Atlanta - Although the life insurance industry is predicted to experience flat to modest growth in 2007, insurance carriers may do well to consider technological tools that will help them prepare for the imminent retirement of many Baby Boomers, according to Atlanta-based LOMA, an international insurance association.The prediction comes from LOMA’s Resource magazine, which published its annual forecast by the LOMA board of directors. The LOMA board of directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the United States, Canada and internationally.
The directors said that the industry will see overall premiums and sales grow in the low single digits.In addition, the directors predict that sales of universal, variable universal and term life products are expected to be strong in 2007, and annuities are also expected to do well. In addition, the approaching retirement of many members of the Baby Boomer generation presents great opportunities for the industry.Among the technological tools and innovations that have the greatest potential to help the industry during this relatively flat period are the Internet; wireless, imaging and workflow technologies; voice and e-signature capabilities; and automated underwriting, according to the survey.LOMA’s board of directors also identified several key issues pertaining to insurance regulation and legislation, including the optional federal charter, reform or repeal of the estate tax, principle-based reserve requirements, and annuity disclosures. The complete forecast is in the January issue of LOMA’s Resource magazine and online at http://www.loma.org/Resource.asp.
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