Digital Acquisition Solution for Life Insurance

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

Capgemini’s Digital Acquisition for Life Insurance solution propels an insurer’s ability to launch new innovative products with an omni-channel experience. Our API-based set of proprietary solutions/IP and services, combined with a nimble operating model allows, insurers to launch new products in the market, acquire new customers and develop new revenue streams. Digital Acquisition for Life accelerates the adoption of digital omni-channel distribution with marquee features:

Using data as core asset of an acquisition strategy, the Digital Acquisition solution accelerates the quoting journey in two ways: By Improving underwriting and pricing decisions and by driving efficiency and effectiveness of campaigns.

By accessing an applicant’s healthcare history, now available due to new regulations in place, this solution conducts a holistic risk assessment using various methods of data enrichment and risk scoring provided by third-party data providers. We leverage low-code/no-code digital partners to enable omni-channel digital sales UX with pre-built flexible customer journey and deliver an intuitive experience at critical touchpoints to increase the propensity to buy.

From using external data providers to implementing internal bespoke data lakes, Capgemini’s 890 platform can help implement insurer’s data strategies and provide data-based insights to enable straight-through processing. On the digital marketing front, Capgemini’s Connected Marketing at High Velocity and Segment-of-One solutions leverage the Adobe stack to deliver a cost-effective yet powerful boost to a carrier’s digital campaigns and unlocks the potential of existing marketing efforts through digital touchpoints.

Digital Acquisition: Opportunity area for Life Insurers

The life insurance industry is evolving swiftly with the emerging risk landscape. With only 10% of millennials having the necessary insurance coverage, new customer segments are emerging. Enabling connected multi-channel digital distribution channels for growth becomes paramount after shrinking agency operation, which formed the bulk of life insurance distribution. Further, according to the World Insurance Report 2020, customer preferences for research and purchase made it clear that trust was changing owners. Non-traditional channels like carrier websites (51%) for purchasing policies are dominating as a preferred option, which contrasts with 53% insurers focusing on agents and brokers channel effectiveness for purchase. More than 90% of new life insurance sales are expected to have a digital interaction by 2020, providing an added impetus for carriers to offer experience-led digital channels both for direct to customer and agency driven sales. Consequently, while 90% of insurers had implemented some digital acquisition capabilities, only 30% could scale it to stay ahead of the curve. Only a few Insurers are offering a frictionless digital quote-to-buy experience for innovative products leveraging rich external data. Insurers should focus on Product, Data and Experience innovation to offer more compelling solutions.

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.

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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.

World Insurance Report 2020

As digital adoption is now mainstream across generations and willingness to purchase insurance from BigTechs is increasing, the World Insurance Report 2020 from Capgemini and Efma explores the changing trust equation between insurers and customers, and how insurance companies can use hyper-personalization to address it.

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.