The better the question
How do insurers embrace digital transformation for retirement products?
Leveraging technology to digitally engage with customers.
A national life insurer and leader in the annuity space sought to explore
The timing was appropriate since industry-wide fee and profit compression was causing insurers and annuity providers to re-evaluate their distribution practices. By leveraging technological changes within the financial services industry and the growing popularity of digital advice and platforms, there was an opportunity to gain better control over corporate messaging and sales practices by going directly to consumers with relevant information and products. Against this backdrop, non-financial services technology companies are putting pressure on brick and mortar delivery of services, and increasing customer expectations for digital.
The better the answer
Creating a new digital customer engagement model
Concepts were designed and tested with consumers
Our business strategists, digital specialists
As part of the customer journey mapping and concept design, the team developed
We provided an initial view of the technology and CRM required for the new strategy and formulated a concept for the proposed product and launch plan considerations. The process also included:
Opportunity analysis, partnership and suitability review
- Identified total market sizing for the new opportunity using external data sources and benchmarking.
- Analyzed landscape of competitors and potential partnerships within the
InsurTechspace and evaluated best practices related to investment suitability.
Executive level business concept deck and launch plan
- Developed final executive-level deck summarizing findings and recommendations for the new product concept
- Provided launch plan considerations across marketing, technology, branding, and organizational design
The digital enablers included digital strategy, use of the cloud and advanced analytics.
The better the world works
Benefiting from a new digital retirement ecosystem
Opportunity emerges to target millions of new retail customers
EY’s engagement opened an opportunity to target millions of new retail customers
Our engagement opened an opportunity to target millions of new retail customers (with $2.7 trillion in investable assets) by engaging digitally. In addition, we delivered additional value to the client by:
- Testing and validating the concept of a new digital retirement ecosystem (greenfield opportunity) which resulted in a new digital customer engagement model and total re-evaluation of the insurer’s retirement income product segment.
- Supporting the development of an opportunity analysis to launch a new digital ecosystem and income tool.
- Providing launch plan considerations addressing organizational design, staffing, marketing and technology aspect.
- Assembled a multi-disciplinary team to drive exceptional client service.