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A multi-trillion dollar opportunity confronts life insurers if they can access the huge uninsured and under-insured global markets. This whitepaper explores how insurers can penetrate this opportunity.
Many households, both in developed and emerging markets, are “under-insured” – lacking basic life insurance and a credible financial plan. They value neither the role insurance plays, nor the advice offered by a life insurance agent.
Ironically, individuals are, more and more, facing the prospect of funding and managing their own retirement. The need for advice has never been greater. The question is whether insurers will be successful in meeting this need, or whether they will lose ground to brokerage firms, asset managers, investment advisors, online personal financial managers and others scrambling to fill the advice gap.
The options for insurers are diminishing. As the economic crisis persists, and investment returns continue to disappoint, their ability to compete with other financial institutions for new customers is constrained. The challenge will be to use innovation to open up new arenas where they can be more competitive.
In this rapidly changing environment, we believe that successful retail financial service providers will deliver compelling customer experiences combined with trusted advice. Life insurers are presented with significant opportunities among under-insured and under-advised consumers, individuals seeking sophisticated products to address tax concerns, and in new markets where they have not yet built strong relationships.
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March 20, 2012
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