Life insurance and annuity product development

The future of the life insurance and annuity industry product development: A case for change

In order to study the current trends in product development in individual life insurance and annuities, we conducted a primary research study covering 53 product launches, with 32 in life insurance and 21 in annuity.

To meet increasing customer demands and address the market dynamics, our study revealed that carriers are increasingly undertaking product development initiatives. They have dedicated workforces for the processes, but still most carriers are still very late to the market. Most of the product development processes are outdated and time-consuming across every step of the value chain. Delays in product design and administrative system implementation, bottlenecks across regulatory landscapes, and inefficient manual processes pose significant challenges in launching a product in a timely manner. To meet the growing demands of customers and the market, big change is happening across this segment of the greater financial services industry. You can read the details in our full report.

A paradigm shift in life insurance and annuity product development

The life insurance and annuity sector is currently undergoing a transformative paradigm shift in its approach to product development. Traditionally, the industry has been anchored in legacy systems and age-old practices, often leading to a slow, bureaucratic and rigid product development process. Now driven by rapid technological advancements, changing consumer behaviors and evolving regulatory landscapes, there is a clear shift toward innovative, agile and customer-centric product development models. This significant shift in strategy and operations not only presents new opportunities but also challenges that require a radical rethinking of traditional practices.

New product development regime

Gain more insights into the future of the life insurance and annuity industry segment

The L&A segment is at the precipice of disruption and offers a game-changing moment for the carriers to embrace the changing customer and market dynamics and bring the required innovation in product design in partnership with the organizational functions to alleviate the value for the customers, employees, producers and overall industry. Learn more in our full report.