 Health and Well-being app in Myanmar;”June 14,2021.27.Insurance Innovation Reporter,“Sensely

205、Technology Powers Krungthai-AXA Life Insurances Avatar-based CX;”December 22,2021.28.NugentSante,“Protects lives.Rewards living.Inspires life;”Accessed July 2021.29.Aite Novarica,“Cloud Computing in Insurance:Current Adoption and Plans;”June 2021.30.Amazon,“Sun Life Taps AWS as Its Long-Term Strateg

206、ic Cloud Provider to Transform Digital Services;”August 27,2022.31.Economic Times,“Bharti Axa Life Insurance sets to move all workloads to cloud;”November 17,2021.32.Coverager,“MassMutual introduces Haven Technologies;”October 4,2021.33.LIMRA,“Its Time to Help Get More Millennials Insured;”July 6,20

207、22.34.Sureify,“Life Insurance and the Millennial Generation;”March 1,2022.35.Insurance Information Institute,“Pandemic Drives Life Insurance Sales,Especially Among Young Consumers;”September 22,2021.36.USAA,“American Families Overconfident and Underprepared for an Unexpected Death,According to New U

208、SAA Data;”September 1,2021.37.Financial IT,“REASSURED LAUNCHES DIGITAL PLATFORM;”April 13,2022.38.Insurance Business Magazine,“Equitable,Bestow partner to offer digital term life insurance;”December 9,2022.39.Business Wire,“Walnut Insurance Launches the First Digital Term Life Insurance Membership f

209、or Millennials;”December 13,2021.40.Coverager,“Progressive and Fidelity Life launch short-term life insurance;”October 26,2021.41.Insurance Business Magazine,“HSBC Life launches market-first underwriting solution;”July 21,2022.42.The Economic Times,“Max Life Insurance reaps benefits with in-house pr

210、edictive underwriting system;”July 26,2022.43.Insurance Innovation Reporter,“Swiss Re and Appian Partner on AI Underwriting Solution;”August 13,2021.44.Conning,“New Conning Survey Shows a Significant Jump in ESG Investing Engagement Among U.S.Insurers;”January 19,2022.45.PR Newswire,“Ping An Life be

211、comes first China insurance company to issue ESG bond index;”April 28,2022.46.Prudential,“Prudential Financial 2021 ESG Report details long-term commitment to realize future vision;”June 23,2022.47.The World Bank,“Japanese Life Insurance Companies Purchased World Bank Sustainable Development Bond to

212、 Support Holistic Approach to Climate Action;”April 26,2022.48.Forbes,“Millennials And Gen Z:Now Is The Time To Reshape Businesses To Harness Their Power;”Jun 27,2022.49.Redhat,”Indian insurance company adopts microservices to speed digital business;”June 11,2021.50.Google Cloud,“Jackson scales its

213、partner ecosystem with Apigee;”Feb 8,2022.51.LTI,”Breaking The Monolith:Moving Towards Microservices;”June 23,2022.52.Gartner,“A guide to setting out on an insurance legacy system transformation;”July 27,2022.53.InsuranceThoughtLeadership,“Moving from Legacy systems to the Cloud;”December 21,2021.54

214、.Aegon,“Aegons cloud migration strategy:challenges,technologies and the roadmap ahead;”July 15,2022.55.Coverager,“Haven Technologies and Unqork partner to make life insurance more accessible;”October 12,2021.56.Economic times,“How Max Life Insurance avoided costs of 1 crore by adopting cloud;”Octobe

215、r 5,2021.Life Insurance Top Trends 202330About CapgeminiCapgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology.The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive an

216、d sustainable future.It is a responsible and diverse organization of over 350,000 team members in more than 50 countries.With its strong 55-year heritage and deep industry expertise,Capgemini is trusted by its clients to address the entire breadth of their business needs,from strategy and design to

217、operations,fueled by the fast evolving and innovative world of cloud,data,AI,connectivity,software,digital engineering and platforms.The Group reported in 2021 global revenues of 18 billion.Get the Future You Want|DisclaimerThe information contained herein is general in nature and is not intended,an

218、d should not be construed,as legal,tax,investment,financial,or professional advice or opinion.This document does not purport to be a complete statement of the approaches or steps,which may vary accordingly to individual factors and circumstances,necessary for a business to accomplish any particular

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