With persistently low interest rates continuing to dampen profitability, group life/annuity/voluntary benefit insurers are investing in benefit and policy administration systems, customer and agent portals, and easy enrollment capabilities to increase profits, according to “Business and Technology Trends: Group Life/Annuities/Voluntary Benefits,” a report from Novarica.
"Interest in core systems replacement among group writers is at an all-time high," said Chad Hersh, a managing director with Novarica and a co-author of the report. "With a number of suitable vendor packages now available and maturing, we expect to see interest remain high for some time."
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