The world is changing - and so are people's needs and expectations. Life expectancy is increasing and more and more people are choosing flexible life models instead of the traditional three-phase model of education, work and retirement. This raises questions: How does this affect pension provision and what does this mean for brokers?

As part of the Versicherungsbroker-Forum 2023, the workshop «How we will live tomorrow - outlook on customer needs in the age of longevity» offers an insight into the challenges and opportunities that arise in this new era. Dr Stephan Sigrist, founder and director of the think tank W.I.R.E., will lead through the workshop. Profond spoke with him and summarises his most important insights regarding the future of pension provision and the role of brokers below.

Dr. Sigrist emphasises that life courses and life phases are changing and becoming more flexible, which leads to a greater variety of design options and increased pressure on pension provision. The classic model of «I learn something, then I work for a few years and then I retire» is being broken. For pension provision, this means that more and more people are already dealing with the topic at a young age and prefer individualised solutions. Due to the increasing complexity, the need for advice is growing.

Digitalisation plays an important role in better understanding customer needs and offering data-based, platform-based solutions. Nevertheless, the human interface - and thus the broker - remains an important component in advising on pension solutions.

Sigrist sees the broker's role in the future primarily in the intermediary function, which involves understanding the needs of customers and selecting the appropriate products. «The human interface, understanding needs, will continue to be needed in the future,» says Sigrist. «However, brokers have to adapt to the changing environment to remain successful. Standard solutions are increasingly automated and mediated via digital platforms.»

The workshop offers participants a good opportunity to learn about and prepare for the changes in the pension system. The event will take place as part of the Versicherungsbroker-Forum 2023.

Register as a broker free of charge for the workshop and the Insurance Broker Forum 2023: Register Now.