In the hypercompetitive individual life insurance market, carriers are seeking to differentiate themselves through improvements in crucial areas like product innovation and speed to market. Insurers are looking to increase capabilities in these areas through investments in analytics, core systems, and marketing- and service-related technologies.
Improved product modeling and management capabilities are crucial to growing market share in the life insurance market. Carriers are looking for more modern systems that can support rapid product development, along with pricing and product changes. These modern systems are also key to attracting and retaining top producer talent and in reducing carrier dependence on high-cost vendor resources to develop systems maintenance and enhancements.
Self-service oriented capabilities are increasing in importance for insurers as they look to improve the customer experience. This is driving increased interest in document management/CCM solutions and straight-through processing through the use of e-apps, e-delivery, and e-signature. Carriers are also becoming more aware of the need to remain relevant for an emerging demographic of younger, technologically savvy customers and producers, using mobile and social media technologies to enable self-service capabilities. Some carriers are also experimenting with AI and RPA, along with automated underwriting, as ways to gather data and streamline processes.
Individual life CIOs and business executives should consider the following top technology priorities: replacing legacy platform environments with more modern, robust core policy issuance, management, and reporting capabilities; improving producer and end-customer satisfaction and increasing operational efficiency through advanced self-service capabilities; and business intelligence and analytics solutions to recognize and analyze market trends, product adoption, and producer performance.
More on this can be found at https://dev-novarica.pantheonsite.io/business-technology-trends-individual-life-insurance/.
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