FinancialServicesPracticeRedefiningthefutureoflifeinsuranceandannuitiesdistributionFundamentalshiftsintheinsuranceindustryareacceleratingchangesinthedistributionlandscape.Howcaninsurerspositionthemselvesforthenextwaveofgrowth?ThisarticleisacollaborativeeffortbyRamnathBalasubramanian,CristianBoldan,MattLeo,DavidSchiff,andYvesVontobel,representingviewsfromMcKinsey’sInsurancePractice.January2024Sincetheglobalfinancialcrisisof2008,Northoperatingmodeltoalignwithstrategicgoals,andAmericanlifeandannuitiesinsurershavefacedemployingdigitalandAIasameanstodifferentiatenumerousdisruptionsasanindustry,includingthemselvesinthemarketplace.profitabilitychallengesdrivenbylowinterestrates,aglobalpandemic,highinflationfollowedbyarapidTrendsshapingUSlifeinsuranceriseininterestrates,volatilityinequitymarkets,anddistributiongeopoliticaluncertainty.Lifeinsurance,thetraditionalwaythatindividualsWhileinsurersfocusedonmanagingthesehaveprotectedtheirlivelihoods,hasbecomelessdisruptions,severalstructuralchangesconverged,relevanttothefinancialfuturesofUSfamilies.Lifecreatinganeedforinsurerstoreconsidertheirinsurershavecontinuedtolosegroundtobanks,distributionstrategies.Althoughrisinginterestratesassetmanagers,andbrokeragefirms,drivenbyhaveprovidedsomesalestailwindsinrecentyearsincreasedcompetitionfromeasilyaccessible(particularlyforfixe...
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