FORECAST 2024: Business Disruptors

By: Jennifer Rankin, Contributing Editor, LIMRA and LOMA

January 2024

What has the greatest potential to disrupt business as usual at your organization? MarketFacts recently asked that question as part of its annual Forecast survey, and the answers of participating industry executives are enlightening.

Several Forecast participants say evolving regulations have — and will continue to — disrupt business in the insurance industry, citing algorithmic accountability and the Department of Labor fiduciary proposal as examples.

“Regulation, in particular around algorithmic accountability, has the potential to disrupt business operations as we ensure compliance while matching price to risk,” says Joe Monk, SVP, Financial Services, State Farm. “Also, recent proposals around fiduciary standards have the potential to disrupt access to retirement advice for customers, particularly those in the middle market.”

State regulations also can be disruptive. “While paid family leave legislation at the state level has been a growth opportunity in the workplace benefits business,” notes Mike Simonds, Chief Operating Officer, Unum Group, “other changes are more problematic.”

Executives also are concerned about ...

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