In 2023, insurance companies improved profitability through rate hikes, better underwriting, higher investment returns, and reduced systemic risk. However, the industry faces a significant challenge: over the past two decades, nominal GDP growth has outpaced premium growth. To address this challenge, insurers must innovate to meet individuals’ personalized needs and position life insurance as a lifestyle product.
The COVID-19 pandemic has increased consumer awareness of life insurance, leading to steady growth in the US Life and Annuities (L&A) industry, driven primarily by individual annuities. The traditional L&A model, which relies on third-party distributors such as independent advisors, brokers/dealers, and banks needs to address key growth drivers to capitalize on this trend.
In this report, we analyze trends and outlooks in the L&A industry across various lines of business while exploring the emerging era of personalization, where life insurance is evolving into a lifestyle product. We examine how the industry can develop wellness products that integrate wealth management, retirement planning, healthcare, and insurance. We also discuss the role of leveraging third-party tech ecosystems, data platforms, and AI in this transformation. Additionally, we analyze trends in the global retirement and pension industry and the insurance IT services market, providing insights, growth outlook, and implications for providers.
Scope
- Industry: Insurance
- Geography: global
Contents
In this report, we
- Analyze insurance IT services market trends, growth outlook, and global sourcing patterns, highlighting implications for providers
- Identify opportunities and risks insurers face in a challenging market environment
- Explore how third-party technology providers, data platforms, and AI contribute to developing holistic life insurance, wealth management, and retirement products
- Identify the trends in the retirement and pensions markets of North America, Australia, and UK&I, and explore upcoming IT modernization opportunities in these regions
Membership(s)
Insurance Information Technology
Insurance Technology (InsurTech)
Sourcing and Vendor Management
