markets, designing the smart new products and forging the partnerships needed to capitalize on these opportunities now. You will also need to think about how to create the integrity and trust within the organization that would allow you to respond to customers' evolving needs faster and more effectively than your competitors.
Fresh thinking Many life and pensions companies are conscious of the need for fresh thinking and new strategies. Our latest global CEO survey found that insurers as a whole are just behind the technology, communications and entertainment sectors in their readiness to embrace business model innovation1 (see Figure 1). Yet a survey of life and pensions
executives carried out for this report raises questions about how far and how quickly they're prepared to go to adapt to change and sustain competitive relevance.2
growth is going to come from and how life and pensions companies are going to deal with the disruptive forces they face is reflected in the generally disappointing share prices in the sector.
The uncertainty over where
In this article, we examine the developments that are set to have the most decisive impact over the next five years and the main opportunities for innovation, growth and competitive differentiation. This includes how to deal with the shifting focus of growth ('two-speed' global growth), changes in customer
preferences (distribution disruption and the customer revolution), sharper profiling (information advantage through 'big data') and new competitive threats (evolving business models 'big and fast'). The aim is to help life and pensions companies assess the implications of a marketplace in transformation for their particular organization.