New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 01/02/2014 -- As of late 2013, both the non-life (re)insurers and the life companies are proactively working to boost profits (and, in many cases, premiums) in a global economic and financial environment that remains quite challenging.
Key Insights And Key Risks
Strategies vary from company to company but, as is apparent from their latest published results, include: acquisitions; development of new products; development of new channels (and, in particular, affinity marketing); realignment of portfolios, even if this means that premium growth is curtailed in the short-term; divestments of non-core businesses; and, even greater discipline in underwriting.
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As expected, the Retail Distribution Review (RDR) has emerged as a key issue for many companies that are providing life insurance products and pensions. In the short-term, RDR will continue to present challenges, because it implies massive changes for the UK's community of advisers - who are important distributors' of the insurers products. In the long-run, it is undoubtedly an opportunity. It will encourage open architecture and the provision of savings solutions via platforms, an element of the UK's financial services infrastructure in which the insurers are leaders. RDR is clearly good for consumers, and should serve to boost public perceptions of organised savings, including the life insurance companies. In their Interim Management Statements for the first three quarters or 2013, several of the leading life companies made it clear that they benefited from the changes.
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