This report identifies key demand-side trends in the life and annuities (L&A) insurance space that can help enterprises fine-tune their digital strategies. It also provides an overview of enterprise challenges in this space based on Avasant’s assessment.
Why read this Market Insights?
Amid evolving customer demands, the L&A insurance industry has been under pressure to offer personalized digital experiences and launch innovative insurance products to tap into new customer segments. To alleviate this pressure, L&A insurers are adopting digital technologies to overcome legacy challenges, augment distribution channels, and enhance customer experience. They are also streamlining operations and launching sustainable insurance products. As this requires a strong insurance domain knowledge and technological expertise, L&A insurers are collaborating with service providers for digital transformation.
The Life and Annuities Insurance Digital Services 2023–2024 Market Insights™ aids L&A insurance enterprises in identifying important market trends and challenges for any digital project that they take part in.
Methodology
The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7)
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- Defining life and annuities insurance scope
- Key drivers and enterprise response
- Avasant recognizes 24 top-tier service providers supporting the life and annuities insurance industry in digital transformation
Demand-side trends (Pages 8–13)
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- L&A insurers are leveraging analytics, automation, and AI to revolutionize the customer experience
- Insurers are increasingly using IoT, analytics, and AI/ML wellness tools to promote healthy habits and reduce insurance claims
- Insurers are migrating legacy insurance systems for accelerated product launches, streamlined operations, and reduced costs.
- L&A insurers are collaborating with insurtechs to launch new products, empower agents, and enhance customer experience
- Evolving regulatory changes are pushing L&A insurers to disclose climate impact and pursue net-zero targets
Key contacts (Page 15)
Read the Research Byte based on this report.
Please refer to Avasant’s Life and Annuities Insurance Digital Services 2023-2024 RadarView™ for detailed insights on the service providers and supply-side trends.
