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Industry Issues

Things are changing quickly in financial services. Understanding what the future may bring is the key to preparing for it.  Each year, LIMRA’s annual predictions report provides our insight on the key issues and trends that could impact the industry.

Key Findings

Introduction

Introduction

The five most powerful trends the industry will face within the next several years are:

  1. Regulation

    In the new regulatory environment, products will be simplified to make them easier for consumers to understand. Advisors will be challenged to expand their capacity to interact with clients and will rely on technology to do this. Planning and advice will become less “art” and more “science.”
 
Regulation
  1. The Changing Consumer

    The omnichannel approach will become the norm, and the experience will become increasingly personalized based on consumer feedback and preferences. Companies will more fully use customer journey and experience metrics to drive product and service evolution.
 
Changing Consumer
  1. Technology

    Data analytics and InsurTech firms will play significant roles, while cybersecurity threats will expose companies to further risk.
 
Technology
  1. Innovation

    Companies will innovate around product and distribution concepts that exist around the world — but that may not yet exist in their own markets.
 
Innovation
  1. Talent Management

    Roles as they exist now will change, and some will be unrecognizable in a few years. Recruiting, training, and retention programs will evolve to include elements of personalization.
 
Talent Management

Conclusion

Conclusion

Related Research

Forecasting Change: 2016 LIMRA Predictions Report

Jan 5, 2016

Uncover the collective view of more than 40 industry leaders, representing a wide range of organizations, and learn what we believe will influence the financial services industry in 2016.

Measured Expectations: 2015 LIMRA Predictions Report

Jan 6, 2015

Uncover the collective view of more than 50 industry leaders, representing a wide range of organizations, and learn what we believe will influence the financial services industry in 2015.


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