Last week we looked back at 2022. This week we’re looking ahead at 2023 with Scott Hawkins, Managing Director and Head of Insurance Research for Conning. Scott will also be a keynote speaker at our upcoming Retiretech conference in NYC on March 27th. More details will follow.

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In the most recent episode of That Annuity Show, host Paul Tyler sat down with industry expert Scott Hawkins to discuss the future of the annuity industry and make predictions about the balance sheet for 2023. As an actuary and consultant to the financial services industry, Hawkins brought a wealth of knowledge to the discussion.

One of the topics that was discussed was the potential for innovation in the future of annuities. According to Hawkins, there are a few areas in which he believes innovation will occur. For example, he predicts that the industry will begin to offer more customization options for clients. He also believes that there will be more products available that incorporate features of both annuities and life insurance.

Another area that Tyler and Hawkins discussed was the potential for regulatory changes to impact the industry. Hawkins noted that it is always difficult to predict what regulatory changes may occur, but he expects that there will be continued scrutiny of the industry in the coming years. This could potentially lead to new regulations that impact the way annuities are structured and sold.

When it comes to making predictions about the balance sheet for the industry in 2023, Hawkins noted that there are a few factors that will likely impact the industry. One of the biggest factors is interest rates. If interest rates remain low, this could put pressure on the industry to find new ways to generate revenue. On the other hand, if interest rates rise, this could mean that annuity products become more attractive to consumers.

Hawkins also pointed out that changes in life expectancy could impact the industry. If people continue to live longer, this could lead to new product offerings that are tailored to those who are expected to live longer than average.

Overall, Tyler and Hawkins had a lively and informative discussion about the future of the annuity industry. While there are certainly challenges ahead, there are also opportunities for innovation and growth. By paying attention to these trends and making informed predictions, the industry can position itself for success in the years to come.