The life insurance and annuity (L&A) industry can create significantly more value for both shareholders and consumers, but only if it can motivate millions of people to understand and fully embrace these products and their potential benefits. The industry is evolving, and insurers will need to navigate a sea of change including demographic shifts, technological innovation, resource challenges and regulatory demands to engage with these new consumers, and deliver a personalised experience tailored for their specific needs.
Organisations that encourage the integration of technology and tailored messaging will leave behind an industry that traditionally has been relatively slow-moving in adopting innovation. And non-traditional entrants, flush with talent and unburdened by lethargic legacy systems and old-school mindsets, have an opportunity for their voice to be heard on the right channels at the right time, to better serve customer needs while remaining relevant and competitive. So, what does the future of the life and annuity landscape look like?
In this latest report, we spoke with over more than 425 industry decision-makers to discuss the key signals of change across the industry, from recruiting and underwriting to distribution and claims-handling. We detail how leaders in the life insurance and annuity space can better serve customers and gain lasting competitive advantages, by knowing where they can play and how they can win, and describe four business models likely to characterise the industry in the years ahead.