Managing the impact of the Retail Distribution Review. Delivering plans to implement Solvency II. Dealing with the influx of new customers as a result of auto-enrolment. Navigating regulatory and conduct requirements.
These are the challenges which the Life and Pensions industry have been tackling for some time.
And now it is facing the biggest pension reforms in a generation. In March 2014, new reforms were announced which allow for greater flexibility in what people can do with their pension pots on retirement and which also bring an end to the primacy of annuities for many customers.
In this environment, there are significant opportunities for firms to gain competitive advantage – and many are already actively looking to change their products and distribution channels in order to satisfy changing customer demands and buying behaviours. As part of this, there is an increasing demand for newer, more efficient and flexible systems that can aid delivery of end-to-end digital strategies. This also requires a change in business processes to ensure effective customer acquisition, servicing and retention. Such transformations are particularly challenging for L&P firms because of the volume and age of policies that in some cases could be more than 40 years old. Such an undertaking requires careful management and extensive delivery expertise.
At Baringa, we have experience working directly with some of the world’s biggest life and pension companies and understand these very specific challenges facing the industry. We combine in-depth industry knowledge with change management, regulatory and digital consultancy to help clients create optimal operating models, and develop strategies to meet their objectives.