target audience: TECH SUPPLIER Publication date: Mar 2024 - Document type: IDC Survey - Doc Document number: # US51438624
Insurance Industry Outlook Series: Unveiling L&A Insurance Business Priorities and Trends in the Insurance Sector According to IDC's Financial Insights Survey
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Abstract
This IDC Survey illustrates the evolution of the business priorities for life and annuity (L&A) insurers for 2024 based on primary research conducted by IDC Financial Insights across regions in 4Q23. The survey encompassed 111 L&A insurance providers in various regions such as North America with the U.S. and Canada; EMEA with Germany, France, Italy, the U.K., and the UAE; and Asia/Pacific with Australia, India, and Singapore.
In 2024, the historically slow-evolving life insurance industry is undergoing rapid transformation, fueled by rising interest rates and the emergence of generative artificial intelligence. L&A insurers are embracing customer-centric models, utilizing digital tools and analytics for personalized services such as health tracking through websites. Furthermore, they are modernizing legacy systems to improve efficiency and leverage the potential of AI, with a focus on accessibility, decarbonization, and inclusivity. To effectively navigate these changes, insurers must foster innovation and adaptability as well as explore new market opportunities such as the gig economy. They must leverage digital platforms and integrate with financial technology services to drive product and service innovation.
This is the second presentation from the Insurance Industry Outlook: IDC's Financial Insights Survey 2023 series. In the presentation, we identify the top priorities of L&A insurers and their priority initiatives for each category.
"In the ever-evolving landscape of insurance, gone are the days where life insurance merely played it safe. Today, we are seeing a dynamic shift, a fusion of innovation and tradition. Life insurers are embracing technology to craft bespoke, customer-centric experiences while navigating the currents of regulatory compliance. Products are pivoting toward personalization and inclusivity, seamlessly intertwining with retirement and wealth management strategies. It's not just insurance; it's a tailored journey toward financial security and peace of mind," said Davide Palanza, research manager, IDC Financial Insights Europe.