Amid evolving customer demands, the life and annuities (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.
Both demand-side and supply-side trends are covered in our Life and Annuities Insurance Digital Services 2023–2024 Market Insights™ and Life and Annuities Insurance Digital Services 2023–2024 RadarView™, respectively. These reports present a comprehensive study of digital service providers in the L&A insurance industry, including top trends, analysis, and recommendations. It takes a close look at the leaders, innovators, disruptors, and challengers in this market.
We evaluated 38 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 38 providers, we recognized 24 that brought the most value to the market during the past 12 months.
The reports recognize service providers across four categories:
Figure 1 below from the full report illustrates these categories:
“L&A insurers are being forced to provide customized experiences amid changing consumer expectations,” said Robert Joslin, Avasant partner. “A key element to achieve these goals is by investing in emerging technologies such as generative AI to optimize operations and transform customer experience.”
The reports provide several findings, including the following:
“Service providers are developing customer-centric solutions to offer an omnichannel experience,” said Praveen Kona, associate research director at Avasant. “They are leveraging emerging technologies such as analytics, cloud, and AI to help L&A insurers gain competitive advantage and remain profitable.”
The RadarView also features detailed profiles of 24 service providers, along with their solutions, offerings, and experience in assisting life and annuities insurance enterprises in their digital transformation journeys.
This Research Byte is a brief overview of the Life and Annuities Insurance Digital Services 2023–2024 Market Insights™ and Life and Annuities Insurance Digital Services 2023–2024 RadarView™. (click for pricing).
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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