Tech “Critical” to Life Sector

Life insurers seeking to improve efficiency, reduce expenses and improve overall services may want to reconsider their tech strategies. So say senior life insurance executives interviewed by LOMA's Resource magazine. LOMA, an industry group of 1,200-plus companies, interviewed key decision-makers from a cross-section of insurance industry organizations for its “2011 Life Insurance Industry Forecast.”

Survey respondents reported that they expect the economy to improve in 2011, but slowly. The implication is that recovery provides an opportunity to take a new look at business and technology strategies.

"I have said for years that technology will be the game-changer and will provide a competitive advantage for those firms that employ technology to improve the sales experience for the customer and the producer," said Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global, in a PR Newswire report. "In this environment, use of technology will be what drives overall growth."

Indeed, survey respondents also noted investment decisions, human capital, product development and regulation as “significant drivers” of their firms' profitability and growth in 2011. LOMA’s in-depth interviews also provide an inside look at what is on the minds of five of the most influential leaders in the life insurance industry, notes the organization.

The 2011 Forecast is published in the January issue of LOMA's Resource magazine. The complete article is online at www.loma.org on the Resource page, under Featured Article.

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