Actuaries Podcast - The Future of Life Insurance

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John McLenaghan (Public Policy Adviser at the Actuaries Institute) interviews Ilan Leas (Managing Director at Retender) about his Dialogue thought leadership paper about what the life insurance industry might look like in the future as it strives to meet consumer expectations in a fast-changing environment.

John asks Ilan about the research and recommendations that went into his thought leadership paper 'The Future of Life Insurance'.

In the paper, Ilan looks at the relevance of life insurance as consumers seek fairer deals, convenience, simplicity, automation and speed when choosing which cover they need.

Ilan points out that despite the medical and technological advances that continue to improve our health, the data analysed by life insurance actuaries remains barely touched.

Listen to "The Dialogue - The Future of Life Insurance" on Spreaker.

"The impact is that this realignment (between the industry and customer expectations) might lead to some unintended consequences. For me, it's something we don't have the luxury of waiting on. We have to be very clear and pick the key issues and make sure we're addressing them now." - Ilan Leas

Ilan proposes four top priorities for the life insurance industry including:

  • Encouraging opportunities for simplicity and education through standardisation (Help me understand)
  • Streamlining consumer processes and access (Make it easier for me)
  • Modernising insurance products (Modernising my products)
  • Balancing sustainability (I want fair treatment)

Ilan argues that, despite the challenges facing the future of the life insurance industry, actuaries are in an exciting position to play a key role in identifying solutions to ensure consumers are equipped with the correct insurance cover. 

Download Transcript here

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About the authors

John McLenaghan

John McLenaghan is the Actuaries Institute's Public Policy Advisor. John has held senior policy roles in Government, ministerial offices, industry associations and a major financial institution. He joined the Institute in 2014 and he been involved in the development of key submissions to the FSI, IGR, Productivity Commission and numerous Green Papers. John also supports the Institute's Life, Banking and Superannuation Practice Committees. He holds MA and MBA degrees.

Ilan Leas

Ilan Leas is the Managing Director of Retender, a specialist firm focusing on innovating the way that risk pools are managed. Prior to his current role, he was one of the founding members of Pacific Life Re in Australia where, as Head of Marketing, he was responsible for strategy, marketing, sales and product. He is a former Director at Swiss Re, worked at a subsidiary of BNP Paribas (general insurance) and Old Mutual and has experience in the UK, South African and Australian markets. Ilan is the Chair of the Life Insurance and Wealth Management Practice Committee at the Actuaries Institute and is a Fellow of the Institute of Actuaries of Australia. He is passionate about his family and trying to make a difference. In his spare time he runs after his children (and dog) and enjoys late night horror films.

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