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FORECAST 2026: Growth Opportunities

Author

Jennifer Rankin
Contributing Editor
LIMRA and LOMA
rankin@loma.org

January 2026

What are the biggest growth opportunities for insurance companies and the industry at large? What is driving those opportunities? When we posed these questions to FORECAST 2026 participants, their responses revealed a broad spectrum of ideas. Top of the list: closing existing protection gaps.

Closing the Gap

One upside of today’s market uncertainty is that it drives demand for protection, according to Jasmine Jirele, President & Chief Executive Officer, Allianz Life Insurance Company of North America. This, of course, represents a significant growth opportunity for the insurance industry.

That growing demand is only part of the story — the real challenge lies in addressing the coverage gap that still affects millions, says Marc Giguère, President & CEO, Munich Re Life US. “LIMRA says 40% of American adults think they need more. We have a huge opportunity to help more people achieve financial security, especially as other forms of support, like government and even some employer benefits, continue to decline.”

Effectively closing the coverage gap also means reaching underserved populations — an area that represents significant growth potential.

“I believe the greatest opportunity lies in reimagining who we serve and how,” says Matt Berman, President & Chief Executive Officer, Foresters Financial. “For much of its history, life insurance primarily has served a well-resourced and older demographic, those who already had the means to protect and transfer their assets. While that market remains important, the real opportunity now lies in expanding beyond it.”

He believes growth will come from democratizing access to life insurance — that is, reaching individuals and families who traditionally have been underserved but who stand to benefit most from financial protection and long-term security.

“This isn’t only a social imperative,” he emphasizes, “it’s a sustainable growth strategy. By aligning purpose with progress, we can serve more people, close the protection gap, and attract future generations.”

Virgil R. Miller, President of Aflac Incorporated & Aflac U.S., also mentions the underserved market. “One growth opportunity can be found by expanding access to industry products for diverse populations and small businesses, addressing gaps in coverage and affordability.”

Protective Life sees a similar opportunity in the employee benefits space, having recently added this line of business via its ShelterPoint acquisition. “This and other strategic moves position us to serve evolving customer needs and to tap into underserved markets,” says Wade Harrison, Vice Chairman and Chief Operating Officer, Protective Life Corporation.

“We also are focused on streamlining processes, reducing expenses and improving service delivery,” he says. “These efforts enable us to reinvest savings into innovative solutions and new growth opportunities.”

Millennial Demand

Kevin Molloy, Chief Financial Officer, Guardian, believes there is a growth opportunity with Millennials for insurance industry products and services. “The growing financial responsibility among Millennials and younger generations is creating demand for products that offer both protection and savings,” says Molloy.

On the product front, Molloy believes participating whole life is a promising opportunity. “It is an anchor for household balance sheets, offering simple, transparent value, backed by disciplined dividend management and easy digital servicing.” The product not only is ideal for the younger generation but also delivers stability and long-term guarantees in the face of today’s economic uncertainty.

Retirement Momentum

Other promising areas for growth can be found in the retirement space.

Robert M. (Bob) Jurgensmeier, Chief Executive Officer, Ameritas Life Insurance Corp., points to continued momentum in the retirement plans space as a result of the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. (Editor’s note: President Joe Biden signed SECURE 2.0 into law on December 29, 2022. The Act builds on the SECURE Act of 2019 and was drafted to assist in saving and investing for retirement. To that end, it contains a number of provisions to incentivize retirement planning, diversify the options available to savers, and increase access to tax-advantaged savings programs.)

Jurgensmeier and Kamilah Williams-Kemp, EVP & Chief Product Officer at Northwestern Mutual, also view the ongoing wave of Americans turning 65 and the impending wealth transfer as growth opportunities.

Wealth Planning

Generational wealth planning is becoming a priority for advisors and families alike.

