In a newly released report, ANZ Wealth argues life insurers must refocus on their core promise, writes Stephen Craft.
ANZ has a clear argument that there’s several forces of change life insurers need to acknowledge and adapt to so they will thrive in the coming decades.
The bank’s wealth division released a white paper this month – Life insurance: the case for change – that asks what the future of life insurance looks like and considers what insurers must do to meet that.
How may technological change and the whole new approach it demands in assessing health and risk, affect the insurer-client relationship? And can current insurance offerings become sustainable or will rising costs put them out of consumers’ reach?
To answer these and other questions, ANZ brought together experts from across its insurance business, and drew on global research, to share insights in the report.
Also discussing public controversy, distrust of life insurers, new forms of competition and rising claim costs, ANZ identifies a central opportunity for insurers in focusing on life insurers’ core promise: helping customers in times of need.
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Stephen Craft is an editor and communications expert, experienced in the financial services sector, and director of Crafted Writing.