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.
"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.
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