RFP News

Published on Nov 30, 2010

Street Corporation, one of the providers of financial services to institutional investors, released its latest Vision paper examining the opportunities and challenges facing the life insurance industry. Entitled “Life Insurance: Focused on Growth,” the report assesses the current life insurance landscape and highlights growing changes in client needs. It also explores solutions to the urgent challenges the life insurance industry is experiencing as demographics shift and markets evolve. This new Vision paper follows State Street’s initial report on the insurance industry published in 2007.

“Around the globe, retirement savings needs are rapidly changing and a new lifetime savings industry based on a more holistic, lifelong approach is taking shape to meet those needs,” said Wade McDonald, head of client management and sales for State Street’s Global Services business in the UK, Middle East and Africa. “To compete effectively in this new environment, life insurers must look holistically at product offerings and develop financial products that deliver performance, manage risk, and provide value. Both banks and insurers will be actively involved in developing new approaches to address the challenges that the industry faces.”

The Vision paper states, “In the emerging environment, the first priority for insurers is to make products that consumers want and need, and deliver them in the right way. The products offered must evolve to reflect a holistic approach to financial planning that answers a lifetime of needs and they must be accessible in a way that acknowledges the changes in how products are purchased today.”

According to the Vision paper, “Against the backdrop of demands on optimization of capital and a redefinition of the value chain, insurers must first more closely examine what business activities are “core” and “non-core,” and actively seek to outsource those elements that are not core to the business.”

State Street’s Vision Series of in-depth reports is intended to advance understanding of key themes and trends in the financial services industry. A copy of this life insurance paper can be downloaded at www.statestreet.com/vision or to order a hard copy, [email protected]. Previous papers in State Street’s Vision series address a range of topics, including pensions, UCITS IV, sovereign wealth funds and exchange-traded funds.**

Source: Business Wire

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