- Solution overview
Harness the power of analytics
Genpact's data-driven solutions help L&A insurers sell more products to more customers
First, the good news. Around 90 million millennials are moving into life stages that prompt insurance sales. So, for life and annuity (L&A) insurers, new opportunities abound. At the same time, large L&A insurers are facing multiple headwinds. New trends and players are challenging the traditional ways in which they sell insurance and run their businesses – particularly in the digital sphere, where insurtech startups are selling directly to customers. The pressure is on for bigger insurers to protect and grow their share of the market. They'll do this by selling more policies more efficiently. But bigger L&A carriers typically rely on brokers to drive sales. So, transforming their distribution and marketing approach is key.
Challenge
To remain competitive and seize new opportunities, L&A insurers must shift from being product-centric to customer-centric. Three key challenges are preventing them from making this shift:
Solution
So, L&A carriers need to shift to a customer-centric approach. And that means leveraging data to sell more and better. But how? Carriers must modernize their data architecture, transform their workflows, and optimize their marketing. Fortunately, Genpact's marketing and distribution analytics solution connects customer and marketing analytics and provides end-to-end support to carriers in all three challenge areas:
Impact
Our comprehensive solution, deployed by one of the most experienced talent pools for the insurance industry, delivers tremendous benefits for carriers, such as:
L&A carriers have to address shifting customer behavior and preferences and attract the tens of millions of new customers who are now seeking L&A insurance for the first time. Any strategy they devise has to marry the power of customer and agent data to deliver targeted digital campaigns. It's not easy. But Genpact has the team and expertise to plan and deliver fast, accurate, and intelligent end-to-end digital solutions for L&A insurers.