Back from the Future
The Future of the LIfe and Pensions Industry.
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Structural change is a given for those in the Life and Pensions [L&P] industry.
Global economics and demographic trends are colliding with organisational change, driven by a demand for new services, increasing regulatory issues and emerging technologies. The result is that many in the industry will need to confront and overcome new challenges and ways of doing business if they are to remain successful. When it comes to trust, for example, customers rank Life and Pensions providers lower (at 44%) than even current account banking (at 60%). As well as proving a significant challenge, the new environment is ripe with opportunities for insurers and other players that have the ability to recognise and act upon change. The successful insurer will increasingly embrace a digital agenda.
This will include the Internet of Everything (embedded devices linking people, processes and data), and also the analytical capabilities to examine the resultant ‘big data’ (large and complex data sets that defy traditional analysis). At the same time insurers must adapt to the shifting realities of a rapidly ageing population. Changing government policy and consumer preferences are impacting the landscape of people saving for, and the funding of, their later lives. This report examines a great many drivers of change impacting on the industry. As a consequence, players in the L&P market along with health and long-term care services providers will be required to make significant changes to the way they work. They will all need to embrace new and emerging technologies, reorient their focus away from products and onto the consumer and engage with a rapidly expanding global market. This will require changes to the organisation, its processes and practices, its use of technologies and how it engages with its value chain in order to create innovative and consumer-centric offers.