Digitalisation set to rocket in the
Wealth Assurance industry
Wealth professionals have high expectations of digital services
The vast majority of wealth professionals expect a ‘high’ or ‘very high’ level of digitalisation over the next three years.
More than one in five identify ‘digital client onboarding/e-applications’ as their preferred additional services their Unit-Linked life insurance providers should offer.
Room for Improvement
Digital service offerings needs to improve industry wide, receiving a satisfactory score of 2.89 (out of 5, with 5 being ‘very satisfied’).
The digitalisation imperative
Respondent’s perception on the level of digitalisation of the Unit-Linked life insurance markets over the next 3 years
of respondents based in Belgium, say that they expect the Unit-Linked life insurance market to experience either a ‘very high’ or ‘high’ degree of digitalisation over the next three years
France and Italy are also digital progressives with this figure rising to:
It is UK-based professionals that are found to be the most uncertain, with 15% explicitly expecting a ‘very low’ degree of digitalisation.
The overall satisfaction of the services available scored a modest average of 2.89 out of a 5-level rating (5 being ‘very satisfied’). It is the availability and quality of digital documents and reporting which appear to be areas that are most satisfying. Those wealth professionals based in France and Portugal are the most satisfied, scoring the digital service offering they receive as 3.5 and 3.6 out of 5 respectively.
Satisfaction ranking of existing digital offerings of Wealth Assurance providers:
Quality on transmitted files in digital form
Access to documents in digital form
Digital reporting tools
Availability of real-time updated data
Digital client onboarding
Use of electronic signature
Quality of extranet and entering transaction
Technology’s key role as an enabler of service
Across European-based wealth professionals, when asked to identify which technologies they viewed as most important, respondents identified ‘customer service technology’, ‘cyber security’, and ‘mobile technologies as the top three’.
Wealth professionals expect digital tools to strengthen the advice and service they can provide
When asked about additional services that Unit-Linked life insurance providers should offer, ‘digital client onboarding/e-applications’ comes first, while ‘needs-based innovative solutions’ came in second (18%). Digitalisation once again comes to the fore in their third priority, with a requirement for ‘digital solutions to reduce acquisition costs and increase broker productivity’ (16%).
Additional services that Unit-Linked life insurance providers should offer:
22% Digital client onboarding / e-applications
17.6% Need based innovative solutions
16.3% Digital solutions to reduce acquisition costs and increase broker productivity
14.2% Automated / simplified / predictive underwriting platforms
8.3% Advanced data and analytics to drive lead conversion
8.2% Health and wealth advice services
6.7% Partnerships beyond insurance
4.5% New forms of engagement
2.3% None of the above
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