Bringing the 24X7 customer service phrase to reality, a virtual assistant can interact with the customers 24X7 via text or voice and clear any doubts or queries of the customers regarding the life insurance policy. The technology trends in life insurance for 2019 are expected to be shaped by the innovative means life insurers are exploring to meet the industry’s challenges and opportunities. The life insurance industry of today is a very different animal from what it was in prior decades. The analysis provides an overview of the top trends in the life insurance sector for 2020 shaped by the strategies insurers are adopting to navigate and align with the insurance ecosystem of tomorrow. Aspects of the life insurance industry have remained constant for years – … Please email us at: McKinsey_Website_Accessibility@mckinsey.com. We can predict that mecosystems - concepts that have the customer at the centre of everything - will drive a new model for life insurance. The industry has seen many changes over the years in an effort to become more relevant in the changing times. Trends in Life Insurance. Nupur Gambhir is a life insurance editor at Policygenius in New York City. These include: Baby Boomers retiring at a rate of more than 10,000 a day as well as increasing longevity and rising health-care costs. More recently, life insurance businesses have begun bracing for the social, political, and economic impact of … A customer-centric approach is vital, but with four generations of potential customers, there’s a greater need for customization and commoditization to deliver. Top 5 Life Insurance industry Trends in 2020 Insurance is one of the most important investments you can make in the interest of your family’s bright future. Low interest rates have forced life insurance companies to find unique ways and products to manage through the issues that have arisen. In 2019, insurers are facing more pressure than ever to reinvent their businesses. In the future people will engage with life insurers differently. Kevin Kimbrough: Today’s life insurance products reflect a variety of recent economic, demographic and market trends. The article analyzes the interconnectedness and gaps between two interrelated streams of literature, evolving in different time periods, by employing bibliometric tools. She has researched and written extensively about life insurance since 2019, with specialties in life insurance companies, policy types, and end-of-life planning. 4 Big Trends Shaping the Life Insurance and Annuities Industry in 2019 (and Beyond) The life insurance industry has been on the cusp of a revolution for a decade. The re-emergence of mutuality, in the form of peer-to-peer insurance and social broking activities, is a … Machine Learning. 2019 global insurance trends and forecasts. The research on the factors of life insurance demand started in the late 1960s and early 1970s, while more intensive works on the drivers of lapses in life insurance appeared during the 2000s. Trend 01: Offering Dynamic and Flexible Products By leveraging digital technologies, life insurance carriers are offering We strive to provide individuals with disabilities equal access to our website. The US is experiencing a challenging environment for delivering long-term investment returns for the life insurance industry. If you would like information about this content we will be happy to work with you. It’s been shaped by several eras of great adversity, such as the financial crisis of the late 2000s.