The life, pensions and investments (LP&I) industry faces disruption from all sides. Intensifying and unpredictable regulation is a fact of life. Auto-enrolment and pensions reform are re-establishing the company workplace as a key market. And new sources of competition are proliferating from non-core adjacent competitors (such as Hargreaves Lansdown and Nutmeg), to online platforms and data champions (such as Amazon and Google).
Strong digital capabilities are now essential for providers to:
- Meet new expectations from consumers for propositions that cater to every stage of their life journeys.
- Provide a positive working environment for their employees.
- Enable a consolidated view of products.
These disruptive forces have been discussed at length in the boardroom in the context of providers’ processes and their technology—particularly where digital responses are concerned. But, as yet, few organisations have been able to make the move to digital with any sense of conviction. In most cases, the journey is blocked by a failure to identify and focus on one critical enabler—the “Workforce of the Future.”
Disruption has profound implications for an organisation, not just in terms of identifying the types of roles that will be increasingly vital from now on, but also the operating models and culture that will be best suited to a marketplace in constant flux. I believe it’s time for LP&I providers to invest in building a workforce that’s fit for the future—one that is agile, insightful and enabled by digital.
So what does this mean for your organisation? As a starting point, ask yourself whether your workforce currently thinks, acts and operates in a way that you are confident can address some of the key challenges facing the LP&I industry:
- How can we achieve customer relevance and generate customer lifetime value?
- How should we write risk in a digital world?
- Do we truly understand the impact of new distribution channels on our business?
- Do we know what our customers are saying and thinking, are we listening and are we brave enough to test responses with them?
- What will tomorrow’s critical talent be and how can we optimally attract, retain and integrate it into today’s world?
- How do we optimise our business and operating models to execute our legacy and new worlds in parallel?
Organisations that shape and develop their workforce to identify answers to these questions will be the progressive LP&I providers of the future. But it’s a journey that calls for a rapid and radical reassessment of how work is done, by whom and where—as well as how the workforce can be changed incrementally over time.
In my next post, I’ll talk about the benefits of robotics process automation and where humans and machines intersect.
Read our latest thinking on the Workforce of the Future