How can we stimulate the demand for life insurance by combining the development of units of account and financial security? The new Precepta Insights survey of euros of life insurance outstanding. Xerfi experts highlight strategies to make UC more attractive to customers. The units of account actually transfer the risk to the insured, unlike traditional Euro funds, which offer complete protection against any capital loss. At the same time, the generalization of units of account to the public presents major challenges in relation to information for savers, financial innovations and adaptation of the economic model. In particular, it requires a profound change in customer relations in light of complex products that are increasingly marketed via online channels.
So how can we offer a customer experience around life insurance products that is optimized and adapted to everyone’s use? How can we make offers more readable to advise customers? And what are the possible ways to make life insurance contracts more attractive?
The study of several cases carried out by Xerfi experts has revealed three main growth logics:
• First and foremost revitalization of returns. Several levers are activated, such as the launch of new funds in euros, the diversification of investment instruments for CUs, the use of interest “boosters” or the mobilization of reserves.
• 2nd growth lever analysed: development of a responsible offer. A logic initiated by, among others, Swiss Life, Groupama and Allianz. At the same time, the use of labels is becoming widespread, like the initiatives developed by Covéa or Mon Petit Placement.
• Finally, the last growth logic that was analyzed in the study, namely redistribution on the distribution front. It is in this sense that Abeille Assurances seeks to improve its control of distribution channels and that Allianz creates a network of general agents specializing in life insurance. At the same time, emphasis is placed on online sales thanks to established partnerships with insurtech and fintech companies.
In addition to the analysis of current growth strategies, Xerfi consultants provide their strategic recommendations in this study. This report also includes a detailed analysis of the competition and its evolution, a detailed study of 12 key players, and exclusive forecasts of the life insurance market up to 2025.
For more complete information about this strategic analysis, you can download the presentation document located next to the video.
