Nice overview in exhibit 1! Main question is to what extend the biggest transformation of Life insurance is not the shift away from life insurance...
Better addressing the evolving needs of consumers can help incumbents win their loyalty—and protect against new competitors. For generations, the life insurance industry delivered its promise of financial security with the help of strong actuarial functions, working through intermediated distribution channels. Complex products, limited services, rigid processes, and cumbersome consumer interactions did not necessarily hamper business success. In the past decade, however, the rules of the game have changed. Today’s consumers reward transparency, speed, and flexibility, new competitors are looming on the horizon, and the low-interest-rate environment makes the traditional business model a thing of the past.
