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The Industry C-Suite Speaks Out COVER STORY @ōůĈýáŵżǍNjǍnj The Industry C-Suite Speaks Out By Jennifer Rankin Senior Editor, LOMA (retired) 18 MarketFacts®:: YourYour ResourceResource forfor IndustryIndustry InsightsInsights // NumberNumber 1,1, 20212021 INDUSTRY TRENDS he year 2020 upended the way we work, accelerated our use of digital tools, and demanded new levels of resilience, agility, T and creativity. The culprit? COVID-19 — an What’s ahead for sales and insidious virus discovered in China in January — that quickly spread globally. By April, the United States SURȴWVWHFKQRORJ\WKH was in the midst of a serious pandemic. Schools and Forecast 2021 FXVWRPHUH[SHULHQFHWDOHQW nonessential stores closed. Companies sent employees DFTXLVLWLRQFRPEDWLQJIUDXG home to work remote. Suddenly terms like N95, social distancing, and PPE became part of our vocabulary. While SRWHQWLDOEXVLQHVVGLVUXSWRUV the pandemic has yet to abate, vaccines are in the pipeline. DQGWKHUHWLUHPHQWFKDOOHQJH" Public health experts say the second half of 2021 will bring improvement, barring a surprise resurgence of the virus. +HUHPRUHWKDQDGR]HQ In addition to dealing with the business implications LQGXVWU\H[HFXWLYHVVKDUH of the pandemic, the financial services industry continues WKHLULQVLJKWV to recalibrate in the face of new regulations, evolving technologies, customer expectations, and more. Another year of low interest rates — including the unexpected rate plunge in 2020 — is pressuring investment earnings, product performance, and reserve and capital adequacy. While the pandemic prompted a significant and sud- den downturn of the global economy, the markets, though rattled, seem to be weathering the storm. Capital markets affect equity-linked products. Sixty percent of variable annuities, for example, include guaranteed living benefits that are sensitive to capital market performance, according to Fitch Ratings. Against this backdrop, we asked C-suite executives to share their thoughts on what 2021 will hold for the indus- try. The participants are members of the Board of Directors of LL Global, Inc. What they have to say points not only to headwinds, but also to a more positive outlook on the horizon of 2021. Sales Outlook Most of the survey participants expect the global economy to stabilize and become more predictable in 2021. They foresee modest insurance and annuity sales growth, albeit less than in previous years. “Everything depends on the economy, Federal Reserve, and control of COVID-19,” says Kevin Hogan, CEO, Life and Retirement, AIG. MarketFacts®: Your Resource for Industry Insights / Number 1, 2021 19 COVER STORY Despite a challenging business climate, executives point Their companies are focusing IT efforts on transforming out numerous opportunities for the industry. The first is a the underwriting process, improving the customer journey, renewed interest in and demand for protection and income exploring the possibilities of a virtual workplace, and boost- products. The COVID-19 pandemic has been a pointed ing efficiencies. They are deploying advanced data analytics reminder of the importance of life insurance, in particular. and artificial intelligence (AI) to accomplish these goals. “Consumers have never been more aware of their own mor- Accelerated underwriting is also top-of-mind. “Carriers tality and of the need for and value of life insurance,” says are relying much more heavily on advanced data analyt- Brooks Tingle, president and CEO, John Hancock. ics to dramatically improve the client experience,” says Executives also see opportunities for sales and profits in Grogan. “While this is true in many aspects of the business, the workplace benefits space, in-plan annuities, the grow- the advent of new data-driven underwriting capabilities ing advisory channel, and fee-based solutions. Emerging has been particularly relevant during COVID-19 when some markets are yet another growth opportunity. “We expect traditional underwriting inputs were simply unavailable.” that emerging markets will account for some 50 percent The value of data analytics extends beyond underwrit- of global life, health, and retirement markets,” says James ing. “We have seen great value emerging from the use of Weakley, president, Emerging Markets, Prudential Finan- advanced analytics and AI,” says William Gaumond, chief cial, “while growing at annual double-digit growth with financial officer, Allianz Life. “Use cases around distribution, attractive profit margins.” underwriting, operations, marketing, and HR have shown On the product front, participants anticipate an uptick very promising results in terms of improved efficiency, in the sale of term life and indexed life/annuity products; improved productivity, improved decision-making, and, in response to low interest rates, whole and