New York – Deloitte Consulting LLP has unveiled the results of its 12th annual life and annuity back-office operations benchmarking studies, LIONS 2007 and ACES 2007, which provide comparative analysis to benchmark expenses for operations and information technology among insurance companies. The analysis covers a variety of topics including efficiency, effectiveness, key trends, use of technology and business performance.
The studies found that for life insurers, expenses per $1,000 of total annual premiums have declined 9% per annum. While the life insurance industry has made some progress with respect to cost cutting and increased efficiencies, there is still opportunity for further change, the study finds.
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