Almost a third of IFAs are expecting health insurers to be the most innovative players in the insurance sector over the next five years; research has found.
A State Street survey of 176 UK-based Independent Financial Advisers (IFAs) said 30% of respondents expect health insurers to yield the most innovation, followed by 28% who said the life and pensions sector.
When looking at the insurance sector today, 57% of IFAs interviewed believed the financial health of the life and pensions sector was strong.
However just a quarter (23%) said the same for the health insurance industry at present, the report said.
The IFAs interviewed also expect to see more product innovation from the insurance sector over the next five years. Some 51% anticipated more activity in product innovation here, whilst only 13% expected a decline.
In relation to the regulatory environment, 41% of IFAs are expecting regimes to converge to a global standard over the next five years.
Just over a quarter (29%) believed they will not be harmonised and diverse national standards will continue to exist.
Eight out of ten IFAs interviewed also believed the cost of increased insurance industry regulation will be passed on to policyholders, the research also found.
Martha Whitman, senior vice president and head of State Street's insurance team in Europe Middle East and Africa said, "The insurance sector is very reliant on intermediaries. As consumers increasingly need more help with their finances, the role of IFAs in the distribution of insurance products will remain pivotal."
Chairman since 2015
From 6 January 2020
Due to Brexit
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