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18th October 2020
EY new NextWave report discusses how six megatrends are reshaping the global life insurance and retirement market
EY has published their new NextWave report which discusses how six megatrends, financial wellbeing, long term value, collaboration with regulators, ecosystem engagement, capital optimisation and customisation, are reshaping the global life insurance and retirement market over the next 10 years.
Below is some further details on the six megatrends that EY has identified, including:
-How that approximately 40% of millennials and Gen Z consumers globally who are expecting financial, health and wellness guidance from their insurer
-Why investors and analysts need to expand their valuation approaches to include more holistic, long-term metrics, rather than only short-term financial measures, as 98% of institutional investors weigh a company’s stance on global challenges in investment decisions
-Difficult macroeconomic conditions, underfunded government retirement programs and intense regulatory scrutiny have forced insurers to collaborate with regulators. In 2019, Singapore saw a 34% increase in uptake of retirement policies following formal industry-government encouragement
-Why technology advances hold the key to enabling rapid integration and smooth data sharing. Insurers will create their own networks of partners to offer complementary services as 94% of insurers that view platform-based business models and ecosystems as critical to success.
-With more capital available from a wider range of sources and increasing clarity about the need for well-being, the sector convergence will accelerate among life and health insurance, retirement planning and wealth and asset management. 9.4% of insurers saw compound annual growth rate (CAGR) in the number of M&A transactions in the insurance industry, 2017-2020
-How customer preference is shown to favour greater simplicity, transparency and comparability which has helped commoditize life insurance and retirement products. Increasingly, consumers perceive value through user experiences, ancillary services and trust-based relationships. A US insurance and annuity leader gained $3tr of investable assets through a new digital engagement model and robo-guidence tool.
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