Challenges & Strategies for UK Annuity Providers
Rising numbers of baby boomers with Defined Contribution (DC) pension products are approaching retirement, signifying a period of growth for the UK At-retirement market. According to analyst reports, the market size will increase to over £30 billion by 2013, with the majority of the money projected to move into the conventional annuities space. This white paper takes a look at the challenges facing the annuity market in terms of consumer awareness about the choices, access to advice, longevity & market risk and the business process constraints from a provider perspective. The paper suggests strategies that can be employed by providers to overcome the challenges and grow their business in this promising market. This paper also details how Wipro's solution offerings and the IT services experience in the UK retirement market can help providers in realizing their growth objectives.