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NEW YORK, Dec. 18, 2013 /PRNewswire/ -- Given the rise in consumer confidence and ongoing economic recovery, life insurers are poised to rebuild product portfolios, expand into under-penetrated markets and deploy the capital they have accumulated into profitable business opportunities, according to EY's 2014 US Life Insurance-Annuity Outlook.
"Insurers eyeing growth opportunities need to develop cost-effective ways to distribute products to empowered consumers who are open to purchasing life insurance and annuities through alternative distribution channels," said Doug French, Principal, Financial Services and Insurance and Actuarial Advisory Services at Ernst & Young LLP. "By leveraging sophisticated technology, digital and data analysis techniques, and investing in the right people, processes and methodologies, insurers can streamline operations and support robust growth strategies."
EY believes that U.S. life and annuity insurance companies must move from playing defense to taking the offense by pursuing five key areas in 2014:
The complete U.S. Life Insurance Industry 2014 Outlook report can be found at www.ey.com/insurance.
About EY's Global Insurance Center
Insurers must increasingly address more complex and converging regulatory issues that challenge their risk management approaches, operations and financial reporting practices. EY's Global Insurance Center brings together a worldwide team of professionals to help you achieve your potential – a team with deep technical expertise in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately, it enables us to help you meet your goals and compete more effectively. It's how EY makes a difference.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US.
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