The life insurance industry is forecasted to spend a huge amount of money on providing new services,...
The life insurance industry is forecasted to spend a huge amount of money on providing new services, according to the latest PricewaterhouseCoopers report.
The quarterly survey suggested that this was more likely to mean repackaging and marketing rather than market innovation.
It also revealed that the life insurance market's sustained focus on cost-cutting and efficiency has underpinned increases in profitability for life insurers.
While the economic crisis has little direct impact on this market, the survey respondents were concerned that a general climate of anxiety over factors such as a possible fall in the UK property market would prevent customers from making long-term financial commitments.
The respondents admitted they were expecting to spend more money as a result of regulation.
