Life insurance business is in a transition process. This transformation is no ordinary evolution because it already becomes apparent that the magnitude of change is bigger and the speed, at which the change will move through the industry, will be significantly higher than ever before. It will be a fundamental change – a revolution – through which life insurance business will reach the next level at last. The basic idea of and need for insurance will last, but this may not hold true for a life insurance company and the current best practice. For a company it is time to reconsider the existing business model and the way in which it does business today. The present situation requires a vigorous change in thinking and acting from a life insurance company.
«No new business» is probably for a company not the right solution and definitively not an option for the entire life insurance industry and society. If the option is «change or be disrupted» the answer is clear: Yes, we change!
Our article, published in «I.VW Management-Information 2/2016» (University of St. Gallen), shows how a life insurance company could find its way in the current challenging environment. Read our full article «Yes we change! A vigorous change is the only option for a life insurance company» here.