Distribution

With boomers growing older and new demographics taking center stage, how much longer will agents and advisors be the preferred source of information for customers?

Mobility has quickly become the most expansive, accommodating and transformational technology in the insurance industry. Just take a look at some of the bold claims circulating recently, including the title of a recent report, "The Future of Insurance is Mobility," from Forrester Research.

As both a practice and a set of technologies, distribution management is evolving as insurers endeavor to use their data to increase organic growth and profitability, as well as to push data out to agents, producers and consumers to improve customer service through increased efficiency and self-sufficiency.

To Improve Operating Ratios, Insurers Must Improve Risk Selection, Pricing and Processes For More Predictable Returns.

While there are many advantages to moving to a digital environment, insurers are finding that to be successful, a big-picture, stepped approach is required to address compliance issues.

GEICO has announced iPad application updates designed to make it easier for customers to conduct business and learn about their policies.

American pre-retirees are not taking retirement planning seriously, according to a LIMRA study. Twenty-five percent of the 33 million U.S. pre-retirees, surveyed, said they felt “very prepared” for retirement, down from 30 percent of those surveyed in 2010.

Of the myriad technologies that engage and empower the distribution network, it’s strategic, not transactional, management efforts that win the day.

Michael Babikian has been promoted to president and CEO of Transamerica Brokerage, a distribution unit of the Life & Protection division of Transamerica. Previously Babikian was EVP, chief marketing officer, brokerage, and chief product officer. Babikian replaces Marty Flewellen, who was promoted to chief distribution officer.

Per unit costs for life insurers drop dramatically, as do errors and the business-cycle time.