Author: Christa Monte

While the global business environment continued its slow post-Covid recovery in 2021, the pension risk transfer (PRT) market defied convention with a substantial post-Covid bounce.

With personalization and omnichannel, supported by customer personas, a journey orientation, and a strong technical and organizational foundation, group insurers can now achieve the powerful digital engagement to empower its customers and to maximize their own success.

With many vesting, accrual, and minimum participation rules as well as potential legislation to address future funding shortfalls, multiemployer pension plans need a modern and advanced system to support their inherent complexities.

With comprehensive persona data, along with insurers’ willingness to wholly embrace customers’ views, the personalized insurance engine has a promising future, especially as insurers, insurtechs, and technology firms push its development.

In today’s employer benefits market, cash balance plans are now growing faster than traditional 401k offerings. With the proliferation of these plans, sponsors need a technology solution that supports their administrative complexities, including onboarding, administration, and automated benefit calculations.

As professionals who have worked in the insurance and retirement industries, we can attest that for today’s aging population, defined benefit pensions are a welcome source of financial security, especially for those about to retire, or have already retired. Insurers in the Pension Risk Transfer (PRT) market can offer the requisite guarantees, investment expertise, and risk management capabilities to the many boomers exiting the workplace who want to ensure that their pensions remain intact for the long term.