Financial Times And Actuarial Post Cover Oliver Wyman Retirement Franchise Opportunity Report

Oliver Wyman’s recent report, “The Retirement Franchise Opportunity”, was covered in two separate articles by the FT Advisor, the Financial Times’ weekly newsletter, and the Actuarial Post.

FT Advisor’s article titled, “Consultancy urges life insurers to offer advice,” discusses how insurers need to invest in technological advances to broaden and deepen client relationships, reduce costs, and generate greater profits. According to the report, UK life insurers have the potential to add £7.5bn of annual cash generation and £100bn by 2021 if they move beyond pensions.

Actuarial Posts’ article titled, “UK Life Insurers can thrive by offering a broader package,” focuses on the decline of defined benefit pensions and how business models need to be transformed. According to Oliver Wyman Partner and lead author, John Whitworth, “life insurers must shift from their current narrow product focus to a client relationship-based proposition. In doing so, they have the potential to build client relationships that are stronger than those with retail banks, becoming the ‘Financial Home’ for the over 50s.”