Life Insurance and Annuity Operations
Innovative approaches to improving strategy and core business operations for life insurance companies
Deloitte's Life Insurance and Annuity Operations group assists insurers in developing next-generation capabilities in product, new business operations, and inforce management, frequently seeking to improve the customer experience for applicants and producers, and to create operational efficiencies, all while maintaining or improving the associated mortality experience and overall risk exposure.
Challenges for life insurers
Life insurers are challenged to offer an exceptional customer experience supported by a range of innovative products and services that are competitive to attract and maintain new customers, cost-effective to deliver, and profitable to sustain. In an increasingly automated and digital era, life insurers must deliver an improved customer experience, which often requires traditional business processes to be updated and modernized leveraging emerging technologies and data sources.
Innovative, multidisciplinary strategic services
Our Life Insurance and Annuity Operations group delivers a broad range of services from a team with a diverse set of skills and backgrounds including strategy, operations, data science, technology and actuarial, to deliver innovative, multidisciplinary strategic services, such as the following:
Product and Distribution Strategy: We assist life insurance and annuity manufacturers in developing, validating, and refining their organization’s strategy for life insurance and annuity businesses, including target markets and segments, distribution models, and associated value propositions. This often includes support in aligning the manufacturer’s product portfolio, distribution channels, and overall value propositions to enable the execution of that strategy.
New Business Transformation: We assist life insurance companies in modernizing their new business operations to deliver a best-in-class customer experience for producers and applicants. This includes strategic planning and execution of the digital transformation for new business processes. The modernization goes beyond straight-through processing to deliver a comprehensive, modern-day customer experience for producers and applicants throughout the purchasing process for life insurance and annuity products.
Predictive Analytics: We assist life insurance companies in deploying applications of predictive analytics to improve core business operations. This includes the design and implementation of data-driven, predictive analytics-based applications spanning agent recruitment and retention, target marketing, product pricing, new business operations, accelerated underwriting, in-force management, customer retention, fraud detection, and related functions.
Application of Emerging Data and Tools: We support life insurers in leveraging emerging technology and data within their operations. This includes pioneering the use of new data sources such as electronic health records to accelerate underwriting, capitalizing on insights from innovative insurtech players, and re-designing core business operations to take advantage of a more automated, digital era that includes cognitive computing, artificial intelligence, and robotic process automation.
Core service offerings
In addition to multidisciplinary strategic services, our Life Insurance and Annuity Operations group specializes in delivering core product actuarial services including:
- Enforce management strategies and tactics
- Product development
- Product benchmarking and competitor studies
- Product design and pricing
- Product reinsurance strategy
- Product filing support, including actuarial demonstrations
- Product illustration support
- Product development process refinement or redesign