“One of the most promising emerging trends is generational wealth planning,” says Williams-Kemp. “Without careful planning, the vast majority of affluent families lose their high-net-worth status by the next generation. What we are seeing now is that more older clients are bringing their young adult children to meetings with their financial advisor. While money still is considered a taboo topic in America, if families talk about generational wealth planning on a regular basis, especially with a trusted financial advisor mediating the conversation, the results can be significant.” This also gives advisors an opportunity to offer solutions to the next generation.

Growth isn’t limited to serving families — it’s also about teaming up with others to reach new customers and deliver more value.

Strategic Partnership

Partnerships and collaboration are emerging as essential strategies for insurers seeking to expand reach and accelerate growth.

Ron Herrmann, CFP, EVP, Head of Americas, Reinsurance Group of America (RGA), says operational changes can drive growth, especially on the product distribution front. To make life and health insurance products more accessible, for example, he recommends engaging risk pools through alternate distribution sources. “This will not only help protect families financially,” he says, “but will also provide a hedge to growing financial issues such as retirement funding, college savings, and student loan debt.”

Herrmann also stresses the importance of developing a network of strong distribution relationships to propel growth. Among his suggestions are hybrid digital distribution, combining online self-service with human expertise; expansion of alternative distribution channels through partnerships with other industries aimed at reaching younger consumers; and digital distribution of whole life policies.

Virgil R. Miller, President of Aflac Incorporated & Aflac U.S., sees strategic partnerships as growth opportunities too. “Deep collaboration broadens reach and enhances product offerings aligned with evolving consumer expectations,” Miller says.

As companies deepen partnerships to expand reach and enhance offerings, technology is emerging as the next major catalyst for transformation.

Tech’s Potential

Technology isn’t just supporting growth — it’s becoming the foundation for delivering human advice in a digital-first world and transforming every aspect of the business, from underwriting to customer engagement.

Aaron C. Ball, EVP, Head of the Foundational Business, New York Life, offers a fresh perspective on how this shift is shaping the future. “The great opportunity in the coming year is enabling advisors to deliver human guidance, powered by best-in-class technology. As consumer expectations rise, people still want trusted, personal advice — but they expect it to be seamless and intuitive.” To that end, New York Life is equipping its 12,000 advisors with modern tools, analytics, and insights that enhance their ability to help clients plan, purchase, and protect with confidence.

Another growth possibility comes in the form of quantum computing. “Allianz SE recently hosted several CEOs from its operating entities at a technology training session that showcased the power of quantum computing and its potential to disrupt the insurance industry,” says Jirele.

“It’s already in use in property/casualty insurance to enhance the accuracy of weather predictions. It also can detect fraud by reducing false positives and catching complex patterns that traditional computers or models may miss. In risk modeling, quantum computing can expedite simulations and optimize tail risk modeling to improve pricing accuracy and risk mitigation. While this technology is still very new and has some practical limitations, it has the potential to make a meaningful impact on our industry in the coming years,” Jirele says. It will be interesting to see what growth opportunities technology will free up.

Beyond advisory tools and advanced computing, technology is also reshaping underwriting and accessibility.

Munich Re teamed up last year with MIB to build tools that make it easier to use electronic health records (EHRs) for underwriting, and earlier this year, the company announced a collaboration with John Hancock to automate the use of EHRs for instant decisioning.

“Tech-enabled underwriting can help us reach underserved markets, using EHRs, AI, and simplified products to make coverage more accessible without sacrificing risk assessment,” says Giguère.

Medical innovation is another growth driver. “Our global medical team did a deep dive into the most pressing topics, such as AI and obesity medications, in our Life Science Report 2025” he says. “This helps carriers to offer coverage to people who may have been turned down before.”

Conclusion

As FORECAST 2026 participants made clear, growth in the insurance industry will come from more than one direction. Closing protection gaps, reaching underserved markets, and adapting to demographic shifts are critical steps. At the same time, technology and medical innovation promise to reshape underwriting, distribution, and customer engagement. With strategic partnerships and a focus on evolving consumer needs, insurers have an opportunity not only to grow but to redefine how they deliver financial security in the years ahead.

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