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Mcsey
&company
FinancialServicesPractice
Redefiningthefutureoflifeinsuranceandannuitiesdistribution
Fundamentalshiftsintheinsuranceindustryareacceleratingchangesinthedistributionlandscape.Howcaninsurerspositionthemselvesforthenext
waveofgrowth?
ThisarticleisacollaborativeeffortbyRamnathBalasubramanian,CristianBoldan,MattLeo,DavidSchiff,andYvesVontobel,representingviewsfromMcKinsey’sInsurancePractice.
January2024
Sincetheglobalfinancialcrisisof2008,North
Americanlifeandannuitiesinsurershavefaced
numerousdisruptionsasanindustry,including
profitabilitychallengesdrivenbylowinterestrates,aglobalpandemic,highinflationfollowedbyarapidriseininterestrates,volatilityinequitymarkets,andgeopoliticaluncertainty.
Whileinsurersfocusedonmanagingthese
disruptions,severalstructuralchangesconverged,creatinganeedforinsurerstoreconsidertheir
distributionstrategies.Althoughrisinginterestrateshaveprovidedsomesalestailwindsinrecentyears(particularlyforfixedandfixed-indexedannuities),
insurerswillneedtoactboldlytoremainaheadofthecurve.
Inthisarticle,wediscussseveralofthesechanges,suchasthedecreasedrelevanceoflifeinsurance,theshiftinvaluecreationtowarddistributors,andthecontinuedconvergencetowardcomprehensiveadviceontopicsincludinghealth,wealth,and
protection.Wethenofferfouractionablepriorities
thatNorthAmericanlifeinsurerscouldfocusonoverthecomingyears:redefiningtheroleofstrategic
distributionpartners,developingnext-generationadvisorcapabilities,buildingafit-for-purposesales
operatingmodeltoalignwithstrategicgoals,andemployingdigitalandAIasameanstodifferentiatethemselvesinthemarketplace.
TrendsshapingUSlifeinsurancedistribution
Lifeinsurance,thetraditionalwaythatindividualshaveprotectedtheirlivelihoods,hasbecomelessrelevanttothefinancialfuturesofUSfamilies.Life
insurershavecontinuedtolosegroundtobanks,
assetmanagers,andbrokeragefirms,drivenby
increasedcompetitionfromeasilyaccessible
investmentalternativesandthedecisionmany
lifeinsurersaremakingtoexpandbeyondtheir
traditionalcore.In2022,thetop20lifeinsurancecompaniesmadeup13percentofthetotalmarketvalueofthetop20financial-servicescompanies
acrosssegments,adecreasefrom40percentin
1985and17percentin2005(Exhibit1).Inaddition,lifeinsuranceownershipamongadultsinthe
UnitedStatesdeclinedfrom63percentin2011to52percentin2023.1WhiletheCOVID-19pandemic
initiallyunderscoredtheneedformortality
protection,risingeconomicuncertaintyandinflationhaveslowedthedemandforlifeinsuranceproducts.
12023InsuranceBarometerStudy,LIMRA.
Althoughrisinginterestrateshave
providedsomesalestailwindsinrecentyears,insurerswillneedtoactboldly
toremainaheadofthecurveinthefaceofdisruptions.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution2
Exhibit1
TheUSlifeinsuranceindustryhasbeendeclininginbothrelevanceandpenetration.
Marketcapitalizationofthetop20companies,1%Lifeinsuranceownership,%ofUSadults2
70
Life
insurers
100%in
Banks
Assetmanagementandbrokers
65
63
billions
62
60
59
$84
57
●
●
59
●
57
1985
60
401644
59
55
57
52
5254
50
$1,611
2005
171667
50
45
40
$2,365
2022
133255
2021
2019
2017
2015
2013
2011
2023
1Top20USpubliclytradedlifeinsurers,banks,andassetmanagersandsecuritiesbrokers,basedongivenyear’smarketcapitalization.2LIMRAonlinesurveyof8,000USadultsinJanuary2023.
