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Impact of Digital on Life, Annuities & Pensions Sector: 2019

Market Analysis

by David McIntire

published on Jun 18, 2019

Access to this report is restricted to logged in clients with access. Login to get full access

Report Overview:

NelsonHall’s “Impact of Digital on Life, Annuities & Pensions Sector: 2019” 54-page report is based on global interviewing of senior executives across the Life, Annuities & Pensions sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.

The report identifies the principal business issues faced by Life, Annuities & Pensions firms over the period 2019-2020, the IT and digital initiatives planned in response to these issues, and their anticipated changes in IT spend and sourcing.

In particular, the report analyzes the importance of digital to Life, Annuities & Pensions companies and focuses on the nature of the digital initiatives planned by Life, Annuities & Pensions companies by application and technology, together with the key benefits required from digital by Life, Annuities & Pensions organizations and their supplier selection criteria when purchasing digital services.

Who is this Report for:

NelsonHall’s “Impact of Digital on IT Services in Life, Annuities & Pensions Sector: 2019” report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating sourcing developments within the Life, Annuities & Pensions sector
  • Vendor marketing, sales and business managers developing strategies to target IT services (ITS) opportunities within the Life, Annuities & Pensions sector
  • Financial analysts and investors specializing in the IT services and BPS sector

Scope of this Report:

The report is based on interviews with executives in the Life, Annuities & Pensions sector in the U.S., U.K., Continental Europe, and Asia Pacific.

The report analyzes the worldwide market for IT services within the Life, Annuities & Pensions sector and addresses the following questions:

  • What are the principal business priorities faced by organizations in the Life, Annuities & Pensions sector?
  • What IT initiatives are planned by organizations in the Life, Annuities & Pensions sector?
  • How relevant are digital initiatives to organizations in the Life, Annuities & Pensions sector?
  • What digital initiatives are planned by organizations in the Life, Annuities & Pensions sector?
  • What business areas are targeted for digital initiatives by organizations in the Life, Annuities & Pensions sector?
  • What digital technologies are planned to be introduced by organizations in the Life, Annuities & Pensions sector?
  • What are the key selection criteria used by organizations in the Life, Annuities & Pensions sector to select suppliers to implement digital initiatives?
  • What shifts in sourcing approach are expected by executives in the Life, Annuities & Pensions sector over the next three years?
  • How do companies in the Life, Annuities & Pensions sector expect their spend on ITS services to change over the next three years?

Key Findings & Highlights:

The principal focus for life, annuities and pensions companies is attracting and retaining customers, through accelerated services and improved customer service. Two major business priorities to drive customer experience identified unprompted by life, annuities and pensions companies were:

  • Improving customer service through expanded use of mobile and chatbots
  • Accelerating service delivery, particularly in areas such as underwriting and claims management.

Accordingly, life, annuities and pensions companies are:

  • Identifying and pursuing digital initiatives to improve customer experience and accelerate service delivery
  • Adopting DevOps and digitalizing applications landscapes to accelerate time to market and reduce IT service costs
  • Prioritizing the engagement of vendors with agile development skills and UX consulting and design capabilities to implement cloud and SaaS solutions.

Table of contents:

Table of contents:

  • Introduction
  • Executive Summary
  • Market Forecast
  • Key Business and IT Issues & Initiatives
  • Digital Initiatives
  • Changes in Spend

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