NEEDHAM, Mass. -- Many executives concede that their companies are late in automating the life insurance underwriting process, according to a survey by the Needham, Mass.-based TowerGroup consulting and research firm. TowerGroup worked on the study in partnership with Insurance Networking News.
The survey of executives, who represent a variety of life insurance products, reveals that growing revenues, improving profitability, and driving operational efficiency head the list of strategic business initiatives. However, TowerGroup discovered that life insurers feel that technological inefficiency constrains their ability to meet those goals. What’s needed, they say, is IT investment to support product management, operations and distribution.
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