Dortmund | 22. October 2019
What will the old-age pension scenario be in 10 to 15 years from now? What will be the responsibilities of life insurance and pension funds? What challenges do end-customers see? Answers to this question are provided by the current study of the software company, 'adesso insurance solutions' and 'Versicherungsforen Leipzig'.
In the enquiry, six potential future scenarios were calculated based on socio-cultural, political, economic, technological and regulatory influential factors. In the discussion, involving representatives from industry, politics and academia, the needs for action were then defined in the single stages of the value chain.
In addition to the general future scenario forecasts, the study design comprises a survey of 300 end customers on the challenges of old-age pensions. Result: although the insurance sector is viewed as a point of contact for the topic of old-age pensions, it is also considered with scepticism. The matter raises a lot of doubts in those questioned and is closely connected with declining trust in the state.
Based on the expected market conditions, the needs of end customers and also the identified effects, a consensus is reached with regard to the areas of activity, namely the need for flexibility.
The areas of activity are defined below, together with an excerpt from the recommended actions of the study:
"The study shows that insurers have a lot of levers to ensure a successful future. In all areas of activity, it is clear that in order to survive in the market, it is important to keep an eye on the matter of flexibility in all new measures and optimisations, for example in communications, products and systems", says Justus Lücke, Managing Director of Versicherungsforen Leipzig and author of the study.
"For us, it was important to determine all the relevant influential factors and to reflect on and discuss these together with industry experts. This work is a practical guide that gives a glimpse of the future and can be used by the branch, at best, as a source of inspiration and ideas for new services and products", according to Mr Michael Höhnerbach, Managing Director of adesso insurance solutions and author of the study.
The compete study, entitled "The future of old-age pension schemes" including all recommendations for action, is available for free download at adesso insurance solutions at: https://future.adesso-insure.de/studie-altersvorsorge