The aging well opportunity: How trust and engagement can unlock growth for insurers

in partnership with


Logo of Capgemini

We partner with companies to transform and manage their business by unlocking the value of technology.

View more
04/12/2023 Study

The life insurance industry is facing an unprecedented challenge, as the looming $7.8 trillion wealth transfer to beneficiaries by 2040 poses a significant threat to insurers unprepared for this historical shift. According to this report made by Capgemini Research Institute with the participation of Qorus, a staggering 60% of individuals aged 65 or older have not sought professional financial advice, leaving them unprepared for retirement and wealth transfer.

As the aging population grows, with the United Nations predicting that 33% of the world’s population will be over 50 by 2050, the need for innovative life insurance offerings becomes critical. However, insurers are struggling with product development capabilities, hindering their ability to meet the evolving needs of consumers.

To address this challenge, the report emphasizes the importance of early engagement with clients and beneficiaries, recommending personalized and tailored experiences through innovative product design. Ecosystem partnerships, particularly with firms specializing in serving seniors, are highlighted as a key strategy to close the capabilities gap and provide value-added services.

Furthermore, the report underscores the need for insurers to prioritize affluent and mass affluent consumers, who hold a significant portion of global wealth. These consumers express a strong demand for aging-well solutions, presenting an opportunity for insurers to bridge the gap by forming partnerships and offering innovative products.

In navigating the future, insurers are urged to transform their customer lifecycle, shifting from a product-centric approach to one focused on customer-centricity. The adoption of advanced technologies, including artificial intelligence, is recommended to streamline operations, enhance customer experiences, and make data-driven decisions. Insurers that successfully navigate this transformation will not only fortify trust across generations but also position themselves for future growth in the face of the impending wealth transfer.

Related news & insights

25/06/2024 Interview

Behind the gold: The success story of Zurich's WhatsApp claims chatbot

Rosa Narváez is Head of Service Strategy and Transformation at Zurich in Spain. She is the person behind the 'WhatsApp...

25/06/2024 News

CNP Assurances launches Climate Risk Index for French insurance sector

CNP Assurances, in collaboration with the DIALog Chair, has released a green paper titled "Climate Risk and Impact on Insurance."...

24/06/2024 Interview

Further Insights: The future of food – Addressing overconsumption and health

The way we produce food and the way we eat poses serious problems in terms of sustainable development and public...

24/06/2024 News

Revolut launches Pan-European loyalty program: RevPoints

This program allows Revolut customers to earn points on their everyday spending, which can be redeemed for rewards such as...

Digital Reinvention
24/06/2024 News

Commonwealth Bank of Australia launches CommBank Smart Health for Pharmacies

Developed in collaboration with Scrypt Ventures, this innovative omni-channel solution aims to enhance how patients pay for their medications and...

24/06/2024 News

TBC Bank Uzbekistan secures $10 million loan from responsAbility Investments AG

The funds will support TBC Uzbekistan’s microlending efforts, promoting financial inclusion in Central Asia’s most populous country.

Digital Reinvention
23/06/2024 News

NatWest launches Cora+, a Generative AI upgrade to digital assistant

This new version, introduced during London Tech Week, will make NatWest one of the first UK banks to deploy generative...

Digital Reinvention
22/06/2024 News

OCBC Securities launches Singapore’s first AI stock-picker to triple young investors

A.I. Oscar predicts stock price movements and generates personalized stock ideas. Following a successful pilot from October 2023 to April...