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.
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