Life insurers are setting bold agendas to modernize technology, embrace the future of work, and pursue new growth opportunities. The 2021 edition of the biennial global executive study by BCG and LIMRA discusses the challenges and opportunities facing insurers and how to best navigate the path forward.
Technology emerged as the top challenge, giving it notably higher priority than in our 2019 survey. Other significant challenges, including persistently low interest rates and increasing regulation, reflect the numerous headwinds facing the industry and amplify the need to manage risks in the current environment. Additional priorities, such as pursuing growth and adopting new ways of working, demonstrate that insurers are preparing to move faster and be more responsive to customer, advisor, and employee needs in the postpandemic world.
Among the other key findings from the survey and supporting interviews with executives from companies across the globe:
Together, the study’s findings reinforce the imperative that life insurance executives should proactively reshape the future of their industry. As one executive summed it up, “Our time is now!”