It’s no secret that insurers have responded to economic ills and resultant lagging sales with a review of their current technology and communications used to grow their businesses. In particular, life insurers are betting on an outcome that will require a focus on new ways to process that business. Yet this occurs against a backdrop of intense competition—both within the United States and from emerging markets overseas.
MetLife CEO Robert Henrikson projects the entire life insurance industry will grow from $188 billion to $273 billion by 2020, with emerging markets (Brazil, Russia, India and China) growing at 5% to 9% a year, and developed markets growing 1% to 4%, notes the Wall Street Journal.
So how will U.S. insurers compete?
“Technology will be a key differentiator,” notes Karen Monks, analyst at Boston-based Celent.
To test this theory, Insurance Networking News, in partnership with the insurance analysts at Celent, are conducting key research on if, why and how life insurance carriers are using purpose-built new business processing and underwriting systems to create a competitive advantage. These systems include some or all of the following functions: illustration, electronic application, requirements gathering, underwriting review and e-delivery.
Respondents who complete the survey will receive a copy of the results, and access to the purchasing and usage trends of other life insurers, notes Celent.
Click here to take the survey.
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