Digital Acquisition Solution for Life Insurance

Capgemini’s Digital Acquisition for Life solution makes straight through underwriting a real possibility for Life Insurers

Capgemini’s Digital Acquisition for Life offering accelerates an insurer’s ability to offer innovative products through an omnichannel experience, acquire new customers and revenue streams. We present API-based digital sales capabilities to significantly improve advisor productivity, re-engineer the purchase journeys and boost operational efficiency.

Our High Velocity Marketing solutions comprehensively addresses key marketing challenges of insurers through data-driven digital marketing, working with the partner ecosystem. With effective segmentation and targeting, we help insurers generate,  enrich and convert leads to support both direct and agency-based distribution.

Employing our Digital Acquisition offering, powered by a rich experience layer, third-party risk data/scores, productivity features and ecosystem integrations, insurers can enable smart and quick decisions. With our digital partners, we enable speed-to-market through a digital-first approach – all without code. Augmenting the solution with cutting edge InsurTechs, we have transformed the illustration experience with quality virtual sales interactions. Capgemini Invent helps realize customer journeys, with human-centric experience engineering, that require an interplay of channels with a minimal, intuitive experience.

“Thanks in part to COVID, L&A and group carriers have recognized the elevated importance of digital capabilities to support both agent-led and direct sales. Much work remains to be done across many areas of the customer and agent experience inherent to the overall value chain. Solutions like Capgemini’s Digital Acquisition platform can help accelerate their digital transformations, addressing functions including marketing, customer engagement, and support for Straight Through Processing.”
Robert McIsaac, FLMI, LLIF
Executive Vice President, Research & Consulting, Novarica, Inc.

  • Life insurers can further ensure a fully digital experience by replacing invasive paramedical exam with EHR to accelerate underwriting and drastically bring down the time-to-issue.
  • Health data wallets provide access to medical records instantly, securely, and digitally, through multiple channels.
  • Data partner in our ecosystem, coupled with Capgemini’s 890 platform, uses multi-dimensional data enrichment for advanced risk scoring.
  • Agents are empowered with digital sales dashboards augmented with predictive, real-time insights to provide quick, high-quality, and personalized advisory, converting maximum leads.
  • We also enable maximum STP with digital delivery of policy documents via Capgemini’s CommHUB solution for outbound communication, integrated with Adobe E-Sign.

Digital Acquisition: Opportunity area for Life Insurers

In less than a decade, digitization has irrevocably changed life insurance distribution. According to a Novarica report, an overwhelming 100% of L&A carriers say digital distribution is their top budget allocation priority  for 2021.Customer demand is at an all-time high for mortality protection, spurred by the pandemic. On the contrary, agents’ in-person client conversations dropped by 85% during the same period. Hence, carriers need to provide rich engagement to customers via integrated physical and digital channels. Insurers must empower agents with digital tools to provide a superior customer experience anytime, anywhere. According to our World Insurance Report 2021, more than 40% of agents and brokers recognize they lag in high responsiveness to customers, while 61% of agents and brokers feel highly challenged to convert leads. Agents are demanding carriers to help them improve remote relationship building, with 45% agents and brokers voicing the need for support from insurers in engaging effectively with customers. Insurers’ digital acquisition initiatives not only give policy seekers experience-led shopping options, but they can also boost a firm’s market share and profitability.

Why Capgemini?

  • Capgemini helps our clients become Digital Insurers by approaching “digital” as an enterprise strategy across technology, operations, and business functions and by bringing together an unparalleled breadth and depth of digital capabilities.
  • Capgemini’s deep insurance industry expertise and leading Insurance Industry Solution Practice enables us to solve our clients’ most complex business problems to enable our clients to digitally transform their business.
  • Capgemini’s has a market-leading Innovation Ecosystem of startups, accelerators, partners and InsurTechs to explore innovative products and solutions for our clients.
  • Capgemini has access to cutting-edge technology from InsurTechs to provide savings and a better customer experience.

 For more details, send an email to insurance@capgemini.com.

Resources

World Insurance Report 2021

Get an overview of World Insurance Report 2021 findings by visiting the website.

World InsurTech Report 2020

The World InsurTech Report 2020 from Capgemini and Efma explores the changing business dynamics of the insurance industry – from the global pandemic underscoring the need for business resilience to BigTechs setting new standards for customer experience. The report highlights the need for insurers to adopt a new mindset and collaborate with ecosystem partners to innovate and build new capabilities that meet the digital needs of customers.

Digital Acquisition for Life Insurance

Acquire digital savvy customers with remarkable policy purchase experience. Capgemini’s Digital Acquisition for Life, solution makes straight through underwriting a real possibility for Life Insurers

The Future of Insurance Customer Acquisition

Insurance customers are increasingly using digital channels for researching and purchasing insurance. Along with this customer are willing to buy insurance from customer-centric digitally agile big-tech firms. In such a situation, a seamless omni-channel experience is crucial for insurers to keep and grow their customer base.