The life insurance industry must address a variety of trends and challenges to thrive in the coming 10 years, according to a report by PricewaterhouseCoopers. The report identified four key areas of opportunity and risk, including a market that is expanding globally while declining in the U.S. and Europe, changing business models, data analytics and the growing role of consumers in the retirement-planning process. "Insurers will need to focus on simplifying the presentation of products and features to customers and advisers while overcoming a complex set of processes at the back end," PwC's Jamie Yoder says.

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