Life insurers are increasingly focusing on product differentiation, speed to market, reducing operational costs and better risk management, prompted by a highly competitive marketplace and unpredictable equity market performance, according to “Business and Technology Trends: Individual Life Insurers,” a report from research and advisory services company Novarica. Carriers are also paying attention to their aging technology and redundant production systems, the report found.
“As individual life insurers develop their technology strategies, they are addressing system upgrades, consolidation of redundant systems, agent portal capabilities, and STP,” said Tom Benton, a principal at Novarica and report co-author. “These are initiatives that help set insurers apart in the marketplace and can contribute to improvements in financial performance.”
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