Although the obvious predictions for 2019 include continuations of the legal and regulatory trends that have been running for the last couple of years, of course, it is important not to narrow down focus to those things alone.
Digital strategy is important to align our businesses with the main ways our customers want to engage.
Advice strategy is vital to align our product offerings with the main needs of our customers. I thought about calling this one 'marketing strategy' - but I wanted to underline that this point is about what we think is right, in terms of advice, for the customer. That this is a customer focused point, but not customer led.
These two show that there are some dangerous mis-alignments in our sector and they are connected. Life insurance takes 55% of the premium in the sector (excluding health insurance). Yet it is our least engaging product, and less useful or important than income protection (in aggregate, rather than in one individual circumstance).
Consumers aren’t much interested in what we do mainly because we aren’t talking about what’s important.