Future of Life & Pensions – Five digital myths – Grant Thornton

Article Synopsis :

Insurance is a complex business and the emergence of digital is often a new pain point for carriers.  Keeping in view the emerging business landscape, insurers need to be careful about the do’s and don’ts while addressing digital transformation challenges.

The future of Life and Pensions is changing

In the research report “The Future of Life and Pensions: Five digital myths dispelled”, the Grant Thornton team reveal five digital myths within the Life and Pensions industry and highlight that there isn’t a consensus, within the industry or on occasion within individual companies, on what digital means and what the winning approaches will be to address digital challenges.  The report challenges these myths about digital that could lead companies into blind alleys and wasted investment. The key myths discussed in the report are:

• Myth 1 – Digital is just another channel
• Myth 2 – Digital is just about technology
• Myth 3 – Digital is not about relationships
• Myth 4 – Digital is optional
• Myth 5 – Digital won’t change my business model

The report also showcases a digital thermometer for the life and pensions sector (shown below) that helps track the change drivers facing the industry, enabling life and pensions providers to think further ahead to gain strategic advantage from unavoidable change.

The report concludes that whilst regulatory changes still take up a large proportion of the agenda, structural and operational change are fast rising in priority.

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