Life - Articles - UK life insurance 2017-2018 Evolution with a capital R

Over the centuries insurers have generally had the luxury of evolving their businesses, implementing developments gradually over time. However, the recent fast-moving nature of political, economic and market conditions resulted in a highly fluid business environment for UK life insurers in 2017, creating pressures to respond more rapidly: more revolution than evolution.

 By Colin Forrest UK Life Insurance Consulting and Technology Leader  and Marcus Bowser UK Life Insurance Consulting and Technology Sales and Practice Leader  from Willis Towers Watson 
 As we begin another new year, we review the factors that contributed to that fluidity and how we’ve been helping clients address their own change agendas. We also look forward to some of the pressing issues that will have a significant bearing, in our view, on the degree to which individual insurers will continue to be able to adapt.

 Admittedly, insurers can do little to influence some of the drivers of change. The ripple effects from the result of 2017’s snap election and the uncertainty about the terms of Brexit are simply the ‘facts of life’ for all UK businesses.

 But whether embedding Solvency II into business as usual, taking the first steps to transition to IFRS 17, incorporating product and pricing innovation, taking steps to radically simplify the business, or responding to the opportunities and threats of InsurTech, UK life insurers will benefit from demonstrating the same level of preparedness for what lies ahead as many have already shown in orienting themselves to recent developments.

 The UK life insurance market 2017-2018 Evolution, with a capital ‘R’

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