In an increasingly digitised world, the ability to deliver engaging, highly personalised offerings to customers at low cost will prove vital for Australian life insurers in the years ahead.
Fast growing demand for innovative and targeted insurance products and services, largely driven by millennials, has highlighted the importance of modernising and consolidating IT systems to improve efficiencies and open up new ways to engage with customers.
Outdated and disparate systems are placing severe limitations on the ability of life insurers to deliver the real-time digital and seamless online experiences consumers increasingly expect. Multiple systems and manual processes are hampering insurers’ efforts to truly achieve business and operational efficiencies, respond cost effectively to regulatory change and untap the potential of new and existing markets.
With the introduction of new technology platforms, ever-increasing opportunities are opening up for those life insurers who take the step towards modernising their systems. Slowly, manual processes and complex, outdated legacy systems are being superseded by more sophisticated policy administration systems that allow true game-changing innovation. With successful implementations growing in number, there is mounting confidence that the risks of taking the leap towards systems modernisation are far fewer than the risks of inaction.
As life insurers seek to redefine themselves in the digital age, there are a number of trends across technology, innovation, operations and consumer behaviour that will influence their future success. This new whitepaper identifies the 10 major trends that will reshape the life insurance industry in the years ahead and the role that technology will play as a key enabler during this period of transition.