Source:2023InsuranceBarometerStudy,LIMRA;S&PGlobal
McKinsey&Company
Distributorsareclaiminganincreasingshareofvaluecreation
Since2010,distributorshavegeneratedroughlythree
timesmoreTSRthaninsurers(Exhibit2).Inadditiontolowercapitalrequirementsandanattractive
risk/returnprofile,distributorshavebenefitedfromtheirabilitytogenerateadditionaladvantagesforcustomersthroughvalue-addedservices.
Fromthispositionofstrength,distributorsare
demandingmorefrominsurersintheformof
personalizedbonuses,proprietaryproducts,APIintegrationcapabilities,andmore.Distribution
partnershipsalsoincreasinglyrequireinsurerstomakesignificantinvestmentsinproduct
differentiation,salesincentives,servicing,and
technology.Theseinvestmentscanbequitecostly
toinsurers,andasaresult,corepartnershipsmustbestrategicallyplannedandestablishedforthe
longerterm.
Distributorsareconsolidating
Boththeindependent-advisor(IA)andthebroker–dealer(B/D)channelshaveexperiencedsubstantialconsolidationinrecentyears.From2017to2023,
threelargeprivateequity–backedindependent
marketingorganizationsperformednearly200
acquisitions.Withinthesametimeframe,thetop
tenB/Dscompletedabout50acquisitions,with
eachofthetopfiveB/Dsinvolvedinatleastfour
transactions(Exhibit3).Thisongoingconsolidationissignificantlyalteringthedistributionlandscape,withfewer,largerdistributionpartnersgaining
additionalleverageandinfluence.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution3
Exhibit2
Valuecreationininsurancehasshiftedtowarddistributors.
TSR,index(Dec31,2009=100)
1,100
1,000
900
800
700
600
500
400
300
200
100
0
Lifeandannuitiesindustry1Distributors2
1,067
373
20102011201220132014201520162017201820192020202120222023Q3
2023
1Includesselectedpubliclylistedlifeandannuitiescompanies.
2Includesselectedpubliclylistedinsurancedistributors(eg,brokers).Source:S&PGlobal
McKinsey&Company
Third-partydistributionisgrowing
Third-partydistributionhasbeenontherise.
Between2016and2022,theannualgrowthrate
insalesforthird-partydistributors—whichincludeIAs,B/Ds,andbanks—wasapproximatelysix
percentagepointshigherthanthegrowthincareeragentchannels(Exhibit4).2
Thereareseveralfactorsdrivingthisgrowth.Oneisthatcustomerscontinuetolookforabroader
setofchoicesandmore-sophisticatedproducts,
whichtendtohavehigherpremiums.Thetypical
facevalueperpolicyinthird-partysalesis1.4
timeshighercomparedwithcaptivesales.3Severalinsurancecarrierswithtraditionallycaptive
distributionhaveredefinedtheirpriorities,shiftingawayfromindividuallifeandannuitiestoward
sustainedeffortstoexpandsalesinthird-partydistributionthrougheitheracquisitionorproduct
expansion.Asaresult,insurersthathavehistorically
2LIMRAestimates;LIMRAU.S.IndividualAnnuitySalesSurvey;LIMRAU.S.IndividualLifeInsuranceSalesSurvey.
3Notadjustedfordifferencesinproductmixandvolumes.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution4
Exhibit3
Insurancedistributorsareexperiencingsignificantconsolidation.
Acquisitionactivitydrivenby3privateequity–ownedIMOs,1numberoftransactions
2017
2018
2019
2020
2021
2022
Q1–Q32023
2
11
22
35
535519
1Insurancemarketingorganizations.Source:S&PGlobal
McKinsey&Company
Consolidationactivitydrivenbytop10broker–dealersbyrevenue,numberoftransactions
2017
2018
2019
2020
2021
2022
Q1–Q32023
63
88
9
4
13
focusedonthird-partychannelshavegrownandcapturedsignificantmarketshare.
Becauseofthesefactors,third-partydistributionnowrepresents52percentofsalesinlifeand81percentinannuities.Asthecompetitionamong
insurersinthird-partydistributioncontinues
tointensify,strategicdistributionrelationshipsarebecomingcloselyintertwinedwithinsurers’success.
