Pension Freedoms: the final act of the life insurer | KPMG | UK

Pension Freedoms: the final act of the life insurer

Pension Freedoms: the final act of the life insurer

In the aftermath of Pension Freedoms, the services of life insurers are more important than ever and call for stronger alignment between advisers and scheme manufacturers


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The life insurance industry was one of the great innovations of the British Empire that for 200 years has played a key role insuring the nation and helping it save. Over the past two decades it has seen a tsunami of changes, including the recent Pensions Freedoms, which have exacerbated what was already a significant advice gap and driven the requirement for flexible life-time solutions at full speed.

The omni-channel experience

  • Consumer expectations have been re-set as we become increasingly familiar with digital services, such as online shopping and media streaming companies. 
  • In all aspects of life consumers are increasingly wanting to deal with providers on their own terms and this requires flexible and simple solutions. 

Three future models of life insurance

  • As the services of life insurers become more important than ever, we expect three distinct models emerging, such as platform asset administrators, legacy back book consolidators and insurance packaged as tradeable securities on the global markets. 
  • These paths will demand a new breed of adviser, who will in turn need to foster a fundamentally different relationship with platforms.  

The day of reckoning

  • We are rapidly approaching the day of reckoning as it becomes increasingly apparent just how different the actuarial skills and pensions expertise that made insurers successful in the past are to the digital skills and asset management expertise they need to be successful in the future. 

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