The insurance company's perspective on the changing financial services landscape
"The Changing Financial Services Landscape: The Life Insurance Industry Perspective" surveyed changes in the financial services industry as a whole, and charted the course of the life insurance industry in this changing environment. Tillinghast Towers Perrin joined the FIC as a research partner on this project, adding a complementary applied dimension to the academic perspective.
The Wharton School has had a long and distinguished history in the insurance industry dating back to Solomon S. Huebner, a pioneer in the field of insurance education and founder in 1913 of the world's first academic program for insurance instruction and research. Moreover, since its inception in 1992, the Financial Institutions Center has been supporting a variety of research intitiatives beginning with its landmark assessment of "Strategic Choices, Firm Efficiencies," a research effort that received wide coverage in academic and industry conferences and journals
The financial services industry has undergone dramatic change over the past few years, fueled by deregulation and the ensuing flurry of consolidation. This is nowhere more true than for the insurance sector. Insurance institutions that once operated comfortably within a defined area suddenly find themselves in direct competition with banks, brokerages and other institutions. Changes brought on by technology and the increasing sophistication of the consumer have added to the challenge of successful management. In this atmosphere of heated competition, it is all the more important for insurance firms to gain insight into the challenges faced by the field.