Three common initiatives across annuity and life carriers today are to improve speed to develop products, create an easy and fluid customer experience for submitting new business, and process new business with little to no manual intervention. The implementation approaches, requirements, and challenges vary by carrier, but there is a clear desire to improve experience and efficiency. Carriers are achieving these targets by performing process reviews, implementing new platforms, and often delivering new digital experiences.
As carriers head down this path a possible benefit may be to solve a problem recently covered by a recent article by InsurnceNewsNet, titled “For RIAs, A Vexing Insurance Dilemma.” The article outlines while many RIAs would like to include life and annuity products in customer portfolios they feel the products aren’t always suited for their fee-based business, or require sending their customer to an insurance specialist which releases control of the customer for insurance products. In addition, the insurance products that are available to RIAs may not best support the needs of their customers. As carriers invest to improve experience and speed to develop new products, many RIAs may be able to more effectively include insurance products in their customer portfolios.
The need for carriers to move away from legacy platforms, products, and processes is growing as the needs of distribution and customers evolve. By combining an efficient operation model with products that reach and meet the needs of changing distribution channels and customers, carriers will see a much needed improvement in market share and overall market expansion for life and annuity products.
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