Abstract
The U.S. life insurance industry, which has been characterized by stability fostered by government regulation (Scott, O’Shaughnessy, & Cappelli, 1994), has been experiencing great turbulence from the accelerating confluence of financial services such as banking, savings and loans, investment management, and other insurance. For example, many major investment houses are beginning to cross-license their brokers to sell insurance products to clients. Banks have been offering annuity products or close substitutes to their retail customers for some time, and the entire retirement asset market has seen competition from bank products, mutual funds, and various types of standard securities offered by full-service brokers. Indeed, the differentiation between different kinds of financial services formalized by the federal government’s regulatory framework has been eroding for some time. This has created a great deal of uncertainty about appropriate strategies for financial services firms, including life insurance companies. The old sureties have disappeared and have been replaced with uncertainties.
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Chadwick, C., Cappelli, P. (1999). Strategy, Human Resource Management, and the Performance of Life Insurance Firms. In: Cummins, J.D., Santomero, A.M. (eds) Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management. Innovations in Financial Markets and Institutions, vol 11. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5045-7_6
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