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10 Ideas Why Meaningful Change Is Needed In The Wealth, Life And Pensions Sector

20 September 2021

EQ has commissioned a whitepaper on opportunities and challenges facing the wealth, life and pensions industry.

The COVID-19 digital shift, increasing regulation and new consumer expectations have created the perfect storm for a major shake-up of the industry. Here are ten key takeaways from the report, authored in partnership with award-winning financial journalist Pádraig Floyd. 

  1. Digital transformation
    This is no longer an aspirational choice for providers and it is essential to adapt business models to the needs of the market in the 21st century.

  2. Replace legacy systems
    They require excessive manual interventions and increasing complexity, regulation and data security are driving up maintenance costs.

  3. Transform operations
    This will reduce costs, meet the demands of regulators and improve consumer outcomes.

  4. Capital expenditure on new digital platforms has failed to meet these challenges over the past two decades. This must be examined.

  5. Catalyst for change
    The COVID-19 pandemic has amplified the development of the digital business world and broadened its consumer appeal.

  6. Adapt to remote working
    The new normal post COVID-19 environment increases pressure on legacy systems.

  7. Be aware of disruptive businesses
    New disruptive businesses are being launched that need access to a new type of partner who can manage their middle and back office needs at the same speed they are developing.

  8. Find the right BPO partner
    Business Process Outsourcers must be capable of serving all areas of the market with efficient, modern technology backed by knowledgeable human resource.

  9. Own the transformation process
    Demand for change within providers and distributors is being held back by a disconnect with those charged with effecting change.

  10. Focus on making meaningful change
    Providers and distributors will find themselves increasingly marginalised.

Talk to EQ today about how we can support your transformation journey

Contact our experts Wealth, Life And Pension Solutions