We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,774)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (207)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (656)
  • Wink's Articles (265)
  • Wink's Inside Story (238)
  • Wink's Press Releases (99)
  • Blog Archives

  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • US Life-Annuity Insurers Positioned to Address Shifting Tides in 2016

    December 4, 2015 by EY

    Technology, consumer expectations and competition influencing insurer strategies

    NEW YORK, Dec. 4, 2015 /PRNewswire/ — US life-annuity insurers will enter 2016 in relatively good financial condition, though rapid advances in technology, rising customer expectations and increasing competition will require insurers to reinvent their strategies, services and processes, according to the 2016 EY US life-annuity insurance outlook.

    “Global economic conditions, regulatory and monetary policies, and the political-will are still concerns for the industry, which means taking decisive action is important for life-annuity insurers to stay ahead of the curve,” said Doug French, Principal, Financial Services and Insurance and Actuarial Services at Ernst & Young LLP.

    “After years of bolstering their balance sheets, life-annuity firms are in a strong position to invest in the innovations and technologies needed to fuel growth.”

    Six key areas of focus

    EY believes US life-annuity insurers should focus on the following six areas in 2016 to remain industry leaders.

    Increase the pace of business transformation and innovation
    The convergence of technological, regulatory and customer trends can disrupt the industry. Insurers need to rethink their business approach to cope. Insurers should create a company-wide culture of innovation, drive innovation through cross-functional teams and share information openly across departments.

    Reinvent products and services for the new digital customer
    Failure to respond to customer demands for greater digital access, better information and quicker service will make it difficult for insurers to acquire and retain customers. Priorities for insurers in 2016 include offering anytime, anywhere, any-device access for customers; providing clearer product information and pricing transparency; delivering more flexible solutions; building ongoing customer engagement; and moving from focusing on products to serving as a trusted advisor.

    Adjust distribution strategies for technological and regulatory shifts
    Life and annuity insurers may find themselves losing market share if they fail to adapt to an omni-channel world. Insurers should adapt services for new distribution models and explore the use of robo-advisors. Insurers also will need to prepare for new fiduciary standards, as the US Department of Labor’s proposed fiduciary rule could upend existing distribution models in 2016.

    Reengineer processes to drive efficiency and market growth
    Insurers should determine whether their systems are ready for rapid market change, as the current assembly-line approach to policy quoting, issuance and administration can slow application turnaround and detract from the customer and distributor experience. Companies also should ensure their systems meet new regulatory standards, invest in next-generation processes and analytics, revamp IT systems built for simpler times, and consider partnerships that will facilitate technology transformation.

    Hire the right talent to lead innovation
    Insurers will want to attract young, diverse workers to match emerging customer demographics and help drive innovation. Priorities for 2016 should include competing for the talent required to build the next-generation insurance company, offer greater flexibility in work locations, find creative ways to motivate and reward employees, and make diversity a strategic imperative.

    Place cybersecurity high on the corporate agenda
    Leveraging social media, the cloud and other digital technologies will expose life and annuity insurers to greater cyber risks in 2016. To protect their businesses and clients, insurers will need to take strong measures to keep their technical platforms secure. Companies will need to take a broad view of potential risks, such as cyber-attacks and reputational risks through social media. Insurers also will want to establish processes to monitor changing data regulations around the world, as their data could reside in multiple jurisdictions and be subject to a variety of laws.
    Read the complete 2016 EY US life-annuity insurance outlook at www.ey.com/insurance.

     

     

     

    About EY
    EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

    EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

    This news release has been issued by Ernst & Young LLP, an EY member firm serving clients in the US.

     

    Originally Posted at Life & Health Advisor on December 4 , 2015 by EY.

    Categories: Industry Articles
    currency