What’s New in Life Insurance Trends for 2024?

Life insurance is often considered an important part of financial planning and is about to change a lot in 2024. Technology, customer tastes and the way the world works are factors that have led to dramatic changes in this evolution. Let’s take a look at what’s new in life insurance this year.

1. Brand new technology used in life insurance

Thanks to advances in artificial intelligence and machine learning, the way rules are written and claims are processed is changing a lot. At the same time, blockchain technology is improving security, keeping financial transactions and personal information safe like never before.

2. Custom rulesets

One-size-fits-all thinking is becoming less common, creating space for policies that are tailored to the needs and lifestyle of each person. When premium payments are flexible, the insurance company can change its financial obligations as necessary.

3. More and more people are using data analysis.

Insurers use data analytics to provide more personalized risk assessments and improve the customer experience. This change not only improves service, but also helps designers design products that meet the changing needs of customers.

4. Increase the use of online sites

Focusing on a digital-first approach is becoming increasingly common, with online platforms making it easier to obtain policies, process claims and get customer support. As companies move to digital, they are changing the way they do business.

5. Environmentally friendly and responsible investing

Environmental, social and governance (ESG) issues are having a greater impact on life insurance investment strategies. People who have insurance policies now better understand how their premiums are spent and the impact these investments have on the world.

6. Add a care plan to an existing plan

Wellness plans are becoming more common among insurance companies that encourage members to live healthy lives. This is not only good for people’s health, but it also helps the insurance company achieve its goals of reducing risks and claim rates.

7. Growth of the global market

Insurers are becoming more global and must therefore change to meet the needs of a wide range of customers. They do this by ensuring that their products function in a variety of cultural and economic contexts.

8. Regulatory changes and compliance

The rules that govern business are changing. The changes mean insurers will have to figure out how to comply with the rules while looking after the interests of their customers.

9. Growth of insurtech startups

Insurtech startups are changing and improving life insurers. Armed with new ideas and technological skills, they build new relationships with traditional insurance companies.