Life insurers in the US that
want to survive and thrive must innovate or risk becoming
also-rans, Robert Kerzner, president and CEO of financial industry
organisation Limra told 450 insurance executives at the 2010 Limra
Annual Conference held in Washington DC in late-October.

“Many of the fundamentals of
our business are out of balance,” said Kerzner. “In the animal
kingdom, failure to adapt means extinction. In the same way,
companies need to significantly transform their thinking and adapt
their business models in order to remain competitive.”

Kerzner noted the life
insurance business environment has become far more challenging in
the wake of the financial crisis.

He outlined factors such as
the low interest rate climate; the increasingly onerous legislative
and regulatory environment; unfavourable interest spreads and
higher operating costs.

These, he said, have led to
greater risks for companies with potentially diminished
rewards.

Kerzner predicted the changes
taking place in areas such as regulatory capital reserve
requirements would contribute to intensified merger and acquisition
activity in the life industry.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.