What's Top of Mind for Life Insurers - Rectangle

Related Expertise: Life Insurance, Insurance

What’s Top of Mind for Life Insurers

By Nathalia BelliziaRob Sims, and Nick Gagnon

The 2021 edition of the biennial global executive study by BCG and LIMRA discusses the challenges and opportunities facing insurers. Top challenges cited by survey respondents included technology modernization, persistently low interest rates, increasing regulation, pursuing growth, and adopting new ways of working. Among the other key findings from the survey and supporting interviews with executives from companies across the globe:

  • Digital automation and data analytics are the most consistent technology priorities.
  • The evolving future of work is guiding executives to focus on new operating models, digital innovation, and new ways of serving customers.
  • A variety of potential growth opportunities—including expanding distribution models, evolving value propositions and products, and taking new approaches to engagement—are available.

Together, the study’s findings reinforce the imperative that life insurance executives should proactively reshape the future of their industry. Read more here.

Executives have ambitious plans to reimagine customer engagement, ways of working, and growth strategies.

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:

  • Digital automation and data analytics are the most consistent technology priorities.
  • The evolving future of work is guiding executives to focus on new operating models, digital innovation, and new ways of serving customers.
  • A variety of potential growth opportunities—including expanding distribution models, evolving value propositions and products, and taking new approaches to engagement—are available.

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!”

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