Digital is a major force for disruption in the pensions industry, changing the nature of both proposition and distribution. This was just one of the themes explored at the 2017 Pensions & Life Trends & Data Conference, held at the iconic BAFTA Theatre in the heart of London's West End.
Over 150 decision makers and leading figures within Europe's Life and Pensions industry converged to listen to Pensions industry experts and thought leaders deliver their research and insights into what the future digital model could look like.
Introduced by the BBC's Money Box presenter Paul Lewis, speakers from Celent, Altus, the lang cat and Aquila Heywood put forward some compelling ideas on how to not only survive, but thrive in the changing pensions landscape.
Jamie McGregor from Celent explored the changing demographic in the UK and the lifestyle changes needed to accommodate people living longer than ever before.
The second speaker was Altus' Life and Pensions Director, Martyn Evans. Martyn delivered an insightful presentation around what retirement will look like in 2020.
A big challenge for the Life and Pensions industry is the consumer credit obsession - we don't have a savings culture. Nearly 50% of 21-24 year olds still live with their parents. This is a savings drag for parents.
40% of the UK population will be over 50 by 2020. Will there need to be individual responsibility instead of the state provision? According to Evans, technology is the only weapon we have for making retirement provision viable in the future.
Mark Polson from the lang cat took a no-holds-barred approach to key issues. Namely, that the industry must address its historical challenges to succeed in the future and investigated that technology could help reverse the endemic of building products in every possible size, colour and flavour.
The final industry speaker was Aquila Heywood's CEO, Phillip Walter. A CEO with a wealth of knowledge and experience, he has just completed his first year at Aquila Heywood, driving a new phase of growth and innovation. Phillip pointed out that the Life and Pensions industry lags behind many other industries when it comes to technology adoption. He highlighted the three components for success:
The keynote speech of the event was a talk by the living legend that is Sir Ranulph Fiennes. Speaking to people afterwards, it was plain to see that Sir Ranulph's no-nonsense approach to setting and achieving his goals is the reason he has achieved so much in his life. It was a true lesson in motivation.
The conference was well-received with attendees providing fantastic feedback to us and the other speakers: