Post-accumulation, post-2011 phase will bring new challenges for insurers
Hartford, CT, May 8, 2007 – The retirement industry is facing looming strategic and operational challenges as more than 70 million Baby Boomers near retirement, according to a new study by Conning Research and Consulting, Inc.
“A substantial amount of attention has been paid to the upcoming retirement of the Baby Boomers,” said Scott Hawkins, analyst at Conning Research & Consulting, Inc. “Most of the life insurance industry’s attention has been on the competition for assets as Boomers ready for retirement. Now, 2011 is fast approaching, and with it the first Boomers turn 65. As a result, the industry needs to get ready to compete in a post-accumulation, post- 2011 retirement market.”
The Conning Research study, “”Retirement Product at the Crossroads: Are Insurers Ready for 2011?”” identifies the upcoming changes in the strategic landscape for insurers and the operational challenges that they will face as the industry positions itself for the future.
“To be successful over the past two decades, insurers have had to formulate strategies geared to the accumulation phase, and have built operational structures accordingly,” said Stephan Christiansen, director of research at Conning Research & Consulting. ” Boomer retirement will bring significant changes to the retirement market, and shift focus to asset distribution and income support. Insurers must once again respond in order to be successful competitors in the post-accumulation, post-2011 market. This will require new tools, a new management culture, and new partnerships to successfully compete in this new environment.”
“”Retirement Product at the Crossroads: Are Insurers Ready for 2011?”” is available for purchase from Conning Research & Consulting, Inc., by calling (888) 707-1177 or by visiting the company’s web site at www.conningresearch.com.
About Conning Research & Consulting, Inc.
Conning provides insurance industry analysis to insurers and industry stakeholders. The Conning name has represented excellence in independent insurance industry research for 50 years. As a result of its wealth of experience and intimate knowledge of the insurance industry, Conning understands industry challenges and opportunities and provides in-depth insights and analyses on a wide range of industry products and issues. Conning is headquartered in Hartford, CT.Tags: Capgemini, Efma, InsurTech, World Insurance Report