Top Trends in Life Insurance 2023
Life insurance reinvention will continue to grip the industry in 2023, with relevancy at the core. The changing financial and economic landscape means insurers need to alter their target market and promote their competitive advantages to stay competitive.
Among these changes, we see three main trends emerge: enhanced customer experience, further system modernization, and disruptive technology inclusion.
Enhanced Customer Experience
Customers now require a comprehensive picture of their policies. What was once a luxury of working with big name insurers is now a requirement for even the smallest agency. Cloud accessibility, interactive tools, and personalized solutions in seconds are all demands that insurers will need to meet in 2023 and beyond. Insurers will need to implement more cybersecurity controls when reworking operations to support customer experience advancements and reporting.
Further System Modernization
Modernization of insurance is another prevalent trend. Considering alternative investments, predicting market movements, and expanding the use cases of whole life are all modern approaches that organizations are taking to attract and retain customers. The old cut-and-dry approach to insurance is being overhauled by financial wellness initiatives that strive to better customers’ lives on all fronts.
Disruptive Technology Inclusion
Artificial intelligence and machine learning are key components of future-proofing insurance organizations. From bolstering your marketing team’s outreach program to minimizing cybersecurity risks, disruptive technology is providing the resources to reach strategic and operational goals. Omnichannel distribution, comprehensive customer portals, and automated backend reporting are all expected to be facilitated with disruptive technology.
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