Insurance industry outlook
The financial and insurance industry is currently going through a dramatic transformation. Key in this transformation is the rapid advancements in new technology that feed new customer behaviour and business needs, with an extreme pace of change historically unprecedented.
A high level of availability and transparency is nowadays expected by clients to the European life and pension industry, which is challenging for an industry where the incumbents run their operation based on multiple bespoke systems. For the life insurance and pension industry, the situation today and in the foreseeable future is even more challenging.
Key trends in the European life and pensions industry
The main business principles and promises to be met by the life and pension industry are, in essence, still the same as for the society outlined initially. It is about understanding the customer needs and interacting according to the customer's choice of preference, providing relevant and appealing products and services as well as being able to deliver those in the preferred distribution channel in hard competition with other suppliers. The challenge and opportunity is to be able to provide this in a continuously and fast-changing digitalised and connected context with the industry-specific challenges outlined above.