This is the last in my series of blog posts that examines what life insurers need to do to position themselves as the preferred advisor and service provider for consumers who are preparing for their retirement.

It should be clear, by now, that most carriers have failed to adapt adequately to all the changes that are happening around them. As a result, consumers are looking for alternative ways of meeting their needs, and a spate of new potential competitors are offering them all sorts of novel services to consider.

It’s true that none of these brash start-ups has set the world alight. But as a group they are growing, in size and number, and there aren’t many insurers that can say the same thing. As one industry analyst put it: at the very least they threaten, together, to nibble traditional insurers to death.

Accenture Retirement Services Survey Part II: Disruption and innovation pose fundamental questions for life insurers (Cover)

There is much that insurers can do to defend their market share and grow by riding the tide of retirement investment. As I explained over the past few weeks, the critical steps are:

  1. Provide an experience that is tailored, that meets your customers’ expectations and that differentiates you from your competitors.
  2. Work with regulators to drive innovation that provides real value to your customers.
  3. Explore the potential of an ecosystem that delivers a broader set of offerings, addressing more of your customers’ needs and aspirations.

This will put you in a strong position to attract and retain the customers who are wondering who is best equipped to help them meet their retirement needs. Making these changes will not be easy. But insurers that fail to do so will find themselves in an increasingly defensive position, at the very time when consumers worldwide are stepping up their retirement savings.

If you would like more information on this topic you can download the study report here. Alternatively, you can read all nine of the posts in this series here or feel free to contact me at mark.a.halverson@accenture.com.

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