TechnologyandAIaretransformingthewaydistributionworks
NewtechnologiessuchasgenerativeAIhave
significantpotentialtoincreaseproductivityacrossthefullinsurancevaluechain.ArecentMcKinsey
reportestimatesthattechnology’simpact
ontheinsurancesectorcouldtotalbetween
$50billionand$70billion—withmarketingandsalesexperiencingsomeofthehighestimpact.4Indeed,thetechnologyhasalreadystartedto
increasetheproductivityofwholesalersand
financialprofessionalswhileimprovingcustomerandadvisorexperiences.
WhilegenerativeAIisalreadyleavingitsmark,thebroaderdistributionmodelsandprocessesintheinsuranceindustrymaystillbeintheearlystagesoftransformation.Insurersnotattheforefrontoftechnologicalchangemayrunaheightenedrisk
ofbeingdisruptedbymore-agilecompetitorsastimepasses.
4“TheeconomicpotentialofgenerativeAI:Thenextproductivityfrontier,”McKinsey,June14,2023.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution5
Exhibit4
Third-partydistributionisbecomingtheprimarybattlegroundforinsurancesales.
Independentagents
Careeragents
Direct
Other
100%in$billion
Individuallifeannualized
premiumsales,1%
SalesCAGR,2016–22,%
2016
2017
2018
2019
2020
2021
2022
444286
46
41
67
40
48
66
493966
493975
503965
523864
12.5
12.7
13.0
13.5
13.1
15.4
15.5
2
–1
-3
7
Independentagents
NationalB/DsBanksCareeragentsDirect
100%in$billion
Independentbroker–dealers(B/Ds)
2016
216.2
20
20
22
8
18
13
198.0
2017
8
18
13
20
23
19
Individualannuitiessales,2%
20
6
23
227.5
13
18
2018
19
6
235.3
25
20
2019
14
18
17
214.1
19
25
18
5
15
2020
17
27
19
250.5
17
5
15
2021
17
306.9
21
24
19
3
18
2022
16
5
5
12
11
2
-8
SalesCAGR,2016–22,%
Note:Figuresmaynotsumto100%,becauseofrounding.
1Newrecurringpremiums+10%ofnewsinglepremiums(forannualizedpremiumequivalentpurposesasdefinedbyLIMRA).2Newpremiums+recurringpremiums+add-onpremiumpayments(asdefinedbyLIMRA).
Source:LIMRAestimates;LIMRAU.S.IndividualAnnuitySalesSurvey;LIMRAU.S.IndividualLifeInsuranceSalesSurvey
McKinsey&Company
Redefiningthefutureoflifeinsuranceandannuitiesdistribution6
Consumertastesarechanging—andexpandinginscope
ThetypicalUSconsumerhasshiftedintermsof
bothdemographicsandinsuranceneeds.Today,
manyindividualsseekcomprehensiveadviceand
solutionsthatspanvariousaspectsoftheirfinancialwell-being,includinghealthandlifeinsurance,
wealth,retirement,andtaxes.Youngerconsumersinparticulartendtoseekoutadvisorswhocan
addresstheirfinancialneedsholistically,includinginvestments,insurance,andtaxconsiderations.A
2023McKinseysurveyof6,994respondentsfoundthat62percentofpeopleunderage55prefersuchanadvisor,comparedwith36percentofthoseaged55to75and23percentofthoseoverage75.5
Intandemwithevolvingconsumerpreferences,thelinesbetweentraditionaldistributorchannelshavebeguntoblur.Whiledistributorshistoricallycompetedfordistinctcustomersegments,the
industryisexperiencingaparadigmshiftas
distributorsmoveupordownthemarketasrequiredtoaddresscustomerneedscomprehensively.
Lifeandannuitycarrierswillthusbecompelledtorethinktheirdistributionapproachesand
identifynewwaystoengagewiththeirdistributionpartners—iftheyhaven’talreadydoneso.
