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Settingthestagefornextgenofconsumers
andcarriers
Settingthestagefor
tomorrow’scarriersand
customerstothrive
Advancedbackendsolutionsevolveinsurers’technologyandpropelcapabilitiesforwardtoservethenextgenerationofinsuredsand
beneficiariesalike.
Inbrief
»Insurersmustchangethe
waytheyoperate,adapttheirproductsandimplement
creativemarketingefforts
toresonatewithyounger
generationswhohavedifferentgoals,needs,expectationsandconsumerbehaviorsthantheirbabyboomerpredecessors.
»Moderncoresystem
technologyandacustomer-
centricmindsetarethe
requiredfoundationforcarrierstothriveinthefutureand
successfullymeettheneedsofthenextgenerationof
consumers.
»Insurersmustpreparetosaygoodbyetolegacysystemsandadopttherightmodelsandprocessestoevolvewiththechangingneedsoftheircustomers.
Babyboomersarephasingoutofthetargetmarketforlifeinsurance,puttingtheUnitedStatesonthevergeofthe
greatestwealthtransfer
ithaseverseen.Asthenextgenerations-GenX,MillennialsandevenGen
Z-comeofage,insurersareseekingtogainmarket
sharefromthem.Thiswealthtransferrequirescarrierstofocusonyoungerbeneficiarieswiththesamerigor
astheydidtheirpredecessors,establishinglong-termrelationshipsandsupportingthenextgeneration
throughoutthelifecycleofthepolicytopromote
asset
retention
andsecuremoreavenuesforfuturebusiness.
Theonlychallengeisthatlooksalittledifferentthanitdid20+yearsago.
Thisgrowingyoungcustomerbaseconsumes
informationdifferentlyandhashigherexpectationsforseamlesspurchaseexperiencesthantheirbabyboomerpredecessors.Manyrelyondigitaltoolsandonline
researchtomaketheirfinancialdecisions,andthesesourcescommonlydeterthemfromevenconsideringlifeinsuranceproductsinfavorofsavingorinvestingtheirassetsinstead.
Thisyoungergenerationofcustomerslargelydoesn’t
understandtheimportanceandvalueoflifeinsurance,andtheyaren’tpurchasingitwiththesamevigoras
previousgenerations.Accordingtoa2023SwissRe
report,theglobalprotectiongapreachedanewhighof
USD1.8trillionfrom2018to2022
,whichisacumulativefive-yearincreaseof20%.
10Settingthestagefornextgenofconsumersandcarriers
11
74%
ofpolicyholdersseekadditionalvaluable
servicestailoredtotheirneeds.
Insurerswillneedtoadapttheir
businessmodels,innovatetheir
productofferingsandgetcreativewith
education
tosuccessfully
reachandresonatewiththese
youngergenerations.Thisstartswiththecarrier’scommitment
toadopta
customer-centric
mindset
thatmakesconsumer
experiencesmoreseamlessandlesscomplicatedbyredesigningsystems,processesandstrategiesaroundthecustomer’sneeds
insteadofthebusiness’productlines.
Beyondthiscoreshiftin
perspective,lifeinsurancecarriers
needtoadaptandprovideflexible,
moreinclusive,multi-purposed
productswithafocusonlife—not
death—towinthebusinessofthe
youngercustomer.Thedemandfor
personalized,value-addedservices
ishigh,evenforolderinsured
customers.
Capgemini’sWorldLife
andHealthInsuranceReport2022
foundthat74%ofpolicyholders
seekadditionalvaluableservices
tailoredtotheirneeds.
Lifeinsurersleveragevalue-addedservicestotargetmultiplegenerations
Earntrustandboost
engagementwith
value-addedservicessuch
aswellnessinitiatives,
estateplanning,and
assisted-living
Source:CapgeminiResearchInstituteforFinancialServicesanalysis,2023.
Analyzecustomer
behavioraldatatogain
deepercustomerinsights
tooffertailoredadditional
coverageandservices
Providecustomertraining
andeducationprograms
tohelppolicyholders
understandandutilize
productseffectively
Engagewithecosystems
todevelop
comprehensive
lifesolutions
Howtotransformyoursystemstomeet
theneedsofthenextgeneration
Lookingfornewsolutionsthatgobeyondsimplymaintainingandupdatingcurrentsystemscanbedaunting,butlegacytechnologyispreventingbusinessesfromevolvingtomeettheneedsoftheirchangingcustomerbase.
Nowisthetimetoproactivelydeveloparoadmapforhowyourbusinesswillevolvewiththeneedsoftheyoungermarket;significant,innovativemeasureswillberequiredtostayrelevantfarintothefuture.Askthesetwo
fundamentalquestionstostartdownthepath:
1.Howcanweeliminate
legacysystems,
structuresand
processestobecome
amorecustomer-
centricbusiness?
2.Willthesystemswehaveinplacetodayallowustoevolvewiththechangingneedsofourcustomers?
