On October 10-11, Lumera will attend AFM Conference and AGM 2022 in Cirencester, to talk about “The Prudent Revolution” – a model for digital transformation adapted to Life and Pension providers, enabling unprecedented business agility without adding risk.
Lumera will also highlight how AI-driven insights can enrich complex Life and Pensions advice, while routine tasks are automated. As policy management is characterized by large volumes of data and complex business rules, this presents an ideal environment for adopting AI solutions, with huge potential for the technology to add value.
UK Life & Pensions industry
The UK market is relatively concentrated, with the number of schemes reducing dramatically and the number of policyholders and value of assets held in the larger schemes increasing equally dramatically over the past decade. Currently, the concentration is being fueled by a large-scale transfer of risk from corporate schemes to insurers via buy-ins and buy-outs. This is leaving an industry increasingly dominated by large players managing multiple back-books on legacy systems of record.
After a decade or more of light-touch regulation, the UK industry is facing not only increasingly active regulation, but a new and rapidly evolving regulatory agenda around Customer Duty, Value for Money, Open Finance and Environmental Impact.
Conference Session 3, October 11 at 09:00-10.45 am
“The Prudent Revolution” Transformation in Life and Pensions is urgent and unavoidable. While other industries have surged forwards, ours needs a more considered approach to serve its delicate needs, complex systems, and nuanced processes. Careful, disruption-free transformation can help Life and Pension providers, like you, evolve from left-behind custodians to forward-looking value-creators.
Lumera started the Prudent Revolution – the safest path through the biggest change the industry has ever seen. We lead L&P providers through it, so they can safely transform into industry forerunners, leading the way in growth, customer satisfaction and product development.