What does the future of life insurance solutions look like?


According to Zinnia, the major trends set to shape life insurance in the coming year are all driven by the customer experience. 

Zinnia’s mission is to deliver a modern open insurance experience to its clients and equip them with the tools to reimagine how life and annuities are bought, sold, serviced and experienced.

According to Zinnia, the life and annuities market is shifting and consumer expectations have changed. As such, the company has positioned itself at the forefront of the shift towards digitisation and is on a mission to modernise the way the industry has historically operated, enhancing how consumers experience life insurance and annuities.

Following the release of Capgemini’s “Top Trends in Life Insurance 2023” report, Zinnia highlighted that the first four trends were driven by the consumer experience.

The company decided to take a closer look at these customer-centric trends and detail how they can help.

Trend 1: Digital capabilities

Just as Zinnia places a premium on the Advisor Experience, so, too, does Capgemini.

Today, Zinnia said life insurance customers expect to be able to digitally interact with advisors, so advisors need digital engagement tools as they educate, onboard, and continue to support policyholders.

Having access to the right digital tools  enables faster time from quote to policy, expanded distribution networks, and more visibility into the customer journey.

Trend 2: Ecosystem partnerships

Insurers can benefit greatly from collaborating with ecosystem partners that can delivery personalised experience to help policyholders achieve long-term financial goals.

Benefits to working with an ecosystem partner include the ability to offer personalised engagement experiences, greater speed to market, and opportunities for value-added services.

Trend 3: Embedded life insurance

According to Zinnia, meeting consumers where they are is key to reaching new customers and reducing the life insurance need-gap.

The LIMRA 2022 Insurance Barometer Study identifies people of color (primarily Hispanic or Black), younger generations (18-41), women, and lower income households (> $35,000) as those with the highest need-gap.

Benefits to “right time, right channel accessibility” include serving previously untapped markets, creating new revenue streams through cross selling and bundling, and reduced distribution costs.

Trend 4: Wellness-as-a-service

Zinnia has been well out in front of this trend with Engagement & Loyalty. Its platform has long featured a holistic approach to wellness.

This will persist as a trend for “future-focused life insurers.”

Offering such a service helps insurers gain a better understanding of customer behaviour and needs, more frequent engagement through personalised services, and risk prevention through better visibility.

Read the full post here.

In September 2022, SE2, an Eldridge business and life and annuity InsurTech, life.io, Breathe Life and Convergent, evolved into Zinnia to power open insurance.

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