Life insurance and investments industry remade by Covid-19 has been saved
Life insurance and investments industry remade by Covid-19
Scenarios for resilient leaders | 1 - 3 years
Insurers must prepare for the future, but uncertainties make it difficult to predict. These scenarios explore how the life insurance and investments industry landscape may develop over the next one to three years and helps leaders explore some of the potential medium-term implications of COVID-19.
Global and local uncertainty, spurred on by Covid-19, created a completely different playing field for the life insurance and investment industry:
• Sustained low-interest-rate environment
• Elevated expectations around customer experience
• Challenging operating environment for agents
• Workforce and workplace uncertainty
Given the numerous uncertainties, we explore how the Life Insurance and Investment Sector might evolve over the next one to three years to help leaders:
1. Explore how trends we see during the pandemic could shape life insurance and investments over the medium term in the context of South Africa.
2. Have productive conversations around the lasting implications and impacts of the crisis.
3. Identify decisions and actions that will improve resilience to the rapidly changing landscape.
4. Move beyond “responding” to the crisis and towards “recovering” in the medium term.