International life companies meet to debate ‘disruptive forces’ and threats
The Association of International Life Offices has held a meeting of its members to discuss the cross border life model and how to best tackle “forces disrupting the international life market” and other threats to the industry.
The recently-formed AILO Distribution & Marketing Forum met in London, last week, to discuss a range of issues impacting the international life market under the theme: ‘Cross-border life model under threat: What are the issues and how can they be addressed?’.
The AILO said in a statement revealing main themes of the meeting, at which representatives of most of the international life companies were in attendance at the event.
The discussion was facilitated around presentations by two sets of guest speakers. The first involved Paul Merrey and Tina Hansen from KPMG who spoke on the topic: ‘Forces disrupting the international life market: How can we respond?’
In the session KPMG’s Merrey and Hansen highlighted a total of seven disruptive forces shaping the international life market and put forward six strategic activities/decisions they believe are required by international life companies in response to these forces.
“What was really encouraging was the willingness of AILO Members to debate and discuss critical issues facing the sector openly and in a mature and considered fashion, co-chairman of the AILO Distribution & Marketing Forum, Simon Willoughby, pictured above.
Willoughby, who is also head of proposition at Utmost Wealth Solutions, also thanked KPMG and NMG for facilitating “such a lively discussion” and Old Mutual for hosting the event.
A review of global life market developments followed the KPMG session, presented by Nick Griffin of Generali with Tom Dunbar of NMG Consulting invited to address the forum on the topic: ‘State of the Offshore Life Market – Current Challenges and Possible Solutions’.
AILO said that Dunbar took a global view in identifying eight high-level customer segments based on a range of socio-economic factors, and then assessed their prospects in the light of current market challenges.
He concluded by putting forward four factors that NMG believes are critical for future success of product providers in this sector.
The next AILO Distribution & Marketing Forum will take place in Greenwich on 19 April when the topic will be: ‘Brexit and what it’s likely to mean for cross-border life business’.