Annual report provides an overview of individual life carrier business and technology issues, and examples of recent insurer technology investments
Individual life carriers are waking up to the importance of customer experience from the perspectives of the policyholder and the producer. As individual life carriers 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.
In a new Impact Report, Business and Technology Trends, 2022: Individual Life, research and advisory firm Aite-Novarica Group 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.
“The COVID-19 pandemic has boosted interest in digital initiatives, and individual life carriers are investing in areas of straight-through processing,” said Nancy Casbarro, Senior Principal at Aite-Novarica Group. “But in regard to new business, carriers are lagging in easier and faster processes, simpler language, shorter applications, better explanations of terms and options, and better agent communication. Carriers need to pay attention to the entire agent and customer journey, not just e-signature and digitalization of application workflows.”
“Successful individual life carriers are expanding the use of AI, business intelligence, and analytics solutions to recognize and analyze market trends, product adoption, and producer performance,” adds Steven Kaye, Head of Knowledge Management at Aite-Novarica Group and co-author of the new report, “Carriers can even use analytics to flag unusual beneficiary or producer activity to address the potential for fraud as processes are digitalized.”
A preview of the report is available online, and desk copies are available to qualified media. Please contact [email protected] or call Kaitlyn Labbe at +1.857.327.9442 for more information.
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.
Press Contact:
Kaitlyn Labbe
Public Relations
+1.857.327.9442
[email protected]