Needham, Mass. - In the next five years, analysts predict more than 77 million individuals in the U.S. will be of traditional retirement age, and this segment of the population is predicted to be the dominant demographic for a period of 20 years or more. TowerGroup, a Needham, Mass., research firm, expects that this explosion in the retired market will ultimately redefine the U.S. financial services industry, accelerating industry consolidation across banking, securities and investments, and insurance.
So how will insurers acquire and service this massive influx of business? One way, notes recent research by TowerGroup, is through the use of business intelligence and predictive analytics, which allow carriers to actively address customer preferences and drive behavior to more economical delivery options such as online services.
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