variable improved targeting, and more.” universal life (VUL). Still, says Amy Friedrich, president, Companies are leveraging technology tools to trans- U.S. Insurance Solutions, Principal Financial, “Insurance form the customer experience — among them, e-signature, companies will need to manage their sales mix to help e-notarization, e-advisory, and e-delivery. “We want with profit margins, as low interest rates are continuing to to make each interaction with us smart, simple, and add pressure. As a result, we’ll likely see continued actions human,” says Michael Simonds, chief operating officer, related to interest-rate sensitive products, including prod- Unum Group. “It’s a stretch effort, but one we are aggres- uct pullbacks, repricing, redesigns, and the introduction sively chasing by mapping clients’ digital journeys.” These of new solutions.” tools also support the field. “When the pandemic hit,” ΖQIRUPDWLRQ7HFKQRORJ\ says Robert TeKolste, president, Sammons Independent Annuity Group, Sammons Financial, “our agents … needed When we asked which technologies have the greatest our help to pivot quickly into a virtual environment.” potential for the life/annuity industry, participants first The company prioritized e-application, e-signature, and emphasized that the COVID-19 pandemic compelled them e-delivery solutions. to ramp up their technology platforms and search for new technology solutions. “The pandemic has clearly acceler- Mike Temple, vice chairman and COO, Protective Life, ated the digital transformation of the industry that already sees tremendous opportunity with AI. “While we have was underway,” says John Grogan, EVP and chief product been hearing about the promise of AI from a scientific and innovation officer, Northwestern Mutual. “Digital perspective for decades,” he says, “we are just now enter- transformation [typically] centers on the use of data, ana- ing the era where technology can enable the science. lytics, and technology to reinvent business processes and This presents a massive opportunity for our industry … simplify the user experience,” says Jonathan Bennett, EVP with data at its core. From underwriting on the front end, and head of Group Benefits, The Hartford. “The trend will to claim processing on the tail end, AI has the potential to continue, even accelerate, in 2021.” impact every aspect of the business.” 20 MarketFacts®: Your Resource for Industry Insights / Number 1, 2021 INDUSTRY TRENDS a room and make drinking coff ee an experience,” says Friedrich, “then we can make protecting ourselves and our loved ones a meaningful experience.” “The customer experience is, in my opinion, one of the most important catalysts for industry growth,” claims Neil 7KHFXVWRPHUH[SHULHQFHLV Sprackling, president, US Life & Health, Swiss Re. “If we can continue to improve [that experience], from policy issue RQHRIWKHPRVWLPSRUWDQWFDWDO\VWV through its lifetime, we will ultimately create a relationship IRULQGXVWU\JURZWK with the end consumer that other retail organizations have achieved. This is very much a work in progress.” +XPDQ&DSLWDO How can the industry attract and develop the kind of employees it needs to succeed? “We have the key ele- ments of a compelling employee value proposition,” says Temple — “a strong social mission, meaningful work with career opportunities, attractive total compensation, and John Vaccaro, head of MassMutual Financial Advisors, good work-life balance. We [just] need to do a better job MassMutual, believes technology will support the shift to of telling our story.” That story includes the fact that the holistic fi nancial planning needs. “Aggregated client data, industry provides peace of mind and fi nancial security to analytics, and digital capabilities across protection and people when tragedy strikes. wealth is becoming increasingly important as clients seek Today’s top talent expects a healthy work culture, a to consolidate their fi nancial relationships,” he says. clear corporate mission, purposeful work, the opportunity &XVWRPHU([SHULHQFH to learn and grow in a career, and the knowledge they will Executives agree that customer experience is essential not be rewarded for performance with compensation and only to long-term business success, but also to a lasting benefi ts. Robust benefi ts are a critical part of attracting competitive advantage. Ensuring a successful customer and retaining great talent. “In an Employee Benefits experience involves listening carefully to consumers, Research Institute study from early in 2020,” says Simonds, watching their behavior, and interacting frequently. Well- “77 percent of workers said benefi ts packages are an trained employees who have up-to-date information and important factor in their decision to accept or reject a job.” technology tools are a key component,
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