April 14, 2022 –Individual life carriers are waking up to the importance of customer experience from the perspectives of the policyholder and the producer. This insight manifests most prominently in new business and underwriting, with continuing straight-through processing efforts and growing acceptance of underwriting without medical exams. As life insurers improve the agent and customer experience to meet their evolving expectations, transformation initiatives demand leaders and change agents who understand the customer, various distribution channels, and the end-to-end policy life cycle, while finding ways to marry new and existing technology to achieve success.

This Impact Report provides an overview of individual life carrier business and technology issues, marketplace data, and more than 10 examples of recent technology investments by individual life carriers. This report is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, and it draws from conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, as well as secondary published sources.

This 37-page Impact Report contains one figure and two tables. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report and the corresponding charts.

This report mentions AAA Life, Afficiency, The Allstate Corporation, Allstate Life Insurance Company, American Family Life, Amica Life, American National Group Inc., Atlas Merchant Capital, Beneva, Bestow, Blackstone, Boston Mutual Group, Brighthouse Financial, Brookfield Asset Management Inc., Centurion Life Insurance Company, Cincinnati Life, Cornell Capital LLC, Ebix, Equisoft, Equitable, F&G, Fabric, Farmers New World Life, FAST Technology, FBL Financial, Gerber Life, Global Atlantic Financial Group, Hartford Financial Services Group, Haven Life, Human API, iPipeline, John Hancock, Kansas City Life Insurance Company, Lantern, Legal & General America, Lincoln Financial Group, MassMutual, Modern Woodmen, National Life Group, New York Life, Northwestern Mutual, Oracle, PolicyMe, Primerica, Principal Financial, Prudential Financial, Quility Insurance, Resolution Life Group Holdings LP, Sapiens, SBLI, Security Life Insurance Company of Denver Insurance Company, Sentry Life, SiriusPoint, Sixth Street Partners, State Farm, Symetra, Talcott Resolution, Western & Southern Financial Group, USAA Life Insurance Company, Voya Financial Inc., and Wells Fargo.