New Product Innovation for Life Insurers

During the COVID crisis, several new realities have forced life insurance companies to reconsider their workflow in favor of more digital operations. The pandemic has spurred an increasing number of consumers, faced with the possibility of contracting a fatal disease, to consider life insurance policies to protect their families and loved ones. Policyholders’ satisfaction is a key imperative for insurers. Policyholders expect more convenient, highly-personalized products aligned to the evolving risk and insurance landscape, delivered with holistic experiences via digital channels. According to the World Insurance Report 2020 from Capgemini and Efma, 55% of customers expect value-added services and 58% seek innovative products1 from their insurers.

To effectively engage with today’s knowledge-empowered prospects and policyholders, insurers must prioritize:

  • The Right Products – Hybrid/combination products that suit the evolving needs and preferences of customers.
  • The Right Time – Predict customers’ life situations and offer coverage when they need it the most.
  • The Right Channel – That customers prefer and access the most.

We collaborate with insurers to develop an innovative product roadmap that considers four key areas – Products, Market, Technology and Distribution. Capgemini’s New Product Innovation offering enables insurers to unlock the potential of a product innovation roadmap or framework by becoming Inventive Insurers.

Our end-to-end offering covers product modeling and experience design coupled with technology solutions and digital operations that enable life insurers to develop and deploy innovative products with agility.

Key benefits of Capgemini’s New Product Innovation framework:

  • Accelerated value delivery using our proprietary IP, best practices and a vast partner ecosystem to capture emerging opportunities.
  • Engaging experience design for the overall customer journey of new products to underpin product and distribution strategy.
  • End-to-end touchless operations led by an automation first approach for better business outcomes.

Why Capgemini

We have proven expertise in launching new business models and products for insurers and setting up greenfield technology ecosystems working with our ecosystem partners. Our approach pairs business acumen and consumer empathy to repeatedly deliver predictable, sustainable growth. We have several proprietary accelerators that can give a head start to your journey and quickly deliver value to your business. Our offering is further enhanced by our partnerships, including Majesco, Vlocity/Salesforce and Limelight. For more details on this offering, email us at insurance@capgemini.com.

 

Resources

New Product Innovation Brochure for Life Insurers

Enabling an Agile and Efficient New Product Innovation Roadmap for Life Insurers

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.

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.