Accelerating change through innovation
December 7, 2016 by DOUG FRENCH, MICHAEL HUGHES, CHRISTOPHER RAHAM, VIKAS SHARAN
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future. Low engagement with current customers, limited penetration among currently underserved segments (including the middle market and millennials), outdated technology infrastructure and inefficient processes are among the many issues forcing life insurers to re-evaluate how, where and with whom they do business.
During the summer of 2016, EY’s insurance practice conducted interviews with more than 20 CEOs and executives from leading U.S. life insurance and annuity companies, distributors, reinsurers and regulators. The results were published in EY’s 2016 Life Insurance and Annuity Executive Survey. They confirm that a growing number of senior industry leaders recognize the need for accelerating change and, in some cases, a more radical transformation of the business model.