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Insurers must shift their strategies to differentiate on trust, financial health, and more holistic and personalized value propositions. (Photo: Shutterstock)

According to EY NextWave Consumer Financial Services research, insurers must shift their strategies to differentiate on trust, financial health, and more holistic and personalized value propositions. In fact, our findings lead us to conclude that shifting trust dynamics will prompt the movement of $11.3 trillion in assets during the next five years.

For insurers, this represents both a serious threat and a significant opportunity. They are well-positioned to help consumers achieve a higher degree of financial wellness. But they must also shift their traditional product-driven thinking as more banks and wealth managers offer similar products and nontraditional competitors consider entering the industry.

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