The individual annuity market continues to be hyper-competitive, with technology playing an ever-larger role in insurers’ ability to attract, retain, and profitably serve clients, according to a new market trends report from Novarica, titled “Business and Technology Trends: Individual Annuity.”
The report indicates that individual annuity carriers often have existing technology for reporting and analysis, but are expanding their business intelligence capabilities to include predictive analytics; many are now applying predictive models to the underwriting process through the application of business rules.
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