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LTS & Ws flourish through hyper-relevance



Every sector in the industry, pensions and investments (LP & I) is under extreme pressure. And long-term savings and prosperity (LTS & W) deals are really no exception. In this new blog series, we look at how these companies can remain competitive, increase market shares and reinvent themselves to thrive in the future.

The solution? Becoming what we call digital "living companies" – flexible, innovative, truly customer-centered organizations that continuously adapt to being hyperrelevant at all stages of the customer's life cycle.

With unparalleled customer centricity, fluid operation models and flexible platforms and talent, these living companies' organizational ecosystems flex and evolve with every new innovation. Like living organisms, their innate vitality and sensitivity to their environment means they never stay.

Digital front-back-back throughout the company, thinking about living LTS & W companies in all parts of the organization as inherent, smart and data-driven from customer relations through skills development to capacity hotspots and back office functions.

Built like this, they can offer personal products and services that fit into every consumer's changing life needs, preferences, priorities and goals. To put it in a context, think of the trips that the LTS & W customers are on.

Previously, their priorities include paying rent and covering income shortfalls. Later, the emphasis is on buying houses and raising families. Then in their 50's and 60's, "the responsibility of the sandwich generation's customers" changes again. They have both older parents and children who are still independent to support.

LTS & W companies must offer relevant products and services at all stages, anticipate what their customers want and help them negotiate challenges along the way. Think of the kind of flexibility and personalization that Even Financial offers. This American fintech has built up a company that connects individual customers with the right financial products at the right time in their lives.

In the insurance industry, Vitality offers life insurance products that reward them for being healthy, with ties to technical vendors and gyms to improve health. Or how about caution? It has developed a package of interactive tools and materials to help employers help their employees create and implement personalized financial well-being solutions.

their Wellness Effect uses digital tools to conduct a personal analysis, design a financial plan based on individual goals, and provide an online portal to track progress and stream relevant content and advice. It contains suggestions for filling insurance gaps, offering debt management solutions and automating portfolio management.

Overall, a living company constitutes extraordinary opportunities for insurers. Our research points to $ 375 billion in worldwide revenue (€ 1

05 billion in Europe) for the insurance industry within the next five years. These rewards will be captured by insurers who are moving now to transform themselves into living companies.

Three Threats to Competitive Advantage

The time to start this transformation has definitely emerged. So far, most insurance companies have managed to cope with industrial disruptions. But the convergence of factors means that transformation has become an urgent priority. In the LTS & W market, each company faces a fundamental issue: not enough people save enough for their pension. But there are more with three core challenges that will work together to threaten future competitiveness:

  1. Developing consumer expectations – Consumers expect bills to be aligned to them as a "segment of one"; These liquid expectations depend on their experience in the digital retail where smart, agile interactions are taken for granted – watch Uber, Deliveroo, Ocado, John Lewis or Amazon.
  2. Cruel competition – marginal pressure and the need to maintain super low costs dominate the LTS & W market. The association with this is the need for continued consumer relevance, a convincing service offering, flexibility, efficiency and differentiation against increased competition from new players critical.
  3. Access to advice – Regulation and cost pressures have led to advice challenges; The winner is the LTS & W company that can successfully embrace technology to lower the cost of human advice and / or deliver a compelling digitally enabled D2C counseling service.

The LTS & W participants have all started digital conversion trips to varying degrees, with the support of increasingly mobile businesses. But the competing landscape is changing so fast, with consolidation, new entrants and innovative service offerings, that the message is brutal: turn to become a living activity or risk imminent obsolescence.

In the next blog in the series, we I will explore in more detail the solution we have developed to help organizations become digital living companies. Meanwhile, I would like to hear your opinions. So please leave a comment or email me. Thank you for reading.


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