8CIOReview | | JUNE 2024IN MY OPINIONIn today's VUCA world, all industries, including Life Insurance, have undergone significant macro shifts due to the global pandemic, economic conditions, and geopolitical uncertainty. The advancement of technology has played a crucial role in changing customer expectations, with a growing demand for convenient, speedy, simplified, accessible, and engaging experiences. Moreover, the core audience for life insurance is shifting from Generation X to Generations Y and Z, each with unique expectations.In Sri Lanka, a country that is becoming increasingly digital with an internet penetration of 53 percent in 2022, a social media penetration of 38 percent in 2023, and an increase in online payments from 3 percent in 2019 to about 6 percent in 2022, it is crucial to understand the behavior of younger generations, their motivations, aspirations, and their interactions with new-age technologies to adopt sustainable business growth.Core Stages of Life InsuranceThe fundamental stages of life insurance can be categorized as follows: first, the acquisition stage, which entails the company's approach to customer communications and touchpoint management during the onboarding process. Secondly, the servicing stage emphasizes how organizations engage with customers throughout the entire duration of their policy. Lastly, the claims stage examines the overall claims experience. Companies must establish robust processes and mechanisms that consistently deliver positive experiences across these stages, thereby ensuring an overall superior customer journey By Mahen Gunarathna, Chief Marketing Officer, Union AssuranceTRANSFORMING LIFE INSURANCE WITH DIGITAL MARKETING
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