Individual life carriers continue to focus on product specialization, speed to market, reducing operational costs and better management of risk. In addition, carriers are modernizing by addressing technology platforms that are aging or consolidating platforms where there is redundancy. This modernization is being addressed while new uses of technology are being contemplated. For example, technologies that better enable product development, distribution or deployment of newer technologies, such as social media and mobility applications are being highly prioritized. This focus on technology is in continued response to a highly competitive carrier marketplace and rapid changes due to unpredictable equity market performance.

While companies can vary widely by product strategy, distribution model, state of current technology and attitudes toward innovation, Novarica has found consistency across life companies in six broad areas.

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