It’s a New Year, and I have just done my planning for where we go in our Life, Pensions & Investments (LP&I) market discussions – it’s also a good opportunity to reassess and regroup on the past year. If the first half of 2014 was the time for sudden regulatory upheavals catching LP&I providers by complete surprise, the second half of 2014 saw some of the UK’s biggest insurers deciding strategies for how they remain profitable amid predictions of demise of the £12bn a year individual annuity market.
In timely fashion, we held our second Life & Pensions Breakfast Briefing in November that really got the industry to think about ‘what do you want to be famous for?’ in the wake of regulatory disruption and also when every area of their marketplace continues being under pressure. Our Breakfast also brought to light the key challenge of building L&P company structures with the future consumer in mind; this requires a new culture, open innovation across the value chain, all enabled by a different blend of workforce.
In my next few blogs I will look to lay out the trends we expect to see over the next 10 years for our industry and the business models that can be adopted to seize opportunity from disruption and build value for the long term.
To sign-off my first post of the New Year I am delighted also to say that our next Breakfast briefing will be on what the workforce of the future will look like – a key enabler in building L&P structures over the next ten years. I look forward to hearing your thoughts soon on the topic.
Read our latest thinking on Digital Insurer