WORLD LIFE INSURANCE REPORT 2023

The opportunity starts with the affluent and mass affluent consumers. Our report indicates their pre-retirement priorities include maintaining the current standard of living, financial planning, and funding leisure. Post-retirement, these priorities persist, with healthcare funding gaining significance. Intergenerational wealth transfer ranks lower, presenting a chance for insurers to engage with policyholders and beneficiaries effectively.

To engage with policyholders and beneficiaries the opportunity is to offer value-added services. In fact, customers increasingly seek these services – from wellness initiatives and medical assistance to tax and estate planning and assisted living – to realize their goal of aging well. Insurers, too, increasingly recognize the need to provide such services.

To unlock deeper engagement, the industry seeks advanced tech and robust data analytics for developing one-stop aging well solutions, streamlining the purchase journey and elevating claims experience. Yet, our survey reveals a lag in insurers’ tech and data maturity, hindering their attempts to leverage cloud computing, and AI for streamlined operations and data-driven decisions.