Top trends and priorities focus on digital acceleration and providing a seamless client digital experience
We met with 54 life and pension insurance executives to understand their top trends and priorities and how they plan to navigate these uncertain times. Executives cite managing costs to improve combined operating ratios as their most impactful industry trend and providing a differentiated, seamless client digital experience as their top business priority. In terms of macro trends, digital acceleration is a key driver of both business and IT priorities. Discover executives’ top trends, priorities and more.
1. IT modernization to rise:
40% have modernized >20% of their applications portfolio; 56% plan to in 2 years.
2. Use of managed services to grow:
43% use substantial or fully managed services for IT apps now; 54% will in 3 years.
3. AI tops innovation plans:
39% AI / machine learning is the #1 innovation area in 3 years; customer experience is #2.
4. Climate action rises in impact:
51% cite high impacts of the fight against climate change, up 19pp vs 2022.
5. Extended digital strategies needed:
97% have digital strategies in place, but only 22% include their ecosystems.
Life & Pension Insurance clients are ahead of many industries in producing results from their digital strategies, with 45% of executives citing such results in 2023, up 5% from 2022. When comparing insights from the 45% producing results (digital leaders) to those building or launching digital strategies (digital aspirants), common attributes emerge. Digital leaders in L&P Insurance excel in business and IT alignment, business model agility, and advancing cybersecurity and data privacy.
Closely align business and IT operations to support strategy execution
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Digital leaders 77% |
Digital aspirants 57% |
Have highly
agile business
models
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Digital leaders 41% |
Digital aspirants 29% |
Maintain and
ensure a
secure environment
|
Digital leaders 63% |
Digital aspirants 31% |
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1
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Align business and IT operations |
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2
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Address legacy policy and claims systems |
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3
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Responsibly leverage AI |
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4
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Streamline compliance, regulation and ESG reporting |
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5
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Leverage partner models as strategic enablers |
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At CGI, we help insurers deliver a seamless customer experience through core platform modernization and digital transformation. |
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Meet with our experts about these insights. |