According to management consulting firm Oliver Wyman, the rules to building a successful business are conceptually simple: identify customer needs, build solutions to meet those needs, distribute — repeat.

This cycle, it says, has started getting shorter as customer needs rapidly evolve and the pace of change is accelerated by digital solutions.

However, Oliver Wyman says life insurance companies have failed to keep up with these changes.

‘For many, the need for and immediacy of change wasn’t as high as business performance, for the sector seemed stable and the threat of competition was quite low. The few players that did think about innovating around customer problems were burdened by legacy systems, poor data and internal resistance to change.’

The global firm adds that large-scale digital transformation programs have seen only incremental improvements over the past few years.

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