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Generational Shift Reshaping the Life Insurance Industry

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Sureify
Sureify

The life insurance industry is in the midst of a digital transformation as the market landscape shifts and buyer preferences, expectations and tech savviness evolve. The vast amounts of consumer data now available is helping to accelerate that change and drive innovation. Now we're able to begin improving the consumer experience with life insurance carriers and products like never before. The Capgemini 2017 World Insurance report, among other recent research, makes it clear that millennials and tech savvy consumers are the next generation of insurance buyers and are quickly driving purchasing trends across industry sectors. With a new breed of insurance buyers, the persona has changed, and technology is adapting to hep carriers navigate their digital transformation. Read on through the infographic to follow the story and see, with data, how the landscape is changing and what industry leaders are doing to adapt.

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Generational shift reshaping the life insurance industry.  The millennial generation is one of the largest in history. They are fast becoming the world's most important consumer group presenting significant global business opportunities. They are also the most tech-savvy buyer group the market has ever seen. The group's impact on life insurance must not be overlooked.  who are they? 4% 78% Proficient in the use of technology 32% 50% Use internet to research before purchasing 28% 43% Estimated to be 27% of the total world population, millennials  are driving the norm in the consumer market with their lifestyle. Use smartphones to purchase online Baby Boomers 11% 33% how are they different? Use social media on a mobile device vs. Millennials Born between 1976 and 1996. 2,000,000,000 worldwide according to Pew Research Centre. Focus on eating right, and exercising. how has the market changed?  As insurance consumers continue to evolve, digital technologies are becoming the cornerstone of insurers' growth strategies to make the life insurance experience more appealing, convenient, and personalized. Customer demographic Consumer expectations Slow to change in industry Tech Savvy vs. Non-Tech Savvy Customers are more willing to adopt carrier provided technologies Willing to share personal information online for faster service 78% 23% 3/4tech savvy customers value reward and incentive programs for savings 75%+OF CUSTOMERS place importance on the ability to manage their policies and  claims online or via mobile app  70% 20% 5% 70% of insurers consider IoT important to overall strategy. Only 21% have defined IoT strategy today and only 5% use IoT data in decision making. 8/10 23% 77%            of life insurers are buying or collecting wearables data with limited active use 23% 42.1% 19.7% insurers DO NOT have a mobile app 30% 70% and adoption of wearables and health and education apps continue to increase at a high rate  1 2 1 1 3 4 2 8 million 50 million 0 10 20 30 40 50 2017 2020 Sureify: Revolutionizing customer engagement in insurance Technology convenience and engagement are key to carriers' future success. Sureify can help insurers create positive interactions that resonate with this growing high revenue potential consumer group.  how does the Sureify Lifetime Platform work? The Lifetime Platform offers a clean and easy to use interface for policyholders and carriers. It enables carriers to acquire, engage and cross-sell throughout a customer's lifetime. Customers using the platform can expect personalized and health-minded insurance products with complete digital access from buying to managing their policies. what our customers say? 75% 60% 35% 0 10 20 30 40 50 60 70 80 Monthly Weekly Daily 99%70% 84% 7/10 users actively use the platform to track their monthly fitness goals 35% 20% 0 5 10 15 20 25 30 35 Steps Floors Users who achieved their monthly fitness goals using the Lifetime Platform 93% will choose the same insurer for their financial needs of the users will purchase life insurance product centered around healthy lifestyle from current carrier of the users see long-term benefits of the Sureify Lifetime Platform will recommend the platform to their family and friends 75% of the total users use the app EACH month Customers Sureify HQ: 1100 Lincoln Ave, STE 239  San Jose, CA 95125  (408) 489-8881  Sources: 1. LexisNexis IoT White Paper March 2018 2. Capgemini World Insurance Report 2017 3. Aite Mobile Apps in Life Insurance Report Nov 2017 4. Infographic: Wearable tech and the future of digital health 21 April 2016 The Sureify Advantage Digital Experience Easy to use interface for a complete and revolutionised buying experience at finger tips Personalization Health-minded insurance products personalised for different stages of life Connect with insurers Manage insurance policies directly from the app Accessibility Buy and manage other financial needs through one single app Rewards & Discounts Earn and redeem points on wellness challenges to drive personal goals Quizzes, polls and videos Learn about products, trends and experiences of like-minded customers Bridge the gap and offer greater value for customers

