The association’s Technology Survey Report reveals that 90% of respondents believe technology is ‘crucial’ to the future of their organisation.

Participants in the survey were asked six questions covering a range of issues relating to technology, including its importance, benefits, implementation and adoption, plus the expected trends over the next five years.

Other key findings include:

• Winning new clients is a clear priority with 40% of respondents recognising the opportunity to invest in digital to meet stronger client and IFA expectations;
• 70% of survey respondents said a lack of skilled people is the biggest challenge to successfully adopting next generation technology; and
• 30% of respondents cited the technology burden of compliance (plus broader financial services regulations) as major challenges.

Bob Pain, AILO chief executive, said: “We now have a detailed, sector wide view on the benefits, priorities and challenges we all face in the industry. In addition, we have a clear understanding of the current status of adoption and the most important technology trends that everyone in AILO needs to focus on over the next five years.”

He will assist Ailo’s executive team with propositional developments and their delivery to Ailo members.

Willoughby has over 40 years’ experience working in the life insurance sector and has been working with, and for, Ailo in a number of roles since he attended his first meeting back in November 1993.

More recently as managing director of Acuity Corporate Consulting, he has devised much of Ailo’s eLearning programme aimed at next gen entering the sector as well as being a regular speaker at Ailo events.

Bob Pain, Ailo chief executive, said: “I’m very much looking forward to working with Simon and the organisation and energy that I’m sure he’ll bring to delivering worthwhile propositional developments for the Ailo membership.

“Simon has a wealth of experience that will be invaluable as we begin to roll out some exciting plans that we have for the association this year as we continue to celebrate our 35th anniversary.”

The Future Visions 2022 report assessed the life industry across four areas – strategy, markets, regulatory and hot topics facing the industry.

The results showed a big bounce back regarding positive opinions about the UK since the 2021 survey. The authors of the report speculate that this could be related to the ongoing trend towards consolidation in the industry and – inevitably – Brexit.

Image: Best opportunities of life insurance expansion

Source: AILO

The Future Visions 2022 report concluded that:

• Dealing with the challenge of increased regulatory compliance is absorbing more costs and resources within insurers;
• Europe and Asia Pacific are still seen as attractive markets to the cross-border insurers, with the view of the UK market being more volatile given recent political changes;
• Conduct supervision will be a continuing focus. In particular, assessing and demonstrating value for money in insurance products is a growing consideration;
• As inflation starts to bite, insurers are looking at automation to solve quality and staff cost issues, but there is much more scope for development in this area; and
• Unsurprisingly, consolidation “is a trend that has not yet run its course”, the report said.

Bob Pain, AILO chief executive, added: “Throughout the year, we carry out or commission research which provides useful data and analysis that is available exclusively to our full and associate members. In that context, the Future Visions report is another example of the value we provide to our members and the industry generally.”

In the video above, Bob Pain talks about his long and varied career in the international financial arena and shares the story which inspired this interview series.

The firm will be Ailo’s first platform member, which is acknowledgement of the impact that platforms are having on international financial services.

“Far from seeing platforms as competition for international life offices, we see the future of financial services being about deeper collaboration,” said Mark Sanderson, Praemium chief operating officer.

Bob Pain, Ailo chief executive, said: “The expertise that this innovative company will bring will to our membership is very timely, as Ailo is currently exploring the changes and challenges technology is bringing to our industry.”

Ailo is an ideas-sharing and advocacy group for the international financial services industry.

Most recently, the association released its online learning programme to help new recruits learn the ropes of the cross-border life insurance sector.