90% of funeral insurance companies have digital services

On November 16, the III report on trends in relation to funeral insurance was presented at Icea. The study highlights that close to 90% of companies of the sample include guarantees or digital services.

This report, “Death insurance: future situation and trends”, was presented by Icea and sponsored by Iris Global, the number 1 Spanish brand of global care solutions, committed to social well-being, which brings together the experience of more than 1,300 professionals and has a network of more than 15,000 collaborators.

As the study indicates, death insurance is one of the main lines of business within the global framework of non-life insurance. With a volume of premiums at the end of 2020 of 2.491 million euros and reaching a year-on-year growth of almost 1.3%, according to Icea estimates.

The importance of the report lies in the fact that the entities that responded to the survey represent around 89% in premium market shares at the end of 2020. Therefore, this Contribution is key for the sector to continue to evolve and grow. In this area, Iris Global continues to develop key and important concepts and realities for the sector.

The relevance of funeral insurance as growth and loyalty strategy, the irreplaceable power of assistance agent waves environmentally friendly cremationsare some of the trends that the report reveals.

Pablo Jimenez was in charge of presenting the death study 2021. They were then attended by Sandra Llamas, head of business development at Iris Global. In this case, Sandra spoke of the change of habits and trends that are taking place in the market, with some brushstrokes of how companies in the sector should know what we call the new normal.

To talk about mourning, its evolution and its management, they had Fernando Munoz, CEO of He. Through his presentation on “Transformation and New Approaches”, he allowed the approach to new forms of mourning, some of them digital, on which we must all reflect on their true value.

A vision from the innovation part was also presented, in this case through a panel of experts who developed a round table in relation to trends in digitization, collaboration with startups, sustainability and new operators in the industry. This round table was made up of: Angel Uzquiza, director of innovation at Santalucía Group; Rodrigo Rueda, commercial director of Sapiens Iberia; Javier Contin, innovation director of Iris Global, and Alberto Diez, responsible for death product, commercial management and marketing of Asisa.

For the last presentation they had the presence of the doctor Sergio Real, the general director of insurance of Iris Global. In this case, Sergio Real made an exhibition on how the customer leads the value proposition of the 21st century, what demand and how the adapted value proposition should be strengthened. For the closing of the act, the presence of Andres Romero, president of the technical commission of deaths of Unepsa.

Within the analysis carried out by the study, some key points stand out:

Strategy

  • The entry of new operators in the funeral market in the short and medium term.
  • The product of deaths continues to be considered as a key lever in the growth strategy and customer loyalty in a company.
  • The customer profile is changing towards young, married without children and single.

Products

  • Products tend to have greater flexibility with choice of content together with developing a product as digital possible.

Covers

  • Almost the 90% of companies of the sample include warranties / services with digital components. In the remaining ones that do not have it, their incorporation has been decided.
  • High presence of health and wellness related coverage / services, since they are in the 83% of the sample.

Technologies

  • Low penetration of alliances with Insurtech companies, specifically in funeral insurance.
  • It is collected that the 60% of the entities in the sample use the social networks specifically in actions related to the death insurance. Especially in two functions, publicize the product and / or improve customer loyalty.

Provision of the service

  • The support agent raises his already high valuation compared to previous years.
  • Main key points in the quality of service are those related to the rslowness and shortened response times before any need requested by the client.

Article Images: Priscilla Du Preez, Unsplash

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