The global insurance industry is expected to grow massively in the next five years. However, to tap the market and gain an edge over competitors, life insurers must innovate, going beyond product innovation.
Life insurers should also focus on other areas like sales and distribution channels to grow their market share. Now is the best time to innovate because statistics show that product innovations and digital shifts to third-party platforms will impact approximately 5% of the global premiums, roughly $280 billion.
That’s a huge amount. So, if you want a piece of this market share, innovate, or else others will take away the big piece while leaving you with only the crumbs. To help you get started, here are three of the best digital innovations for life insurers to power their business to greater success heights:
Wellness and Digital Insurance Platforms Combined
Invest in data-driven insurance platforms to gain crucial insights needed to provide personalized experiences to customers. Embedded with AI, these data-driven platforms can present the right insurance products to potential customers at the perfect time.
This approach is proven to be high-converting compared to pushing products to customers randomly, which can otherwise be annoying for many. Similarly, wellness apps also present a big opportunity for life insurers to attract potential policyholders.
Moreover, it is a less obstructive way to increase your chances of growing your client base. So, consider combining both platforms to capitalize on their power to deliver superior customer experiences while building trust.
Distribution Channels Optimized with Artificial Intelligence
Shift to AI-powered distribution channels to boost your bottom line and attract qualified agents to represent your life insurance company. It works through machine learning and artificial intelligence are propelling major advancements related to distribution efficiency and persistence.
When combined, these technologies can run your business operations more smoothly through the optimized placement of the products. This further reduces the cost of distribution, which means you can save more money, thereby increasing your bottom line.
So, when you have high returns, you can make your offers more attractive in compensation and perks, attracting more qualified agents to your team. Rest assured, it is a win-win all the way.
Integration of Technology with New Products and Services
AI also empowers life insurers to provide personalized coverage plans to each policyholder according to their specific needs and circumstances. Indeed, the ability of AI to create well-defined and tailored policies based on each client’s needs takes innovation to a whole new level.
No wonder life insurers are actively investing a huge sum in AI. Research by GDR predicts that insurers will spend nearly $3.4 billion on artificial technology and platforms globally by 2024.
So, if you want to take the lead and grow your insurance industry market share, focus on innovation more than anything else. Innovation can help you provide quality services with excellent user experiences; this is exactly what insurers need to grow their businesses, client base, and revenue margins.
