With unpredictable returns from the equity market and consolidation in the individual annuity industry, carriers are looking for ways to manage multiple blocks of business that are tied to aging technology platforms, according to “Business And Technology Trends: Individual Annuity,” a business and technology trends report from Novarica, an insurance business and technology consultancy.
Variable annuities offer guaranteed minimum withdrawals and have become popular with consumers, but carriers now are confronted with differences between actual and expected lapse rates, forcing earnings charges and write-downs on these products, Novarica said.
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