Two pieces of news provide a flicker of hope amid the doom and gloom.
NEW YORK, Dec. 10,2012 /PRNewswire/ -- In 2013, in spite of such factors as demographic, macroeconomic and regulatory pressures, life insurers are responding by transforming their strategies, products and services, according to Ernst & Young's new Global Insurance Center US Outlook.
"Successful players are introducing or re-positioning product offerings that are attractive to consumers and profitable to insurers," according to Doug French, Principal, Financial Services and Insurance and Actuarial Advisory Services at Ernst & Young LLP. "Insurers are reexamining and strengthening the customer value proposition by leveraging technology to improve business models and gain a competitive advantage. By restructuring operations to respond to the converging forces of demographics, consumer needs and product distribution, they can communicate and engage with customers on their terms."
Ernst & Young has identified five market forces that are of key importance to U.S. life and annuity insurance companies in 2013:
For a copy of the US Life Insurance Industry 2012 Outlook report, visit www.ey.com/insurance.
About Ernst & Young's Global Insurance Center
Insurers must increasingly address more complex and converging regulatory issues that challenge their risk management approaches, operations and financial reporting practices. Ernst & Young's Global Insurance Center brings together a worldwide team of professionals to help you achieve your potential — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately it enables us to help you meet your goals and compete more effectively. It's how Ernst & Young makes a difference.
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This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
John La Place
Ernst & Young LLP
Ernst & Young
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SOURCE Ernst & Young