Product innovations in German life insurance
The life insurance industry is currently going through a significant change. Current challenges such as low interest rates, stricter regulatory requirements and changing customer expectations endanger tried-and-tested business models. Previously successful products such as traditional policies with long-running guarantees do no longer work.
On the lookout for alternatives, life insurers are putting their products and services to the test. The demand is for product innovations: those who wish to be competitive in future must meet the demand for products that satisfy the desire of the policyholder for security, returns and flexibility, and meet the needs of the insurer in terms of greater efficiency and profitability without disregarding the growing regulatory requirements.
Squaring the circle?
In this white paper on the topic of product innovations in German life insurance, we would like to present to you the latest product strategies and explain the demands that product ideas put upon IT against the backdrop of the current and future general conditions in the industry.
The upgradeable standard software msg.Life Factory is already deployed productively at many life insurance companies and offers a unique combination of flexibility and efficiency. It does not come off the peg, but as a system tailored to your individual requirements. The policy administration system enables innovative products to be introduced quickly and all business processes to be carried out with great efficiency, for both private client business and company pension plans.
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VIDEO PRODUCT INNOVATIONS IN GERMAN LIFE INSURANCE
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