The life insurance industry has entered a transformational phase and the future has already begun to look unmistakably different from its past.
New market entrants, along with greenfield innovators spun out of established companies, are reinventing insurance experiences, products, and processes from the ground up. Elegant digital buying experiences are replacing manual, paper-based ones. Customers raised on Amazon, Apple and Netflix are looking at their insurers with fresh eyes.
These dynamics are already in motion, and the future of life insurance has already begun to look unmistakably different from its past. For many life insurers, this rapidly accelerating transformation is an existential threat. But for some insurers, it isn’t a threat at all. It’s an opportunity to reimagine their businesses and become the insurers they want to be.