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Building trust with the ageing population

Amit Bhaskar
May 02 , 2024

Insurers need tailored product development capabilities and advanced technology infrastructure to drive customer engagement and cater to the evolving needs of their aging policyholders.

An unprecedented $7.8 trillion will be transferred by life insurers to beneficiaries by 2040, according to Capgemini’s World Life Insurance Report 2023.

Ahead of history’s largest inter-generational wealth transfer that risks insurers losing over 40% of their assets under management (AUM), owned by policyholders aged 65 and above, the insurance industry needs significant business transformation to help pioneer new strategies such as:

  • Building a unified value proposition to help individuals age well
  • Strengthening the silver economy for effective ecosystem partnerships to integrate protection, retirement, and health solutions focused on customer needs
  • And leveraging advanced technology and integrated data to create a single customer view and tailor personalized experiences.

Creating opportunities to build customer trust

According to Capgemini’s report, 71% of affluent/mass-affluent individuals over the age of 50 are considering multi-stage retirement. In order to secure current assets and facilitate future growth, insurers must prioritize building trust and enhancing engagement with their aging policyholders and beneficiaries by offering value-added services to realize their goal of aging well. These could include wellness initiatives, medical assistance, tax and estate planning, and assisted living to enable policyholders to maintain their current standard of living and fund leisure activities.

More than 75% of affluent/mass-affluent customers want innovative life products, but currently only 27% of insurers have advanced product development capabilities. Without tailored product development capabilities and advanced technology infrastructure, insurers are likely to lose opportunities to build customer trust and profitably serve their aging customers.

Insurers must anticipate future complexities such as living costs, healthcare, career longevity, and retirement planning to effectively cater to the evolving needs of the aging population.

Leveraging ready-to-deploy customer engagement solutions

Areas that could help your insurance company better serve and enhance trust with your ageing policyholders, while protecting your assets and unlocking growth, include:

  • Care-led claims management – foster empathetic beneficiary engagement for personalized support by leveraging an engagement platform that deepens your understanding of beneficiaries’ needs and promotes asset retention (nearly 70% of affluent/mass-affluent customers expect transparency in policy terms and conditions, while 57% want regular and personalized engagement, yet only 28% of insurers focus on customer centricity through hyper-personalization, according to Capgemini)
  • Experience-driven product innovation – develop an agile and efficient product framework by prioritizing a human-centric approach to product development
  • Open insurance for Life and Annuities (L&A) – leverage a secure cloud-based platform with a robust operating model based on API strategy, data and process governance, and industry standards, enabling you to forge strategic partnerships with specialized firms
  • Intelligent customer operations – drive a frictionless customer experience by implementing intelligent, omnichannel solutions that deliver enhanced business value across your customer interactions, marketing operations, and sales operations functions.

Capgemini’s deep industry experience and portfolio can help you better serve and enhance trust with the ageing population, while protecting assets and unlocking growth. Our ready-to-deploy solutions combine customer engagement with advanced technology and robust data analytics to help you drive enhanced trust among your ageing policyholders.

To learn more about how Capgemini can help your insurance company build engagement and trust with your policyholders, contact: or

Meet our expert

Amit Bhaskar

Head of Financial Services, Capgemini’s Business Services
Amit Bhaskar helps our banking, capital markets, and insurance clients to transform, profit, and grow – leveraging the Frictionless Enterprise to change the way you think, the way you work, and the way you engage with customers and your value network.

Aneta Szporak

Global Insurance Offer Lead, Capgemini’s Business Services
Aneta Szporak has extensive experience in the insurance industry, especially in operations, customer service, organizational management, and product development. She leads the insurance offer for Capgemini’s Business Services Global Business Line.