Maintaining and improving market position for life insurers is becoming increasingly difficult in the face of persistently low interest rates and competition with (and for) distribution channels. What’s more, insurers are finding themselves having to accommodate generational shifts, an increased importance of BI and analytics, and a proliferation of data from IoT and wearable devices.
Compounding these pressures are carriers’ own operating environments, many of which are aging technology stacks that limit flexibility and speed of deployment for new capabilities. Yet the long-tail liabilities associated with typical life insurance products mean that a phased approach to systems modernization is often best for carriers.
An area of high impact that can allow carriers to get ahead of changing consumer and technology demand is new business and underwriting. A modern standalone solution can provide flexibility for new functionality, usability improvements, configuration tools, and service-oriented architectures that simplify integration with core systems.
The vendor market for standalone new business and underwriting systems has grown in recent years, and insurers have many options. Insurers can learn more in Novarica’s recent Market Navigator, Life/Health/Annuity New Business and Underwriting Systems, which provides detailed information about market trends, current solutions, and vendor capabilities.
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