Three digital insurance coverage improvements powering new enterprise

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Accenture predicts1 The insurance industry will grow rapidly worldwide over the next five years. However, revenue streams will shift and life insurers will need to innovate to gain a competitive advantage not only through product innovation but also through innovation in distribution channels. How many chances are at stake? According to the Accenture report, nearly five percent of global premiums – approximately $ 280 billion – will be influenced by product innovation ($ 140 billion) and shifts to third-party digital platforms ($ 140 billion). Given these seismic shifts, we see the following opportunities for you to grow your business:

1. Combined digital insurance and wellness platforms improve the customer experience and create trust

Data-driven digital insurance platforms can generate insights that will help you create the experience every consumer expects. Equipped with data-driven technology, the products can present themselves to potential policyholders at the right moment – a far more effective approach than presenting them to consumers at random times. Health and wellness apps give you a great opportunity to get in touch with current and potential policyholders when it matters. This provides a better and less intrusive experience that also increases the likelihood of attracting new policyholders.

2. AI-optimized sales channels

Whether you are looking for qualified agents or you want to keep your existing ones and incentivize, sales management can improve sales and bottom line for both you and your agents. AI and machine learning are driving great advances in persistence and distribution efficiency. Combined, these technologies can make your operations more efficient by optimizing product placement and reducing distribution costs. This, in turn, can enable you to offer attractive products along with flexible pricing and compensation, thus attracting the best agents.

3. Relevant new products and services integrated with technology

Artificial intelligence enables life insurers to offer highly personalized insurance coverage that is tailored to the specific circumstances of each policyholder, such as the stage of their life. Given the ability of AI to create such tightly tailored policies, it’s no surprise that insurers of all sizes invest heavily in them. According to a study by Global Data, insurance companies worldwide will spend $ 3.4 billion on AI platforms by 2024. AI combined with data analytics can help you gain insights to improve your product development and get your new products to market faster. This is welcome news if you want to use customizable coverage to capture microsegment opportunities.

The good news is that you can quickly build or update your digital skills through ecosystem partnerships that have become more accessible through APIs and integrations with digital insurance platforms. As these platforms become smarter and more automated, you will quickly discover more opportunities to develop innovative new products and services that will grow your business profitably.

Let’s talk about your strategy for promoting new business.

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Disclaimer: This content is provided for general informational purposes and is not intended to be used in lieu of advice from our professional advisors.

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