2019: InsurTech and Other Innovation Drivers - Life Insurance Starts to Catch Up


Price : $1,750.00



This study examines the external and internal drivers of innovation for the life insurance sector, and how those drivers have resulted in new products, innovations in distribution, and internal processes. We examine how technology is enabling life insurers to improve their customer experience, and how insurers are looking to create a more wholistic relationship with their customers to broaden the appeal of their products.  Finally, we look at the newest technologies still in development and how they may become game changers.



 


     1.     Introduction


    2.     Executive Summary


    3.     Innovation Drivers



  • Risks and Rewards of Innovating

  • Internal Drivers

  • External Drivers


    4.     Traditional Innovations



  • Product Innovations

  • Distribution Innovations

  • Process Innovations


    5.     Paradigm Shifting Innovations



  • Upgrading the Customer Experience

  • Customers’ Ranking of Elements in the Sales Process

  •  Wholistic Relationships

  • Wearables

  • Robo-Advisors

  • Ecosystems

  • Customer Facing Mobile Apps Still have a Way to Go

  • Agent Facing Apps

  • First Impressions Still Matter


    6.     Game Changers



  • Genomics

  • Blockchain

  • Artificial Intelligence and Data Mining


    7.     How to Get in the Game



  • Why are Life Insurers Investing in Tech?

  •  How are Insurers Making these Investments?


Appendix: Measuring the Economic Value of Genomic Testing


Introduction

Technology changes constantly. The impact of any specific technological change can be a short-lived flash, a small incremental step in a long chain of improvements, or a disrupting force that is a total game changer. Often, we do not know which it is until many years later.


The P&C (property-casualty) insurance industry has integrated technological changes on many fronts, but the life insurance industry has lagged. This is starting to change as life insurers begin to improve their customer and agent interfaces with new systems, implement automated underwriting, data mining, and other techniques to improve their internal systems, and bring more innovative products to their customers.


This study examines the external and internal drivers of innovation, and how those drivers have resulted in new products, innovations in distribution, and internal processes. We examine how technology is enabling life insurers to improve their customer experience, and how insurers are looking to create a more wholistic relationship with their customers to broaden the appeal of their products.


Finally, we look at the newest technologies still in development and how they may become game changers.