Saygoodbyetothepractices&modelsthatnolongerserveyourobjectivesby:
•Evaluatingallsystemsthatrequireasignificantinvestmentoftimeandmoneytomaintain
•Trackingwhichlinesofbusinessarestillprofitableandrelevantas-is,whichcanbemodifiedtobecomemorecustomer-centricandwhichshouldbesoldoff/discontinued
•Weighingyourrisktolerancewithcurrentlegacysystemsandwhatyourbusinessiswillingtosustainfordifferentproductlines;riskofmovingtonewersystems
Evaluatetheeffectivenessofcurrentsystemstodeterminetheircontinuedusefulnessby:
•Assessingifyourcoresystemismodernenoughtoleverageadvancedtools
likeartificialintelligence(AI),low-nocodeandworkflowrulesthatcansupportamoreflexiblefuture
•Determiningwhethercurrentsystemsgeneratequalitydataandaggregateconsumerinsightsthatguideeffortstodeepencustomerengagementacrossallgenerations
•Findingthebestwayforwardtoimplementanewcoresystemifitis
warranted,eitherbyde-riskinglegacysystemswithadigitalAPIwrapper,
usingmainframeasaservicewithanITorimplementationpartner,optingforariskierstraightdatamigrationorusinggenerativeAItomigrateoffoflegacysystems.
Considerathree-steptransformationjourneytoaugmentlegacysystemswithanAPIwrapper
Startsmall
Beginwithless-critical
functionsanddevelop
APIsusingafail-fast
testingapproachtohelp
thebusinessenvision
ProofofValue
Source:CapgeminiResearchInstituteforFinancialServicesanalysis,2023.
Implementatscale
Rolloutdigitaltransformation
atabroaderscale,iteratively,
whilemonitoringprogress
Performan
inventoryanalysis
Assessandprioritize
existingsystemsfordigitaltransformationusingAPIs
12Settingthestagefornextgenofconsumersandcarriers
13
Here’swhatispossible
Seetechnologicaltransformationinactionwiththreeinsurancegiantsthatadoptednew,customer-centricsystemstooptimizetheirservicesandofferingsforthenextgeneration.
1.Largestmutualinsurer
Theproblem:NewYorkLifewasusinglegacysystemsandoutdated
intheU.S.withover
technologythatlimitedefficiency,innovationpotentialandtheirabilityto
175yearsinbusiness
modernizedlegacy
systemstopromote
delivertheoptimalcustomerexperience.
Thesolution:Thecompanycompletedathree-stepprocesstoaugmenttheirlegacysystemwithanAPIwrapper.First,aninventoryanalysiswasperformedtoprioritizeexistingsystemsfordigitaltransformationusing
customer-centricity.
APIs.Then,APIswereinitiallydevelopedforsmaller,less-criticalfunctionstoshowproofofvalue.Finally,thedigitaltransformationwasrolledoutona
broaderscaleacrosstheorganization.
Theresult:De-riskingtheirlegacysystemwithanAPIwrapperreducedthisinsurer’srelianceonlegacytechnologyandpowereduptheir
customerexperiencebyspeedingupcoreprocessesandimprovingadvisoreffectiveness.
2.Globalinsurer’slarge
Theproblem:AXAwassupplying30millioncarinsurancequotesto
UK-basedcarinsurer
aggregatorandbrokersitesdaily,andneededtostreamlinetheironline
adoptscloudsolution
quotemanagementsystemsotheycoulddeploynewpricingmodelsfasterandwithgreateragility.
enhancingonlinequotemanagementwith
automatedpricing.
Thesolution:ThecompanymovedtoMicrosoftAzure’splatformasaservice(PaaS)cloudtoautomatenewpricingmodeldeployment.
Theresult:Harnessingcloudcapabilitiesaffordedthiscompanygreaterflexibility,accessibility,reliabilityandscalabilitythathasimprovedthecustomerexperience,enhancedsecurityandpromotedcost-efficiency.
3.International,150-year-oldmulti-lineinsurerutilizeslow-codeplatformto
producenewenterprise
solutionsthatoptimize
underwriterworkflows
andimprovethecustomerexperience.
Theproblem:Zurichwasstrugglingwithlegacytechnologythatwasholdingthembackfromiteratingasquicklyandefficientlyastheyrequiredtomeetthegrowingneedsofbothunderwritersandcustomers.
Thesolution:ThecompanyusedtheMendixlow-codeplatformto
acceleratetheirdigitaltransformationcapabilitiestostreamlineunderwriterworkflowsandbuilda“MyPlansPortal”forcustomerstoobtainpersonal
pensionandinvestmentdetailsthroughoneaccount.
Theresult:Low-codetechnologyhasbridgedthiscompany’slegacy
andmoderntechnologytoenablefasterproductinnovationandmorepersonalizedpolicyholderexperienceswhilereducingcodingand
developmentcosts.
Sources:
1.
HowisNewYorkLife’sDigitalTransformationEnhancingIts175-Year-OldMissiontoProtectFamilies?
2.
AXAUKsetsthepaceoninsurancequoteswithAzureMachineLearningandmanagedendpoints.
3.
InternationalInsuranceGiantRollsOutNewEnterprise-WideSolutionsDevelopedonMendixLow-CodePlatform.
Inconclusion
Customers65yearsandolderown
40%oflifeinsurers’assets
undermanagementandarepoisedtotransferthistotheirbeneficiariesby2040.It’stimeinsurersstar
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