Life Insurance Sector Scorecard - Thematic Intelligence

Life Insurance Sector Scorecard - Thematic Intelligence

Summary

This report provides analysis and scoring on the leading life insurers across the 10 themes we believe will define the future of the industry. We score them based on how proactive they are in each theme and their ability to adapt to key transformations in the theme in the coming years.

The life insurance industry is evolving as key technology and macroeconomic trends are having a significant impact on the industry. An increase in the availability of consumer data has led to a rise in personalized products, and technologies such as AI and big data analytics are central to harnessing that to create the best possible outcomes. Technological developments are enabling the industry to become increasingly efficient in its operations and develop new products across life insurance. With customers demanding a more agile and personalized insurance experience, providers must be at the forefront of adoption or they will be faced with the prospect of a shrinking customer base. A drive across all industries has seen ESG become one of the key themes, which all businesses should make central to their core strategies.

Scope

• There has been a great deal of buzz around AI since the emergence of generative AI at the start of 2023, and it is now the leading technology theme. By utilizing AI technology, insurers can improve interactions with customers and cut down on admin time significantly, while longer-term possibilities are much more transformative.
• AI offers a wide range of possibilities within the life sector including triage, diagnosis, and even basic drug prescription services, as we have seen in China. The ability to spot patterns from vast amounts of data can enable insurers to identify conditions as well.
• ESG is the key long-term theme across the insurance industry as a whole. It is not specific to life insurers, but insurers will need to make sure they stay on top of ESG targets and establish themselves as leaders. It is ranked slightly lower in this scorecard than in general insurance because life insurers do not face the same claims costs from increasing severe weather events.

Reasons to Buy

• Benchmark yourself against the rest of the market.
• Discover market leaders across 10 essential themes to life insurance.
• Discover what the 10 key themes are and understand why we believe them to be so crucial.