Improvinginsurers’strategic
distributionposition:Fourpriorities
Thesechangesinthedistributionmarketplace,
alongwithcontinueduncertaintyinthe
macroeconomicenvironment,willhavesignificantimplicationsoninsurers’operatingmodels.To
driveefficiencyandeffectivenessintheirsalesprocessesandbetteradapttodynamicmarket
conditions,insurersneedtostrengthentheir
capabilitiesacrossfourareas:strategicdistributionpartnerships,next-generationadvisorcapabilities,
afit-for-purposesalesoperatingmodel,anddifferentiateddigitalandAIcapabilities.
StrategicdistributionpartnershipsforthefutureConsolidationislimitingthenumberofpartnersthatinsurerscanworkwithandincreasingdistributors’
leverageoverinsurers.Insurerswillhavetocarefullyassesswhichpartnershipstheywanttoinvestin
overthelongtermandwhichtheyarecomfortabledeprioritizing.Todosomoreeffectively,insurers
mayevaluatetheirpartnerrelationshipsthroughtwolenses:
Strategicdirectionandoutlook.Insurersneedtobuildacomprehensiveunderstandingoftheirdistributionpartners.Insurersshoulddefine
partnersegmentsbyconsideringfactorssuchaspartneroutlook(includingmarketshareandgrowthtrajectory)aswellasfactorsthatrelatetodistributors’approachtopartnership(suchasflexibilityinworkingtowardproductiongoals).
Profitability.Insurersneedtoestimatethevalue
generatedandtheactualcostofoutputfromeachpartner—includingbothcostofproductionand
costofmaintainingthepartnership.Partnershipsthatgeneratelessattractivereturnsshouldbe
renegotiatedunlesstheinsurerstronglybelievestheycanimproveintheneartermorareofbroaderstrategicrelevance.
Insurerscanusetheinsightsgainedfromthese
twolensestohelpthemconsiderfuturelong-termpartnershipsmorebroadly.Ifinsurersidentify
partnersthatarestrategicallyalignedwiththeir
aspirations,theycandeepenthoserelationships
formutualsuccessandconsiderofferingmore
extensivesolutions,includingproprietaryproducts,datafeedintegration,tailoredbonuses,and
higher-tierservicing.Ontheotherhand,ifcertainpartnersdonotalignwithstrategicgoals,insurersmayneedtoscalebackinvestmentandlimit
offeringswiththosepartnersto,atmost,standardservicingorproducts.Aclearapproachtostrategicsegmentationandapartnershipplaybookcan
empowerinsurerstomakeinformeddecisionsabouthowtoinvesttheirresources.
Next-generationadvisorcapabilities
Tosecureadvisorloyaltyandimproveproductivity,insurersneedtoreexaminethecapabilitiesthey
offerandincreasetheleveloftransparencyand
5McKinseyAffluentConsumerInsights360Survey,conductedonlinefromFebruarytoMarch2023.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution7
understandingoftheend-to-endadvisorexperienceforbothindependentandcareeragents:
Offeratailored-supportmodelforadvisors.
Ratherthanprovidingthesamesupportlevelstoalladvisors,insurerscouldtargetspecific
segmentswithaclearvalueproposition.Themostappropriatestrategiesforeachsegmentwillvary,withproductionlevelstypicallybeingthemost
importantfactorfordeterminingwhatsupportwillbemosthelpful.Basedontheselevels,insurers
couldimplementatieredsupportmodelthattailorsavailableresourcesandcapabilitiestoadvisors.
Insurerscanaddvalueanddifferentiatetheir
offeringsforcriticalcapabilitiesandpotentialpainpointssuchasclientonboarding,servicing,and
customerrelationshipmanagement.6
Increasetheleveloftransparencyand
understandingoftheend-to-endadvisor
experience.Havingabetterunderstandingof
advisors’decision-makingprocessateverystep
ofthesalesjourneywillallowinsurerstopinpoint
specificadvisorneeds.Ifthoseneedsareaddressed,insurerscouldhelpadvisorsunlockadditionalsaleswhileincreasingtheirlevelofsatisfaction.Tostart,
insurerswillneedtoestablishaprocessofrigorous,ongoingfeedbackwithadvisors—shiftingfrom
whatistypicallyasinglecheck-inwithadvisorstocontinuouscommunication.Thiswillkeepinsurersinclosetouchwithadvisorneeds,allowingthemtorespondquicklyifproblemsarise.
