麦肯锡-重新定义人寿保险和年金分配的未来（英）-9页_614kb

McKinsey Insurance Report Summary: Redefining Life Insurance and Annuities Distribution

Industry Overview

The global insurance industry faces accelerating changes in life insurance and annuities distribution due to disruptions since the 2008 financial crisis, including low interest rates, pandemics, inflation, and technological volatility. Key trends include declining relevance of life insurance, growth in third-party distribution, and increasing dominance of distributors. Insurers must act boldly to adapt to these shifts and capture future growth.

Key Trends

• Life insurance ownership in the US has decreased from 63% in 2011 to 52% in 2023, driven by economic uncertainty and competition from investment alternatives.
• Third-party distribution now accounts for 52% of life insurance sales and 81% of annuities sales, growing faster due to customer demand for broader, more sophisticated products and insurer strategies to expand into this channel.
• Distributors are consolidating, with major players (e.g., independent advisors and broker-dealers) making numerous acquisitions, altering the distribution landscape. Insurers need to strategically assess partnerships.
• Technology, including generative AI, offers significant potential to boost productivity in distribution, with estimates suggesting a $50 billion to $70 billion impact on the insurance sector through improved efficiency in marketing, sales, and customer experiences.

Four Actionable Priorities for Insurers

To navigate this evolving market and enhance competitiveness, insurers should focus on:

1. Strategic Distribution Partnerships:

   • Evaluate partners through strategic direction and profitability lenses, such as market share growth and return on investment.
   • Prioritize long-term relationships with aligned partners, offering proprietary products or enhanced services, or limit engagement with misaligned ones to standard levels.

2. Next-Generation Advisor Capabilities:

   • Provide tailored support models based on advisor production levels, enhancing transparency and feedback mechanisms for the advisor journey.
   • Develop loyalty programs to retain high-producing advisors and improve their end-to-end experience.

3. Fit-for-Purpose Sales Operating Model:

   • Redesign sales coverage to adapt to new hybrid or remote models, incorporating AI for dynamic territory management.
   • Ensure sales structures support flexibility and efficiency in reaching targeted growth opportunities.

4. Differentiated Digital and AI Capabilities:

   • Improve partnerships through digital integration (e.g., APIs) and user-friendly tools.
   • Leverage AI for lead matching, product recommendations, task automation, and real-time advisory support to enhance customer and advisor experiences.

Conclusion

Insurers must act urgently to redesign distribution models, making them resilient and adaptable to market dynamics. These priorities can drive short-term performance gains and long-term competitiveness through technology integration, improved partnerships, and enhanced advisor engagement. Failure to innovate risks being disrupted by agile competitors.