Delivering a digital customer experience through data and modernization

Life and pension executives are making significant progress on their digital journeys. In 2021, 28% report producing results from their digital strategies versus 16% the previous year. Further, among the 92% of executives with a digital strategy, 33% are extending their strategy to their ecosystems and trading partners.

Key findings from our conversations with capital markets executives in 2021 follow, or download the PDF.

Top life and pension trends and priorities

Top trends
  1. Fast-shifting customer product and digital servicing expectations
  2. Managing costs to maintain / improve combined operating ratio
  3. Meeting and optimizing regulatory compliance
Top business priorities
  1. Drive a differentiated, seamless customer digital experience
  2. Continue to drive end-to-end process automation internally and across the value chain
  3. Derive value from data to improve underwriting and customer evaluation
Top IT priorities
  1. Rationalize, simplify, modernize applications and infrastructure
  2. Improve service quality and productivity
  3. Protect through cybersecurity

 

 

Customer journey digitization (92%) and predictive analytics (76%) are among the top cited digital initiatives.

 

 

Top spending trends include innovating the customer experience (89%) and data analytics (83%).

 

 

Driving a differentiated, seamless customer digital experience is the top business priority this year.

 

Digital leaders in life and pension insurance

Consumer pressure on digital strategies increases from 53% to 63% since 2020. Executives citing the impact of digitization on their business models also increases from 44% to 54%. In addition, 62% say their organizations’ legacy systems pose a challenge to the successful implementation of their digitization strategy.

Our table below compares responses to questions from digital leaders in the life and pension sector to those from executives whose organizations are still building or launching digital strategies. Learn more about the attributes of digital leaders.

Common attributes of digital leaders

Executives producing results from digital strategies

Executives building or launching
digital strategies

Evolving business models as a result of digitization 100% 90%
Better at aligning IT and business priorities 69% 41%
Use managed services and partners more 100% 67%
Feel strongly that environmental sustainability is core to creating value for customers 58% 45%

 

 

CGI Voice of Our Clients – Life and pension insurance


Download our 2021 life and pensions insurance report