Going fully digital to meet increasing customer expectations
Top macro trends cited by executives include technology and digital acceleration, changing social demographics, and climate change. Rising customer digital expectations are driving the need for technology and digital acceleration, while a shortage of IT talent is the most impactful social demographic change. Climate change initiatives focus primarily on making buildings and operations greener; however, executives are beginning to pursue greener investments as well.
Digitization for life and pension organizations accelerated during the global pandemic. Even traditional firms realized their need to transition to remote customer contact, digital document exchange, and other digital ways of working. Executives also are investing in the customer experience, modernization, and supply chain reconfiguration to drive change, compete with insurtechs, and future-proof their businesses.
Further, the increasing number of ransomware attacks has led to an increased focus on cybersecurity, while regulatory compliance dropped in importance, indicating firms are in line with regulatory requirements and focusing on other priorities.
View key findings from our conversations with life and pension insurance executives in 2022 below, or download our report.
For more insights on macro trends, including social demographics, climate change, deglobalization, technology acceleration and supply chain reconfiguration, read our summary.
Top trends and priorities
- Top macro trends
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Technology and digital acceleration, notably rising customer and citizen digital expectations
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Changing social demographics, including aging populations and talent shortages
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Climate change, including the energy transition and the acceleration toward decarbonization
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- Top industry trends
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Becoming digital to meet customer expectations
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Managing shifting consumer product and digital servicing expectations
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Responding to widespread concern of cyber attacks
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- Top business priorities
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Drive differentiated, seamless customer digital experience
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Continue to drive end-to-end process automation
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Derive value from data to improve customer evaluation
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- Top IT priorities
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Rationalize, simplify, modernize applications and infrastructure
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Protect through cybersecurity
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Establish plan for digital transformation
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What digital leaders do to accelerate results
Among the 25% of life and pension insurance executives who report achieving expected results from their digital strategies, some common attributes emerge. Our table compares responses to questions from these digital leaders to those from executives whose organizations are still building or launching digital strategies (digital entrants). Learn more about the attributes of digital leaders.
Common attributes of digital leaders |
Digital leaders |
Digital entrants |
| Have highly agile business models | 47% | 10% |
| IT and business operations are highly aligned | 79% | 50% |
| Have deeply integrated IT and business operations | 63% | 40% |
| Are facing significant legacy challenges | 37% | 53% |
| Are modernizing more applications | 60% | 43% |