Developstrategicadvisor-loyaltyprograms.Advisor
loyalty,particularlyintheIAchannel,canbeaclear
sourceofvaluecreation.Throughstrategicadvisor-
loyaltyprograms,insurerscancapturealargerportionoftheirhighest-producingadvisors’totalbusiness,
contributingtoincreasedsalesandrevenue.Such
loyaltyprogramsmightincludefeaturessuchaswhite-glovesalessupport,tieredrecognitionprograms,andadditionalproductionincentives.
Afit-for-purposesalesoperatingmodel
Insurersthatuseafit-for-purposesalesoperatingmodelcanstreamlinetheirsalesprocesses,
enhancetheadvisorandcustomerexperience,
anddistributeinsuranceproductsmoreefficiently.Whendesigningafit-for-purposesalesoperatingmodel,insurerscanconsidertwoactions:
Redefinesalesandsalessupportcoverage
acrossdistributionchannels.ManyinsurershavemadechangestotheirsalesteamsinresponsetoCOVID-19disruptions.Withthepandemiclargely
intherearviewmirror,insurancecarriershavean
opportunitytoundertakeacomprehensivereviewoftheirsalesoperatingmodels.Insurancecarriersshouldreviewthedesignandeffectivenessoftheirsalesandsupportorganizationsinthecontextof
newmarketandcoveragerealities(forexample,
balancedhybridandremotemodels),consideringtrade-offsinthestructureoftheirbrokerage
channelstrategy,relationshipmanagement,and
supportteam.Insurerscanconsiderorganizationalsetup(suchaschannelcoverage);expertise(suchasgeneralistversusspecialistcoverage);sales
presenceandterritorycoverage(consideringthedifferencesamongremote,hybrid,andfieldwork);salessupportratios;andsalescapabilities.
Optimizewholesalerterritorycoverage.Ratherthanservingallregionsequallyoronthebasisofhistoricaldecisions,insurerscanfocusonunderstanding
wherethemostgenerativeopportunitieslie
acrossgeographies.Growthisoftengranular,so
themoreinsurerscanspotdetailedandspecific
opportunities—andthenshapecoveragearoundthem—thegreatertheircompetitiveadvantagewillbe.Forexample,insurerscoulduseAItoidentify
opportunitiesthroughzipcodeormetropolitan
statisticalareadata.Basedontheseopportunities,
theycouldthenredrawwholesalerterritorycoverage.
Ideally,thiscoveragewouldbedynamicsothatitcanbeadjustedregularlyandcapturevalueinmarketshifts.
DifferentiateddigitalandAIcapabilities
DigitalandAItoolscanhelpinsurerstaketheir
operatingmodelstothenextlevelbyimproving
thevaluepropositionofpartnershipsthrough
digitalintegration,enhancingcapabilitiesofferedtoadvisors,andstrengtheningoperating-modeleffectiveness.
6McKinseyInsuranceAdvisorSurvey2020and2022.
Redefiningthefutureoflifeinsuranceandannuitiesdistribution8
Strengthenoperating-modeleffectiveness.
DigitalandAIcanhelplifeinsurersstreamlinetheirdistributionprocessesbyautomatingtasksorby
helpingleadersmakebetterdecisions.Forexample,once-complextaskssuchasreplyingtoinquiries
fromendcustomersoradvisorscanbeautomated
usingAI-supportedvirtualassistants,andAI
modelscanbeusedtoidentifyhigh-producingadvisorsthatinsurersmaywishtoworkwith.
Improvethevaluepropositionofpartnershipsthroughdigitalintegration.Digitalintegration
capabilitiessuchasAPIscandeepenthe
relationshipsbetweeninsurersandtheirthird-partydistributors.Asadvisorsincreasinglypivottowardamorecomprehensiveadvisorapproach,inwhichtheyemployanarrayofdistinctsystemstoprovideholisticguidance,theabilitytoeffortlesslyintegratedata
andtoolswithpartnerstakesonnewsignifican
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