Underwriting will become the "norm rather than the exception" in annuity business in the future, potentially creating a more varied pensions market, Prudential's head of business development has claimed.
Vince Smith-Hughes (pictured) said the whole industry is gearing towards delivering more personalised annuity policies, which could in turn make the pensions market more diversified, with products such as investment annuities becoming more popular. He suggested that as a bigger slice of the annuity pie could be handed out to some people as a consequence of underwriting, while others may be worse off. He said: "Underwriting annuities will become the norm rather than the exception. I suspect there will be much more individual underwriting but, irrespective of that, there shouldn't be th...
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