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Generational Shift Reshaping the Life Insurance Industry

  • 1. Generational shift reshaping the life insurance industry.  The millennial generation is one of the largest in history. They are fast becoming the world's most important consumer group presenting significant global business opportunities. They are also the most tech-savvy buyer group the market has ever seen. The group's impact on life insurance must not be overlooked.  who are they? 4% 78% Proficient in the use of technology 32% 50% Use internet to research before purchasing 28% 43% Estimated to be 27% of the total world population, millennials  are driving the norm in the consumer market with their lifestyle. Use smartphones to purchase online Baby Boomers 11% 33% how are they different? Use social media on a mobile device vs. Millennials Born between 1976 and 1996. 2,000,000,000 worldwide according to Pew Research Centre. Focus on eating right, and exercising. how has the market changed?  As insurance consumers continue to evolve, digital technologies are becoming the cornerstone of insurers' growth strategies to make the life insurance experience more appealing, convenient, and personalized. Customer demographic Consumer expectations Slow to change in industry Tech Savvy vs. Non-Tech Savvy Customers are more willing to adopt carrier provided technologies Willing to share personal information online for faster service 78% 23% 3/4tech savvy customers value reward and incentive programs for savings 75%+OF CUSTOMERS place importance on the ability to manage their policies and  claims online or via mobile app  70% 20% 5% 70% of insurers consider IoT important to overall strategy. Only 21% have defined IoT strategy today and only 5% use IoT data in decision making. 8/10 23% 77%            of life insurers are buying or collecting wearables data with limited active use 23% 42.1% 19.7% insurers DO NOT have a mobile app 30% 70% and adoption of wearables and health and education apps continue to increase at a high rate  1 2 1 1 3 4 2 8 million 50 million 0 10 20 30 40 50 2017 2020 Sureify: Revolutionizing customer engagement in insurance Technology convenience and engagement are key to carriers' future success. Sureify can help insurers create positive interactions that resonate with this growing high revenue potential consumer group.  how does the Sureify Lifetime Platform work? The Lifetime Platform offers a clean and easy to use interface for policyholders and carriers. It enables carriers to acquire, engage and cross-sell throughout a customer's lifetime. Customers using the platform can expect personalized and health-minded insurance products with complete digital access from buying to managing their policies. what our customers say? 75% 60% 35% 0 10 20 30 40 50 60 70 80 Monthly Weekly Daily 99%70% 84% 7/10 users actively use the platform to track their monthly fitness goals 35% 20% 0 5 10 15 20 25 30 35 Steps Floors Users who achieved their monthly fitness goals using the Lifetime Platform 93% will choose the same insurer for their financial needs of the users will purchase life insurance product centered around healthy lifestyle from current carrier of the users see long-term benefits of the Sureify Lifetime Platform will recommend the platform to their family and friends 75% of the total users use the app EACH month Customers Sureify HQ: 1100 Lincoln Ave, STE 239  San Jose, CA 95125  (408) 489-8881  Sources: 1. LexisNexis IoT White Paper March 2018 2. Capgemini World Insurance Report 2017 3. Aite Mobile Apps in Life Insurance Report Nov 2017 4. Infographic: Wearable tech and the future of digital health 21 April 2016 The Sureify Advantage Digital Experience Easy to use interface for a complete and revolutionised buying experience at finger tips Personalization Health-minded insurance products personalised for different stages of life Connect with insurers Manage insurance policies directly from the app Accessibility Buy and manage other financial needs through one single app Rewards & Discounts Earn and redeem points on wellness challenges to drive personal goals Quizzes, polls and videos Learn about products, trends and experiences of like-minded customers Bridge the gap and offer greater value for customers