Life insurance providers will see around a third of their revenues come from products that have yet to be developed, according to State Street senior vice president, Wade McDonald.
He believes the industry will experience an explosion of innovation in the next few years as it develops solutions to meet the needs of baby boomers. The first wave of baby boomers, those born in the late 1940s and 50s when the world experienced a massive post-war birth rate, will reach retirement age in 2010/11, creating a growing need for solutions in the retirement market. "With the baby boomers reaching retirement, there is a huge opportunity for insurers to grow their business and develop new solutions to manage the risks of growing longevity," McDonald says. "Annuities are the m...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
