The Dialogue - The Future of Life Insurance

The next instalment of the Dialogue Podcast series explores the future of the life insurance industry and what recommendations need to be implemented in order for areas to adapt to rapid societal changes and community expectations.In the podcast, John McLenaghan (Public Policy Adviser at Actuaries Institute Australia) questions Ilan Leas (Managing Director at Retender) on the research, recommendations and driver of change in the life insurance industry in the Dialogue thought leadership paper 'The Future of Life Insurance' - authored by Ilan.In the paper, Ilan looks at the relevance and need for life insurance as consumers seek fairer deals, convenience, simplicity, automation and speed when choosing which cover they will need. Ilan points out that despite the medical and technological advances that continue in regards to improving health, the amount of data analysed by life insurance actuaries remains barely touched.Ilan proposes four top priorities for the life insurance industry including:- Encouraging opportunities for simplicity and education through standardisation (Help me understand)- Streamlining consumer processes and access (Make it easier for me)- Modernising insurance products (Modernising my products)- Balancing sustainability (I want fair treatment)Ilan argues that despite the challenges facing the future of the life insurance industry, actuaries are in an exciting position to be key parts in identifying solutions to ensure consumers are equipped with the correct insurance cover and the life insurance industry updates its regulatory framework to be competitive and maintain expectations for the future of this industry.Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp5Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Instagram: https://www.instagram.com/ActuariesInst↳ Twitter: https://www.twitter.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.