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INTRODUCING GENZ INSURERS
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INSURANCE TRENDS
Alternative business and operating models
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Robotic Process Automation (RPA) and AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms. While AI eliminates brokers and paperwork, its behavioral economics capabilities minimize fraud - leading to reduced time, effort and costs.
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Personalized Products
The digital economy will make usage-based, on-demand and "all-in-one" insurance lifestyle products more relevant. Customers will prefer personalized insurance covers instead of the one-size-fits-all products currently available.
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Sustainability And ESG Embedded Into Strategy
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A number of insurers are working on climate initiatives to divest from fossil fuel investments, refuse to cover extractive sectors, or refuse to insure carbon-based businesses. Insurers are progressively using global resilience strategies in an attempt to build a more sustainable and risk-free global environment.
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HOW ARE INSURERS USING GAMIFICATION?
REDUCING PREMIUMS
Insurers are using gamification to reduce the premiums of their customers based on behaviour.
CUTTING CLAIMS
Insurers are using gamification to reduce the claims from customers by encouraging healthy behaviour etc.
EMOTIONAL IMPACT
MetLife Infinity, a Hong Kong-based program, leverages into customers' emotions by allowing them to design their own legacy. The app allows you to upload crucial papers, make notes, and share memories, images, and videos with loved ones at a future date.
INSURANCE INDUSTRY CHALLENGES & OPPORTUNITIES
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Consumers are embracing digital channels and anticipate the same experience whether they buy insurance online or in person. Insurers must consider which interactions require digital vs human touch to provide the ideal experience for consumers.
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DIGITAL TRANSFORMATION
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TRUST
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In recent years, consumer confidence in the insurance business has deteriorated as insurers have narrowed their eligibility requirements and extent of coverage. Insurers' widespread inability to pay numerous COVID-19 claims has only deteriorated it further.
ADAPTING TO CHANGES IN MEDIA CONSUMPTION
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Insurers should reconsider their advertisement strategies to reflect new digital realities. Insurers should also start using a more personalized approach to attract target audiences.