Life and annuity insurance companies are seeking any and all means to improve business performance in a time of rapid change. Advancements in data and analytics promise to deliver significant improvements in the speed and reliability of decision-making and offer insurers a competitive advantage.
In coming years, expect to see more simplified and consumer-friendly products, including annuities tailored to young workers looking to build a nest egg. Life insurers’ back-office operations will also be better integrated, availing advisors of more cross-selling opportunities across product lines.
In the 15 years since India reprivatised its insurance industry, several models have been developed to optimise operations, distribution, and suitability. Mr. Amit Punchhi of RGA examines the three elements that are contributing to the slowing down of the life market’s growth.