April 2021- Individual life insurance is increasingly competitive, and technology plays an ever-larger role in an insurer’s ability to attract, retain, and profitably serve clients.
Individual life insurers seek to differentiate themselves in a competitive marketplace through investments in analytics, core systems, and marketing- and service-related technologies.
This report provides an overview of individual life insurer business and technology issues, data about the marketplace, and 20 examples of recent technology investments by individual life insurers.
Topics
- Recent market and financial trends
- Active insurer landscape
- Technology issues, priorities, and examples by functional area
- Top technology priorities for 2021 and beyond
Key Points and Findings
Product innovation and speed to market are key to growing market share. Improved product modeling and management capabilities are vital to revenue growth in a highly competitive market.
Insurers are improving digital customer experience, but they still have work to do, especially in post-issue service. Insurers are investing in straight-through processing (e-apps, e-delivery, e-signature), and COVID has boosted interest in digital initiatives.
Successful insurers are expanding the use of AI, business intelligence, and analytics solutions to recognize and analyze market trends, product adoption, and producer performance. Some insurers are also using AI for customer service or underwriting, with COVID clearing roadblocks to adopting medical underwriting alternatives.
About the Author
Nancy Casbarro
Nancy Casbarro is Head of Insurance Advisory at Datos Insights. She has over 30 years of insurance technology experience, most of which were spent in senior IT leadership positions at MetLife. Most recently, Nancy served as the IT Solutions Delivery Vice President for the Group Benefits business at MetLife, supporting products, claims, underwriting, distribution development, and national accounts. Nancy also has...
Other Authors
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Steven Kaye
Steven Kaye is Head of Knowledge Management at Datos Insights, and lead editor of the firm’s Business and Technology Trends in Insurance series. He has managed a wide range of research projects since joining the firm in 2008. Previously, Steven worked for Accenture as an insurance researcher focused on the U.S. life and property/casualty markets. He also served in both knowledge management...