It’s wonderful to attend an insurance technology event that is both informative and engaging, with excellent speakers and a knowledgeable audience. That was exactly the experience at the PWC / InsTech event on Wednesday, September 24.
The scene was set with a fascinating presentation of the World Life Insurance Report 2026 from Capgemini. Luca Russignan walked us through the shifting life patterns of younger generations, Millennials and Gen Z, versus older ones (Boomers, Gen X). It was a deep look at how demographics are reshaping the Life, Accident & Health market. The message was clear: the industry must respond with products and services that reflect new behaviors and non-linear life paths.
A later panel picked up this challenge: how do we, as an industry, encourage younger generations to invest in protection insurance products? For example, the Capgemini report shows that under-40 consumers are more drawn to living benefits products. Traditional life triggers, a permanent job, a mortgage, marriage, starting a family, no longer follow the predictable timelines of previous generations.
The conversation went well beyond the sometimes-clichéd idea that “we need an app” to engage new consumers. The ever-insightful Maureen Breslin made a superb point: our industry is ultimately in the business of supporting people through some of the most difficult times in their lives. In fact, this may be where more human-to-human contact is needed not less, a striking point to make at an insurance technology conference!
Of course, to create that human space, technology still plays the pivotal role. As carriers reinvent protection products for younger generations, those with modern, cloud-based core systems will have the agility to move quickly, lead the market, and secure lifetime engagement with under-40s as they accumulate wealth.
My former FINEOS colleague, now CEO of Stitch, Karan Mishra, also made a critical point: AI must move out of the pilot/proof-of-concept stage and back into the core systems.
And this is the real challenge, how do we make such powerful new technology enhance enterprise systems that are decades old? The truth is, to fully leverage AI, to position products effectively, and to deliver service excellence that resonates with the next generation, carriers must replace their core systems. Only modern, secure, regulatory-compliant platforms with embedded AI will enable insurers to secure the customers of tomorrow. Everything else is patchwork.
The carriers that make this leap will become the dominant players, we’ve already seen this happen across other areas of financial services. And as with all challenges, this is also the opportunity.
Because, at the end of the day, the refurbished sidecar won’t make the old motorbike go any faster.
