After finalizing the analysis of our latest life and annuity survey, we see a similarity in the pattern of responses. Particularly given the economic environment, the need to address these five still-present trends has only intensified. The economic crisis has amplified the issues at hand, underscoring their urgency.

1. The demographic shift is exacerbated by technological advancements that require insurers to deliver service via a complex array of mechanisms previously nonexistent, with viral networking exponentially multiplying the impact of a negative service event.
2. Expense control—especially the governance of resource utilization, investment, and operational management—is more critical than ever in today's world of minimized margins and commoditized products.
3. Distribution remains a critical element as the role of the advisor as a trusted link persists, yet the rate of retirement exceeds the rate of hiring; all compounded by generational demands for new access methods that many are less than comfortable with.
4. Commoditized products drive service as the competitive differentiator. It has become more evident that social networking, increased competition, and an increasingly demographically diversified market are combining to result in demands for more customized services. Insurers able to serve each segment in a customized manner will rapidly gain market share.
5. Technological foundations are rapidly shifting with the maturing implementations of STP and images and the growing acceptance of e-signatures. Things are shifting toward Web 2.0 collaborative mechanisms for appealing to, acquiring, and servicing customers.

More details on the reinforcing actionable strategies will be available in the coming weeks as the analysis is completed and the results published. The data provides preliminary insight into the growing need for a coherent, actionable, and focused set of strategies to help companies adapt to the rapidly evolving industry.

Make no mistake about it, change is upon us and it is irrevocable and inexorable in its pace and complexity. To become successful masters of our developing industry will require strategies developed collaboratively and applied consistently to fruition.